Why We say You Cannot Become Rich by Driving Uber Alone
Ever wondered whether you can get rich by driving Uber alone? From late 2013 until 2015, Uber campaigned about how you can make $90,000 an year as a driver with Uber in the New York area and $74,000 in San Francisco. This was a part of their recruitment campaign when they were trying to get more drivers on-board in order to expand their reach and stay ahead of their major competitor Lyft.
Uber also allegedly made claims about ‘Unlimited Mileage’, while as it turned out there were limits imposed on the actual leases on the cabs and the drivers ended up paying way more than Uber said. Ultimately Uber ended up in a law suit with the Federal Trade Commission for having misled drivers about their earnings on the platform and had to pay $20 million dollars in order to settle.
But when you think of it, there are so many drivers out there and when Uber starts dividing the $20 million between them, no one really knows how much ‘compensation’ a driver will receive. The bottom line is that nobody ever got rich by driving Uber alone. Although it is still a great platform that allows to make money part time, if you want to mint some bucks, you will need to know the tricks of the trade and do a little more smart work.
So, how do you go about making that $90k an year?
Let’s start by defining your targets. In order to make $90k a year, you need to make $7500 a month which means $1875 a week.
Let’s start from here.
The primary source of your income as a driver is obviously by picking up rides. That means you need to be in the right place at the right time and for that you need to know your city well. Events around the city like a sports event or a musical concert are a sure shot way of getting rides.
You can always find out about the upcoming events in your city by calling a local hotel. They will give you good information under the presumption that you are calling as a customer who is about to make a booking with them. Get the start times and the end times, so that you can position yourself in the area and pick up some good rides.
The Top Reasons You Cannot Get Rich by Driving Uber Alone
Since, Uber doesn’t keep tabs on these, you ideally don’t get the information from them and neither do the other drivers. So, you already have an edge over here. However, the fact is that in order to make those big bucks you need to put in some extra hours as well. And the crazy hours, sitting chained to your seat can take a toll on your health too.
Moreover, if you are an independent contractor with Uber, although you do enjoy the luxury of working at your own convenience, you are not covered by the benefits that regular employees get and you are responsible for the gas and the maintenance of your own car. So, you need to be a little careful unless you want to end up spending all the money you earn on gas. Hence, we spoke about being in the right place at the right time.
How to make money driving with Uber without actually Driving?
The good thing about Uber is there are ways to make money without driving and that is done by reaping the benefits of their referral scheme. Sometime last year, Uber invited all the top referrers of the Bay Area to their office in order to reward them. Well, there was pizza and a lot of brain picking on how these drivers were at the top of their referring game and how they could do even better so that it’s a win-win for both the driver and the company.
The underlying fact is that, we have been bred to think that we can only get rich doing a job. Well, if a job was to get you that much money, Bill Gates or Michael Dell wouldn’t have dropped out of school to run their own businesses. The same applies for us drivers as well.
We need to treat this as business. We need to be a little smart. You could start your own website and use Uber’s referral program to make money without actually having to drive. You could also start you own youtube channel to this end.
When you refer another driver and he completes 20 rides, both of you get $300 each. I also know of a 65 year old Filipino driver who posts ads in the English and Chinese newspapers to get referrals. He accompanies the interested drivers to the Uber inspection, teaches them ropes, and makes them comfortable by going on a test ride with them. And is he a magnet for referrals? He certainly is.
Make Money Driving with Uber While You Still Can
Nobody ever got rich by following the crowd, it the ones who thought differently that were able to do so. Moreover, us Uber Drivers aren’t going to be around for that long. Uber is afterall a technology company not a taxi company. They will soon launch unmanned automatic cars.
I’m not kidding. Those are already being tested in Dubai where driverless Maybachs are taking rounds, and the changes will happen sooner or later. And there won’t be any part time driving gigs left for you either to make that extra buck. So, as long as you’re here you need to up your game a notch, and think of better ways to make money while driving. And remember, driving isn’t the only way.