My issue was ‘eyes’. Howard Stern dedicated his NYT #1 bestseller ‘Private Parts’ to Dr. John Sarno for changing his life.
Really interesting piece! Uber driving strikes me as a good gig for someone who is between jobs/ needs a fast way to increase cash flow or has figured out a way to only give “I was going there anyway” rides.
That’s exactly it Claire. Driving is good supplemental income. Given I’ve already committed to leasing my car for the next 3 years and paying for gas and all that stuff. Now that I’m working, I can write such expenses off. In my next post, I’ll share some very positive reasons why everyone should drive.
Fascinating insights! In Philly, most of the drivers are white, middle class drivers with college education. You can step outside the door here and hail a cab within a minute as there are lots of big cab companies here. Uber and Lyft are doing well here still, even though they are a bit more expensive.
I think it’s because most people are white here, and they enjoy riding in cars driven by other people who look like themselves. Cab drivers are often not American.
A really interesting and thoughtful article Sam, the kind of thing I’d expect to read in a quality newspaper as a feature. Your thoughts on the reality of life for hard working people on low wages are refreshing to read versus some of the relentless positivity many financial blogs peddle.
I guess that’s the sharing economy–designed to piggy back on things people had already committed to pay for (car payment, insurance, even some routine maintenance and depreciation)
Thanks Jim. Stay tuned for another post where I share even more stories. It’s been a pleasure to listen to how other people lead their lives.
Thanks for the fascinating look at the personal earnings side of Uber. The $50B valuation (is it really that much?) is outrageous though. I mean, it’s an app! Marriott and Hilton – combined – have a market cap less than that. By the way, as a driver, the economics are more compelling when you consider the operating expenses (gas, auto maintenance, etc.) are tax deductible, no?
GREAT point about the economics being more compelling once deductions are factored in! I’ll definitely have to write a follow up post with a chart.
It’s nice to be able to write off a good portion of my car lease payment, gas, maintenance, tickets (?) and other things that come up.
Lots of stories there too
FS, one thought on any follow-up post regarding deductions. Most people, let alone Uber drivers, aren’t in your tax bracket. Standard deduction amounts for 2015 are $6,300 for single and $12,600 for married filers. So, as you look around at the Uber drivers, you may find that you and that NFL player are the only ones who itemize.:-)
Ah, good point on the standard deduction amount and the itemized deduction amount. The good thing though is that those who just do standard deduction are probably also in a lower tax bracket.
It’s amazing the things people will tell you. I was a bartender for a long time while in college, it’s not all glamorous, but it was fun. And you watch the pickups as they happen, live.
Bartending… now that sounds like a stressful job. Always got to be on your feet and deliver a good drink!
I just began driving for Uber on Thursday. I’ve detailed every fare I took on my own blog because https://hookupdate.net/de/once-review/, like you, I was confounded by how little I was making. Fortunately I have other income streams, because in my pa Bay) I earning less than minimum wage after taking out expenses. Example: In Tampa, drivers are paid $.95/mile and $.13/minute, but Uber takes 20% of that, so it’s actually 76 cents a mile and 10 cents a minute. That might work if I constantly had a passenger and never had to wait for my passenger.