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Is $50,000 per year now a given?

Clayla

Member
There are a lot of factors to consider when deciding on your answer. How many hours does it take to get there? Does that even matter? Are we conditioned to think 40 hours per week is a meaningful benchmark? Is 5 days per week just as meaningless? What structure does the schedule take on that brings one to $50K at the end of 12 months? Can you compress all that work into just 8 months with 4 months off? 6 on and 6 off?

All that said, $50,000 per year ain’t that bad for this kind of work. But, please, don’t split hairs with me over expenses. This question presumes that you are on top of your expenses and file your taxes accordingly.
 

Mista T

Well-Known Member
Author
Last yr my bank showed take home of 52k from driving. After expenses, which some are fixed and some not obviously, my "taxable" was 29k from driving.

Worth noting, however, that a lot changed last year. For example, surge disappeared AND changed form. I suspect that if I continue as I did last yr that this yrs equivalent will be closer to 40k in the bank.
 

Over/Uber

Well-Known Member
I suspect that if I continue as I did last yr that this yrs equivalent will be closer to 40k in the bank.
THE number 1 reason why I'm out. If I could be making close to what I was making per hour two, hell, even one year ago, I'd have given more thought to taking a regular full time position. Sure, my flexible schedule is in he wind, but at least I can now count on a set amount of take home every two weeks. I wasn't working the kind of hours @Mista T is but but I was seeing my income on a shrinking trajectory over the last several months. I had to call it and say it wasn't worth it any more.
 

PDXHotSpot

New Member
I have been driving for 2 years now.

$50 G's might be doable. BUT you have to understand that almost half of the monies are expenses.
More like $25,000 before taxes
Driving 50 hours a week
 

Over/Uber

Well-Known Member
I have been driving for 2 years now.

$50 G's might be doable. BUT you have to understand that almost half of the monies are expenses.
More like $25,000 before taxes
Driving 50 hours a week
Huh?

After doing rideshare nearly full time for over a year, even with shrinking pay rates to drivers, I’m pretty certain I could and can make $25K per year BEFORE TAXES/EXPENSES driving about 25-30 hours per week.
 

PDXHotSpot

New Member
Huh?

After doing rideshare nearly full time for over a year, even with shrinking pay rates to drivers, I’m pretty certain I could and can make $25K per year BEFORE TAXES/EXPENSES driving about 25-30 hours per week.
Uber pays us .705 cents per mile we deduct .545 cents per mile "per IRS web site" = 16 cents a mile net
Uber also pays us $.024 per minute. when we have a client in vehicle.

my vehicle has average of miles per hour of "24.8" miles per hour "on the vehicle mileage in the dashboard" lets say 25 miles per hour

you said you drive 25-30 miles per week. average 28 hours
28 hours times 25 miles per hour = 700 miles per week

lets say you are busy 70% of the time.
lets say you are with client 70% of all miles. 700 x 70%= "490" miles with client getting paid. = 490 x 16 cents = $78.40

28 hours times 70 % with client =19.6 hours 19.6 x 60 minutes = "1176" minutes 1176 x $0.24 minute = $282.24

$78.40 plus $282.24= $360.64 net per week


Does this explain your "Huh"?
 
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Over/Uber

Well-Known Member
Does this explain your "Huh"?
Still nope. You still don’t seem to show a grasp of gross numbers and real cash accounting cuz you keep working in the IRS per mile deduction.

Even if the IRS allows me to reduce my taxable gross by $.545/mile, I know full well what my actual fixed costs are and my variable costs per mile and they’re no where near $.545/mile.

We don’t have to agree.
 

PDXHotSpot

New Member
Still nope. You still don’t seem to show a grasp of gross numbers and real cash accounting cuz you keep working in the IRS per mile deduction.

Even if the IRS allows me to reduce my taxable gross by $.545/mile, I know full well what my actual fixed costs are and my variable costs per mile and they’re no where near $.545/mile.

We don’t have to agree.
Do you think IRS will just let you deduct more, so you will have to pay less taxes.

Looks like you never had a business and don't know how it is run.

That is what Uber and Lyft hope.

I won't bother you any more on this subject.
Have a good day.
 
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Over/Uber

Well-Known Member
Do you think IRS will just let you deduct more, so you will have to pay less taxes.

Looks like you never had a business and don't know how it is run.

That is what Uber and Lyft hope.

I won't bother you any more on this subject.
Have a good day.
Lol
Dude, shows how much you don’t know about me.
 

Mista T

Well-Known Member
Author
Okay, look.... there are some assumptions that are in not necessarily set in stone. So many variables... here are some of the big ones.

1. How much business will you get? It varies from day to day. Hour to hour. Location to location. You might have a rockin' day for 3 days in a row, then have a seriously dead day. Or two. Sitting around for 30 minutes waiting for a ping earns ZERO. What's the biggest challenge drivers face? Oh yeah ... oversaturation. Which means fewer rides per driver. And it's constantly getting worse.

2. How much will you get paid? The companies have cut rates over and over. Some blatantly, some are "hidden" nickels and dimes. Regardless of how much of this you have personally experiences, let me shed some light on the subject: pay cuts are not over. So assuming that you will be getting paid the same in 6 months that you are getting paid now is a mistaken belief.

3. Your expenses will increase. As time goes on, your vehicle becomes older and more worn out. Stuff breaks down at a faster rate. Things that we normally take for granted (like transmission, for example) start to go bad.

Let' add this up: variable expenses (increasing), fixed pay (decreasing), and variable amount of business (decreasing).

2 years ago I was pulling in $75k (average, when I added up multiple months income). For that money, I can cover my car expenses. Heck, for that I would buy a new cheap car every other year! But now, I don't even bother driving week days anymore, it just doesn't pay.
 

Clayla

Member
  • Thread Starter Thread Starter
  • #11
BUT you have to understand that almost half of the monies are expenses.
Man, dude... please. Stop trying to discuss the Rideshare business in gross money terms before taxes. It’s F***ing exhausting. I prefaced this whole discussion with parameters that are easy to put in place. You understand depreciation, you understand expenses, you understand you tax liability, you therefore understand the the amount of net dollars you’ve earned.

Is $50,000 net to you a realistic goal? Yes or no?
 

MedicMan

Active Member
Man, dude... please. Stop trying to discuss the Rideshare business in gross money terms before taxes. It’s F***ing exhausting. I prefaced this whole discussion with parameters that are easy to put in place. You understand depreciation, you understand expenses, you understand you tax liability, you therefore understand the the amount of net dollars you’ve earned.

Is $50,000 net to you a realistic goal? Yes or no?
$50,000 per year NET for ride sharing working a 40 hour week is not possible. $50k per year GROSS would require about $24 per hour which is difficult to do before expenses. To make $24 per hour NET the gross per hour would have to be at least $30 per hour which is clearly not possible from my experience.
 

PDXHotSpot

New Member
Man, dude... please. Stop trying to discuss the Rideshare business in gross money terms before taxes. It’s F***ing exhausting. I prefaced this whole discussion with parameters that are easy to put in place. You understand depreciation, you understand expenses, you understand you tax liability, you therefore understand the the amount of net dollars you’ve earned.

Is $50,000 net to you a realistic goal? Yes or no?
I said

I have been driving for 2 years now.

$50 G's might be doable. BUT you have to understand that almost half of the monies are expenses.
More like $25,000 before taxes
Driving 50 hours a week
and all you got out of that was " gross money terms before taxes"
did you not see 50 hours = $25,000 if you are lucky

Just use my numbers above. "Post #6" Insert your numbers you think you will drive and you should get your total.

Numbers don't Lie
 
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$50,000 NET is possible if your GROSS earnings are between $75,000 and $90,000 all depending on your operating costs and tax situation.

For example, by moving from a 18MPG SUV to a 40MPG hybrid sedan, that's $10,000 less you have to earn. Buying a low-mileage pre-owned car vs brand new could mean up to $15,000 less you have to gross in order to reach your goal.
 

Ridesharecaligirl

Active Member
Man, dude... please. Stop trying to discuss the Rideshare business in gross money terms before taxes. It’s F***ing exhausting. I prefaced this whole discussion with parameters that are easy to put in place. You understand depreciation, you understand expenses, you understand you tax liability, you therefore understand the the amount of net dollars you’ve earned.

Is $50,000 net to you a realistic goal? Yes or no?
Check out the LA forum to give you some perspective. It’s a much bigger market and certainly here people are not making that much Net unless you drive Uber Black and do 60 hours a week and this is Los Angeles. Here’s 40 hours a week driving Select in Los Angeles.
 

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Clayla

Member
  • Thread Starter Thread Starter
  • #16
Check out the LA forum to give you some perspective.
Thanks for the input but perspectives relative to a market 1,000 miles away are meaningless in Portland.

I had hoped that those with easy access to this market would come to the discussion with an understanding of how this end goal was structured. Mista T gets the question. Maybe a few more do as well. It’s all about how you get to that dollar amount.

It’s possible but it’s about working with all the inputs that inform your choice of time and place, platform and service. Wanna net $50,000 each year? Well, you’ll need to get straight with how you work, when you work, who you work for and who you don’t.
 

Ridesharecaligirl

Active Member
Thanks for the input but perspectives relative to a market 1,000 miles away are meaningless in Portland.

I had hoped that those with easy access to this market would come to the discussion with an understanding of how this end goal was structured. Mista T gets the question. Maybe a few more do as well. It’s all about how you get to that dollar amount.

It’s possible but it’s about working with all the inputs that inform your choice of time and place, platform and service. Wanna net $50,000 each year? Well, you’ll need to get straight with how you work, when you work, who you work for and who you don’t.
Okay well I’m coming to Portland soon. The rates in LA are now .60 cents a mile. LA is the largest Uber and Lyft market. So I read all the forums and I learn a lot. Portland has the same issues as LA a major over saturation of drivers and a continual decrease in pay. The LA forum is much more active so you will learn a lot more and from the drivers I’ve spoken too it’s basically the same issues. The bigger differences are in the XL Select and Black markets here they have much more business, you don’t even have Black. So my point is that if people can’t make good money in the largest market it will be much harder in the smaller ones. Btw we still have surge here too and it’s bad, I can’t even imagine with flat surge like Portland. This happened this morning
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Thanks for the input but perspectives relative to a market 1,000 miles away are meaningless in Portland.

I had hoped that those with easy access to this market would come to the discussion with an understanding of how this end goal was structured. Mista T gets the question. Maybe a few more do as well. It’s all about how you get to that dollar amount.

It’s possible but it’s about working with all the inputs that inform your choice of time and place, platform and service. Wanna net $50,000 each year? Well, you’ll need to get straight with how you work, when you work, who you work for and who you don’t.
Oh and one more thing, you learn this from the LA forum. Usually people don’t want to tell you how because in an over saturated market you are their direct competition. That’s what I got for you.
 

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