The Truth About Driving for Uber and Some Alternatives
Everyone wants to make extra money and create income on the side, but it’s important to do the proper due diligence to make sure your side hustle is worth your time.
Are you really making extra money?
A case in point is Uber, which research suggests may not be delivering extra money for it’s drivers.
*My aim is to recommend products that will truly benefit you. I believe in transparency and want to disclose that I’ve included certain products and links to those products on this page that I will earn an affiliate commission for any purchases you make.
Many drivers make less than minimum wage driving for Uber:
A recent study using a couple of different methodologies, found earnings between $8.50-10 per hour after expenses, but a sizeable chunk of drivers still made less than minimum wage with those numbers.
Harry Campbell, a part-time Uber and Lyft driver who blogs as The Rideshare Guy, says it’s a familiar criticism.
“The number one complaint from drivers is that they don’t make enough,” Harry Campbell said.
Many Uber Drivers Quit:
- One thing Uber can’t dispute is whether drivers stay driving with Uber. They don’t.
- 96% of Uber drivers leave the company within a year.
- Driver retention has been an ongoing problem for ride-hailing companies, and that is likely to continue for the foreseeable future. One study released last year found that only 4% of Uber drivers stay with the job for more than a year.
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Thin profit margins for Uber Drivers: Uber Drivers’ median earnings amounted to $0.59 per mile driven, but median expenses came out to $0.29 per mile driven, according to the study’s original findings.
Those costs include:
- vehicle maintenance
- repairs, fuel,
- insurance, and depreciation of the vehicle.
Before you start a Side Hustle:
In my previous post on Side Hustles, I detailed the questions you need to ask Before starting a side hustle. Two of the most important questions are:
- does it actually make me money
- and how much time is required.
It is now clear that Uber drivers make much less per hour than one would expect. In addition, the wear and tear on a car makes it much less profitable.
The goal in a side hustle is to maximize your time and make the most money you can per hour.
The side hustle I recommend below offers pay of nearly $200 per assignment. The difference is that before you can earn nearly 9X as much as an Uber driver, you need to invest some time and money.
A Much Better Alternative: Loan Signing Agent
Why is this a Great Side Hustle?
(For more ideas, see my post 45 ways to increase your income.)
- Great Money,
- Flexible Schedule,
- Minimal Costs, and Minimal Experience Required.
You can make $75 to $200 in a single signing, and a signing takes about an hour. Total work time including preparing and driving to the signing is about an hour and a half to two hours when you’re starting out. And a lot less as you become more experienced.
Part time loan signing agents generally do one to three signings per week, which is about $300 to $500 dollars extra a week. Full time agents can do 3-8 signings in a day which is about $400 to over $1,000 dollars in a day.
You can start part-time and work around your existing work schedule since most signings occur on evenings and weekends. Simply pick up work when you want, and keep your day job
You can get started with absolutely zero experience. There’s no resume checking prior to a loan signing. You’re hired simply based on your location in proximity to the loan signing.
You can work from home and be your own boss. Owning your own business can allow you to take advantage its many benefits, such as tax write-offs.
You have the ability to make money almost immediately.
In fact, they’ve had students make money within their very first week of getting started. click here to see some testimonials]
What is required: In order to earn 9X more than an Uber driver, you need to invest your time and money to become a loan signing agent.
Pretty straight forward. But, the truth is that 95% of people want to make $100 an hour but won’t invest their time and money to make it happen.
- To get your commission, you can study and take your test in a day, and have the ability to make money the very next month.
- Ultra low startup costs. You can start a legitimate, cash flowing business for just a few hundred dollars. The biggest costs are a printer and your notary commission.
- You can learn the loan signing skill in just a few hours and master it after just a few loan signings if you have a mentor or a system.
Who else recommends the Loan Signing System? I heard about it from Pat Flynn, the Smart Passive Income Podcaster from Smart Passive Income.
The good news is that means it’s probably worth checking out.
The bad news is that because he is so respected, more and more people will learn about this great side hustle. So, if you’re interested, you should check it out today.
More about the Loan Signing System
Conclusion: The truth is that many Uber drivers are having a hard time making money. And that is a shame. Many are not even earning more than minimum wage.
On the other hand, the Loan Signing System seems to offer a much better alternative. The reason is that the Loan Signing System enables you to learn a skill, which allows you to become valued in the marketplace and earn more money in a short amount of time.
And that is the goal of a good side hustle.