Uber Math (Accounting)

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You assume the risk and you provide liquidity... You could do worse day-trading.
Just don't ever forget that you assume all the risk.

Corporate slavery involves less risk and some reward. Makes a lot of folks proud.

If I needed extra buck or two, I'd take a part-time gig at 7-11 or Plaid Pantry.
Freedom is addictive though, I can attest to that. I worked and owned cab and towncar businesses and a few other businesses across 3 continents and 40 years.

Again, don't ever forget that you assume a lot of risk. There are better ways to gamble.

Good luck!
 
Originally Posted By: Lolvoguy
Originally Posted By: Mr Nice
I still don't understand why people are willing to work for peanuts and take on 100% risk..... ?



IMO, it's the flexibility. No clock to punch, no boss to yell at you, no corporate work structure etc.
It's like starting your own franchise, but without all the hassle


Which is also the reason it is hard to make money. You can only drive so many hours in a day.
 
Twelve hour shifts is the norm for cabbies to get the best rate when leasing a cab. I remember talking to a manager of a cab company years ago, who said it's not if a driver will be in an accident, but when they're in an accident. Just a matter of time. One of their rules was no matter what to never take pictures. They had an in-house attorney deal with passengers that had various mishaps involving the cab. Bumping their head getting in/out, fender benders etc. There was a rush to get them to sign a waiver and give them hundreds of dollars quickly(500-1000)no matter how minor. Before an injury attorney got a hold of them. They were considered a target rich company similar to some others.
 
Originally Posted By: dogememe
Just for comparison, I make more in tips at the auto parts store than I did for UberEats.



What I'm surprised at is that you get tips at the auto parts store. I never tip there, actually there were a few times when their advice was wrong, but I don't listen to them anyway.
 
Originally Posted By: HosteenJorje
Another of the many services the country could do without.


Maybe in Nebraska. Plenty of utility in any place with a real population base.
 
Originally Posted By: Mr Nice
I always tip my Uber driver $5 so they can buy a cup of coffee and bagel.


When was your first ride? As of a few weeks ago your posts gave the impression you never used the service before.
 
Tipping is fine and to be expected. That wasn't the point. I thought from some of your posts that you never even used Uber. But maybe you started using them recently.
 
Originally Posted By: SatinSilver
Tipping is fine and to be expected. That wasn't the point. I thought from some of your posts that you never even used Uber. But maybe you started using them recently.


If you were an Uber driver I would tip you.

I just can't comprehend why people are willing to drive for peanuts...
 
I drink zero alcohol.

Why do you keep questioning me about Uber?
And repost some of my Uber comments from the past?

Do you drive for Uber and take offense ???
 
Originally Posted By: Mr Nice
Why do you keep questioning about Uber?
And repost some of my Uber comments from the past?

Do you drive for Uber and take offense ???


Don't drive for them and never have. I ask questions and quote some of your posts to point out your errors.
 
Originally Posted By: Mr Nice
Originally Posted By: SatinSilver
Tipping is fine and to be expected. That wasn't the point. I thought from some of your posts that you never even used Uber. But maybe you started using them recently.


If you were an Uber driver I would tip you.

I just can't comprehend why people are willing to drive for peanuts...




People aren't good at math. Plus some of the math mentioned before is suspect. If you're deducting the miles and the effective rate was .61 cents and the IRS rate was .54 cents, you're basically only paying taxes on .07 which at his 41k miles was under 3k. Regular $12 hour job would mean taxes on the whole amount. Plus it's all about how it's accounted for. If you're just working a job that pays $12 an hour, you still have a car and you're still paying insurance. So if you're deducting the cost of the car and insurance to come up with an effective rate of $12 an hour, then you'd have to the same to the other job that pays $12 and doesn't require a car for the job, but it's still needed to get to the job. That has the effect of lowing the effective rate to less than $12/hour at a non Uber job.
 
Originally Posted By: SatinSilver
Originally Posted By: Mr Nice
Why do you keep questioning about Uber?
And repost some of my Uber comments from the past?

Do you drive for Uber and take offense ???


Don't drive for them and never have. I ask questions and quote some of your posts to point out your errors.


What errors ?
 
Originally Posted By: Mr Nice
I still don't understand why people are willing to work for peanuts and take on 100% risk..... ?



+ the added expense of running a car all over the place.

Driving to work is one thing, driving the car all day long is another. Fuel, tires, brakes, other wear items, all stuff that must be paid for on any car. Even if you drive 20k miles a year commuting to work, driving 40-50k miles a year or more for Uber will more than double your vehicle operating expenses.

That doesn't even include the insurance side of it. I remember having to deny claims for people because "using a vehicle as a taxi service" was one of the fine print items in the policy that could deny a claim. Another one was when people state they would be driving 10-20k miles per year, yet they were driving 50-60k miles per year. That was also a reason the insurance company could deny their claim, because in their eyes you are a higher risk than you are paying for.
 
Originally Posted By: Mr Nice
I always tip my Uber driver $5 so they can buy a cup of coffee and bagel.

I tip my Uber/Lyft drivers. I hate how Uber is run as a company and their political practices of the company(and some of their drivers). I'd rather pay Uber money than to the state(DMV), county(court) and a lawyer if I'm out drinking. I also use it to get to the airport even though I can take the train there - BART has a $5-7 airport tariff at both of the local airports to pay off two extensions that haven't been operating to expectations. An Lyft/Uber ride to one of those airports is only $2 more than taking BART.
 
The math sounds much like cab driving. To make a living wage, you get to work a pile of extra hours.
wink.gif
 
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