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Just started driving for Uber & Lyft


Rassah
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Since my job isn't based on me being anywhere, where I can work anywhere with access to internet, email, and Skype (such as on my tablet in my car), I decided to join Uber and Lyft to make a bit of extra money (my jobs are product manager for a bitcoin company, CFO for an ATM company, a venture capitalist for a few businesses I invest in, plus some other consulting gigs). What really pushed me to do this was my friend figuring out that he can use his G.I. Bill to get free training for a pilot license. I've wanted one for decades, but could never get around to it, and a combination of being extremely jealous of my friend, wanting to train with him, plus a recent loss of someone else who dreamed to fly making me realize I shouldn't put dreams off, pushed me to finally sign up to make extra money to pay for it. So I'm mainly doing this to pay for a $7,500 hobby, not a real job. I basically sit parked, working from my car, until I get a drive request.

Both Uber and Lyft work and pay the same, $1.25 per mile plus $0.15 to $0.21 per minute, with them taking 20%. They each also have their own bonuses and discounts, like discounts on health insurance, car parts and maintenance services, and phone plans, if you pick up a certain number of passengers a month.

Lyft is much easier to sign up and qualify for, but Uber has way more drive requests. It's an OK way to make money, but unfortunately most of the money is earned Friday, Saturday, and Sunday evenings, when ride prices surge, with pretty low earnings on weekdays during the day. So to earn a good income you pretty much have to be single and give up those evenings. Regarding pay, you can easily earn $400 a week without even trying. If you work those evenings, you can do $300 a day. One thing I learned though is don't chase after demand areas, or move around too much. You'll just waste time and gas. Just go to a place where you know demand can be high, such as downtown bar area or university campus, and sit. After you drop someone off, just pull off somewhere nearby and relax, waiting for the next ride. Use the time to catch up on Facebook or something.

Anyway, if anyone has any questions about using this to try to earn some money, I'll be around.

EDIT: Regular car insurance may have a problem with you driving for Uber/Lyft. The companies actually promote an affiliate insurance company they work together with, but this link will help too http://therideshareguy.com/rideshare-insurance-options-for-drivers/

Edited by Rassah
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CEO and Venture Capitalist = Cab Driver. 

Huh? I said this is just in my spare time. I'm a VC because I invested $80,000 in one business and $15,000 in another (not including the donations of smaller amounts to other startup businesses I support). I just don't want to use my own investments to pay for that pilot licence training, that's all. Is it strange that some people would take up extra jobs to pay for things they want to enjoy?

Edited by Rassah
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Yes I am. Part-time. I pretend I'm a limo driver though. Still wear suits, made my pimped out car even more fancy, open doors for people, etc. But in your post it's not = it's +. And I'm fine with that. Just posting this here in case anyone had any questions for how they can also make a few extra bucks to spend on toys or savings, or if they can't find a job, how to do this instead.

Edited by Rassah
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http://uberlawsuit.com/

Yea, just so you know, you're getting your ass ripped off working for Uber or Lyft or any of these newer 'gig economy' jobs.

On this we can completely agree.  Seriously people you will probably find more helpful information in that one link then you will probably get from all of the walls upon walls of text Rassah is going to no doubt write about this subject.

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Hello again Rassah :) its really nice to hear from you once again. Oh and I think its very diligent that you would take yet another job to fulfill what it takes to do your hobby. In this instance I would like to quote Einstein.

Strive not to be a success, but rather to be of value. –Albert Einstein

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Yo I joined just before the chaos. 

Back when there was free financial advice on the forum for plebs and poor people who were too dumb to manage their own money.

yeah, but the nonchaos part of it you joined wasnt that long, hence toward the end. Congrats.

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I really did believe that Rassah had aa lot of money, but now I don't think its as much as he tried to impress upon us 

people who have money get it by doin a lot of things to earn it. Little here and there adds up. Hell, I knew a millionaire that worked at a greasy spoon coffee shop in the ass of nowhere. He didn't work there because he needed the money but because he owned the place and enjoyed it. He also owned and leased out nearly a dozen aircraft as well as heavy equipment and land and other investments. My point is you can't judge someone's financial status or need based on what they choose to do for easy cash. Money is money fuck where it comes from. I earn a good living too but I still do things on the side for more because extra money to waste on furry shit yay. 

 

Also, he said he didn't want to use his investments to pay for it. I can respect that, leave the investments alone to do their thing instead of cashing in and devaluing your returns. Better to have a dedicated source of financing especially if it's for a hobby. That's the point of discretionary income. 

 

I dont know Rassah or the apparent history he had on FAF. I never read the income thread though I remember seeing it so I have no clue about any drama that went down there, but so far all I'm seeing is people getting butthurt that someone has the means to spend large amounts of money on things and the motivation to generate income from multiple sources to attain their goals. These are things we should all be able to get behind rather than tear down because it's the "in" thing to do these days to decry success or ambition. Yeah, better to bitch that you don't have something and demand someone else give it to you than actually work for it. 

 

Damn... That really turned into a rant. I should put the phone down and go get a drink...

Edited by Nordo
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people who have money get it by doin a lot of things to earn it. Little here and there adds up. Hell, I knew a millionaire that worked at a greasy spoon coffee shop in the ass of nowhere. He didn't work there because he needed the money but because he owned the place and enjoyed it. He also owned and leased out nearly a dozen aircraft as well as heavy equipment and land and other investments. My point is you can't judge someone's financial status or need based on what they choose to do for easy cash. Money is money fuck where it comes from. I earn a good living too but I still do things on the side for more because extra money to waste on furry shit yay. 

 

Alsi, he said he didn't want to use his investments to pay for it. I can respect that, leave the investments alone to do there thing instead of cashing in and devaluing your returns. Better to have a dedicated source of financing especially if it's for a hobby. That's the point of discretionary income. 

Ehhhh, people really are just here to take jabs at the thread, regardless of who's right or wrong. Forum grudges be strong, yo

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Ehhhh, people really are just here to take jabs at the thread, regardless of who's right or wrong. Forum grudges be strong, yo

Yeah I can see the obvious trolling and the grudge is obvious even though I don't know the source. That said its just close to home since I too learned to fly and had to work lots of shitty jobs to get where I am. Flying is a passion of mine and I support anybody that wants to learn so I take it personally when people attack those that want to learn even if I shouldn't. 

 

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Yeah I can see the obvious trolling and the grudge is obvious even though I don't know the source. That said its just close to home since I too learned to fly and had to work lots of shitty jobs to get where I am. Flying is a passion of mine and I support anybody that wants to learn so I take it personally when people attack those that want to learn even if I shouldn't. 

 

Wanting to learn is fine. Nothing wrong with that. 
 

It's the money advice from someone who previously claimed to be wealthy but apparently has so little money that they have to drive a cab. 

Yeah, I'm realizing now that his claims to fame are less so about money he's made and much more so about money that he's SPENT. O.o

Annnnnnnnd it's gone!

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Yeah, I'm realizing now that his claims to fame are less so about money he's made and much more so about money that he's SPENT. O.o

You do realize you have to make money to spend money right? Kinda hard to invest $80k+ if you didn't do something to earn it in the first place. 

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Loans. O.o

Explain exactly what collateral one would use to get a bank to loan you money you were going to invest elsewhere?

 

The closest thing would be a business loan where the assets of the company were the collateral or the investors that loaned you the money were expecting a return on their investment in exchange for the loan. You know, like HE WAS WHEN HE LOANED THE MONEY. He was THAT GUY that did the loaning. 

Edited by Nordo
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You do realize you have to make money to spend money right? Kinda hard to invest $80k+ if you didn't do something to earn it in the first place. 

Here's the really strange part: product manager, CFO, venture capitalist, consultant.

You figure someone that smart and skilled would find a way to make more money at a faster rate that someone who was oh I don't know...

A cab driver?

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Explain exactly what collateral one would use to get a bank to loan you money you were going to invest elsewhere?

I imagine property owned, even if already mortgaged, would go to the top of the list that one would use. O.o

Look, I don't wanna get into a HUGE Ressah thing.  I mean, this is just him driving a taxi so he can afford a hobby, but really, can you not try to pretend that it's impossible for a person to borrow money to invest in ventures and that they must have it all as liquid cash?  That's just silly. O.o

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Explain exactly what collateral one would use to get a bank to loan you money you were going to invest elsewhere?

 

The closest thing would be a business loan where the assets of the company were the collateral or the investors that loaned you the money were expecting a return on their investment in exchange for the loan. You know, like HE WAS WHEN HE LOANED THE MONEY. He was THAT GUY that did the loaning. 

Spoiler alert: Fishboy and Assley are obvious trolls.

But also obviously poor. LOL

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Here's the really strange part: product manager, CFO, venture capitalist, consultant.

You figure someone that smart and skilled would find a way to make more money at a faster rate that someone who was oh I don't know...

A cab driver?

I have to admit, I don't see a person as a 'venture capitalist' if they've only invested in two businesses with a total cost less of only $100k.  That'd be like me buying a house and a cottage, then calling myself a 'realty mogul'. O.o

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I imagine property owned, even if already mortgaged, would go to the top of the list that one would use. O.o

Look, I don't wanna get into a HUGE Ressah thing.  I mean, this is just him driving a taxi so he can afford a hobby, but really, can you not try to pretend that it's impossible for a person to borrow money to invest in ventures and that they must have it all as liquid cash?  That's just silly. O.o

I'm not pretending he needs it as liquid cash and I don't know anything about his finances. Just playing devils advocate here that's all. But you keep making my point. Unless he inherited EVERYRHING he still had to earn the money in the first place to get the property that was mortgaged in your example. What you say is correct but he would have still needed cash or assets at some point to start out. its just as likely that he's being completely honest and really has earned a ton of money and has those positions but due to the investing he's done may simply not have the liquid cash available to pay for his training in a timely manor. In that scenario I can certainly see the benefit of doing something on the side that's almost passive income to earn extra cash to avoid cashing in an investment or taking out a loan. Either way neither of us knows for sure what the situation is and my defense only goes so far without further info from OP so I'll leave the above as my point. We may both be wrong. Buck could be right with the drug dealer thing after all. Maybe he's Hiesenberg ;)

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But you keep making my point. Unless he inherited EVERYRHING he still had to earn the money in the first place to get the property that was mortgaged in your example.

Property that's still mortgaged and not paid off yet can still have additional loans put against them.  Second and even third mortgages are totally a thing.

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I make far more money than a cab driver. 

So I must be wealthy. 

One could argue that I'm a cab driver I guess LOL

 

Now I imagine an owner/operator could make a good living as a driver in the right location. I suppose YMMV... (Get it? Hurrhurr)

My first time trying Royal Crown Cola:"RC Cola must mean Really Crappy Cola"

Do they even make that anymore? 

And can someone please tell me how to multi quote on mobile?

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Congratulations you are working without benefits and taking jobs away from people who need them all so you can afford a particularly expensive hobby.

Hooray Capitalism :V

Yep, I love it :D

Regarding the lawsuit, meh? Yeah, it sucks that both Uber and Lyft take 20%, and prices per mile and minute are so low, but I guess that's what the market price for giving rides is. Taxis were monopolies that ripped people off, and monopolies are bad, right? Besides, sucks for drivers, but awesome for riders. Small cities with crappy public transportation are literally being revitalized because Uber/Lyft is replacing public transportation, or providing a similar service where none used to exist. I've driven tons of kids to/from school, and workers to/from jobs at Wendy's and Walgreen's cause they can afford a ride now.

Besides, things like La'Zooz, which is like Uber merged with Bittorrent, will make that whole "this company is ripping us off!" go away by making the whole thing completely peer to peer.

 

P.S. I do have money for a pilot license, but that money is currently earning me more money. Plus I would feel better if I worked for it, rather than just dip into my savings/investments. It would feel more deserved, you know?

P.P.S. Called a flight instructor I met an a charity opera event (some shtick for raising money for displaced refugee kids in Ukraine or whatever). I bid on and won an introductory flight thing that you can usually buy for $100. Set up my flight for Monday. So frigin excited! Unfortunately can't start actual flight training until probably January, since I'm in Toronto this week, Aruba for a week vacation in 1.5 weeks, San Diego the following week (was invited to speak at a conference http://insidebitcoins.com/san-diego/2015/speakers#dmitrymurashchik, yes I use my furry name in all official business correspondence.....), and then holiday season starts.

P.P.P.S. #00Buck will probably get a kick out of knowing that I drive a Prius, with tinted windows, black wheels, custom mirrors, and limo trim inside, which has a BITCOIN license plate, which I bought for 1,000 Bitcoin :D Also, I wear an expenive black suit and black leather gloves when I cab, and pretend I'm the guy from Driver.

 

Btw,pretty funny how poor people get all pissed when someone says "Hey, I'm trying out this new way to make money. It seems to be working. You should!d try too!" ;)

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which I bought for 1,000 Bitcoin

You either bought that plate years ago, or you're a friggin' idiot. O.o

Edit: Wait, there's no way that any State accepted bitcoin for vanity plate purchases, so you must have bought it with real money or it's a decorative plate that serves no licensing function.

Edited by AshleyAshes
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like fuck some random schmuck would end up in my vehicle....

i have enough problems with idiot friends. i smoke in my vehicles, but i am diligent as fuck to ensure that not one piece of ash will so much as look at the seat. then, there's always gotta be some fucking douche down the road that's like "oh man, you gotta stop, i dropped my smoke, dunno where it went..." FUCKING FUCKITY FUCK FUCK.

then you have the assholes that bring a pile of trash into the vehicle, and just leave it in there... what the fuck? couldn't take two seconds to bring your bullshit back out with you?

to be perfectly honest, i don't even really like driving friends around.

OP, you must meet all kinds, do you have any stories yet, or what? it's totally a different venue than being a cab driver.

Edited by Wrecker
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...It's a white car. O.o

It's also often my home. Being a hybrid, its heating and AC come from an electric heat pump instead of an engine belt driven compressor (need to warm or cool the car while the engine is off). So when I go camping, or to business conferences that are within 12 hour driving distance, I fold the seats, inflate a full size bed inside, leave the car on, and sleep all night with climate control set to 70. The engine just kicks in every 15 minutes for a minute to recharge the battery. Spent a whole week living in it once. Probably why I love that car so much. It's both my car and my home.

Oh, you mean iridescent? Cameras can't catch that. Next time you see a white Prius on a sunny parking lot, come for a closer look.

 

Do you avoid the drunk people since you know, vomit inside nice cars and all that? Maybe I'm paranoid, but the thought of inviting random people into my car and taking them places kind of freaks me out, and my car is a POS

Yeah, had that happen already. Generally, any vomiting or other ways that customers damage your car, Uber/Lyft will pay to clean and repair. And they'll charge the rider a fine (something like $200). So don't puke or drink colorful things if you ride in one. For this one, though, the girl who puked only got the top of my door, which was plastic, and a spot on the felt. The two guys with her cleaned it up as much as they could, and I didn't want them to get charged $200 (cause I'm nice like that) so I didn't report them. Cleaned it up myself using my own car cleaning products (I had good ones already), some days, and an old toothbrush for some crevices. It was nasty, but oh well. I also ordered a 20 pack of white barf bags like they have on planes.

So, yeah Lyft/Uber will cover cleanup costs, but buy barf bags too.

Edited by Rassah
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Regarding stories, I just started out so no, but my friend, with the G.I. Bill he's using for his pilot's license (incidentally the same guy I mentioned in another thread on FAF who was homeless by choice this summer) drives for Lyft too, and is the one who also got me into that.

One night he drove a drunk girl home, and was chatting it up with her the entire way home, being really nice. Then, when he gets to her place, she's like, "So, are you going to come in?"

And he's, "No mam. I'm married, and I'm tired, and it would be very inappropriate."

So she starts asking and trying to drag him, and gets all angry, then storms off into her house. In Lyft and Uber, you have to maintain a 4.7 or above rating to not risk being kicked from the system. And if you get 1 star, they actually call you to find out what the hell happened. So, the next morning, he gets a call from Lyft, asking why a passenger gave him a one star rating last night. So he tells them that there was this drunk crazy chick that was hitting on him, sexually harassing him, trying to get him to come in and have sex with him, and then got all angry when he said no. The Lyft guy listened to all this intently, then said, "Yep, that's exactly what she wrote in her comment." The girl was so drunk she actually wrote that she was trying to get him to come into her home to have sex with her, and got angry because he refused. So they obviously removed that one star rating from his record.

Edited by Rassah
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