The Frugal Prof

Its Not about the Money. Its about taking charge

The Truth About Driving for Uber And A Better Alternative

by

 




 

Dark Side of Driving for Uber

 

The Truth About Driving for Uber and Some Alternatives

Everyone wants to make extra money and create income on the side, but it’s important to do the proper due diligence to make sure your side hustle is worth your time.

Are you really making extra money?

A case in point is Uber, which research suggests may not be delivering extra money for it’s drivers.

 

Value Investing

 

*My aim is to recommend products that will truly benefit you.    I believe in transparency and want to disclose that I’ve included certain products and links to those products on this page that I will earn an affiliate commission for any purchases you make.

 

Many drivers make less than minimum wage driving for Uber:

A recent study using a couple of different methodologies, found earnings between $8.50-10 per hour after expenses, but a sizeable chunk of drivers still made less than minimum wage with those numbers.

Harry Campbell, a part-time Uber and Lyft driver who blogs as The Rideshare Guy, says it’s a familiar criticism.

“The number one complaint from drivers is that they don’t make enough,” Harry Campbell said.

 

Many Uber Drivers Quit:  

  • One thing Uber can’t dispute is whether drivers stay driving with Uber.  They don’t.
  • 96% of Uber drivers leave the company within a year.
  • Driver retention has been an ongoing problem for ride-hailing companies, and that is likely to continue for the foreseeable future. One study released last year found that only 4% of Uber drivers stay with the job for more than a year.

 

Relevant Articles:

45 Ways to Increase your Income

9 Best Ways to Save $7K This Year

11 Legitimate Survey Sites for 2018

 

 

Thin profit margins for Uber Drivers:  Uber Drivers’ median earnings amounted to $0.59 per mile driven, but median expenses came out to $0.29 per mile driven, according to the study’s original findings.

Those costs include:

  • vehicle maintenance
  • repairs, fuel,
  • insurance, and depreciation of the vehicle.

 

Before you start a Side Hustle:

In my previous post on Side Hustles, I detailed the questions you need to ask Before starting a side hustle. Two of the most important questions are:

  • does it actually make me money
  • and how much time is required. 

It is now clear that Uber drivers make much less per hour than one would expect.  In addition, the wear and tear on a car makes it much less profitable.

The goal in a side hustle is to maximize your time and make the most money you can per hour.

The side hustle I recommend below offers pay of nearly $200 per assignment.  The difference is that before you can earn nearly 9X as much as an Uber driver, you need to invest some time and money.

 

A Much Better Alternative:  Loan Signing Agent

Why is this a Great Side Hustle?
(For more ideas, see my post 45 ways to increase your income.)

  • Great Money,
  • Flexible Schedule,
  • Minimal Costs, and Minimal Experience Required.

You can make $75 to $200 in a single signing, and a signing takes about an hour. Total work time including preparing and driving to the signing is about an hour and a half to two hours when you’re starting out. And a lot less as you become more experienced.

Part time loan signing agents generally do one to three signings per week, which is about $300 to $500 dollars extra a week. Full time agents  can do 3-8 signings in a day which is about $400 to over $1,000  dollars in a day.

You can start part-time and work around your existing work schedule since most signings occur on evenings and weekends.  Simply pick up work when you want, and keep your day job

You can get started with absolutely zero experience. There’s no resume checking prior to a loan signing. You’re hired simply based on your location in proximity to the loan signing.

You can work from home and be your own boss. Owning your own business can allow you to take advantage its many benefits, such as tax write-offs.

You have the ability to make money almost immediately.

In fact, they’ve had students make money within their very first week of getting started. click here to see some testimonials]

What is required: In order to earn 9X more than an Uber driver, you need to invest your time and money to become a loan signing agent.

Pretty straight forward.  But, the truth is that 95% of people want to make $100 an hour but won’t invest their time and money to make it happen.

 

 

 

 

  • To get your commission, you can study and take your test in a day, and have the ability to make money the very next month.
  • Ultra low startup costs. You can start a legitimate, cash flowing business for just a few hundred dollars. The biggest costs are a printer and your notary commission.
  • You can learn the loan signing skill in just a few hours and master it after just a few loan signings if you have a mentor or a system.

Who else recommends the Loan Signing System?  I heard about it from Pat Flynn, the Smart Passive Income Podcaster from Smart Passive Income.

The good news is that means it’s probably worth checking out. 

The bad news is that because he is so respected, more and more people will learn about this great side hustle.  So, if you’re interested, you should check it out today.

More about the Loan Signing System

 

Conclusion:  The truth is that many Uber drivers are having a hard time making money.  And that is a shame.  Many are not even earning more than minimum wage.

On the other hand, the Loan Signing System seems to offer a much better alternative.  The reason is that the Loan Signing System enables you to learn a skill, which allows you to become valued in the marketplace and earn more money in a short amount of time.

And that is the goal of a good side hustle.

 




 

15 Good Paying Jobs for College Students Who Want Extra income

by

 




 

15 Good Paying Jobs for College Students Who Want Extra Income

I’m sure we can agree that earning extra money while in college is a great idea.  Here are15 Good Paying Jobs for College Students who want extra income.  The increasing levels of debt that graduates have been taking on is a huge drag on their ability to enjoy life after college.  Being stuck with student loan debt is a big problem.  So, here are the best ways to make money on the side.

According to the Federal Reserve, there are over 17 million student loan borrowers under the age of 30.  These 17 million people hold $376.3 billion in debt. The average monthly student loan payment for a borrower in their 20s is $351, and the median monthly payment is $203.  That means that Americans in their 20s with student loan debt each have an average balance of about $22,135. (via CNBC).

The faster one can pay it off, the easier it is to accumulate wealth.  In addition, the added stress levels of debt impacts families as well as our health.  Becoming debt free is a worthy goal for many reasons.  Debt has become a huge issue and finding information on earning a side income is something many people need.  So,making extra money as a college student is a huge benefit.

 

*Affiliate Disclosure: This post contains affiliate links.  Business partners may compensate me for inclusion on this blog, but I strive to only partner with quality businesses and the reader pays nothing.

 

Relevant Articles:

Survey Sites That Actually Pay

Getting Results: How I Paid Off $17K

The Best Personal Finance Books

 

 Consider Refinancing Your Debt: SoFi:

Refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private loans.

Refinancing student loans with SoFi saves borrowers $4662f a month—or $30,0692 over the life of the loan.

SoFi takes advantage of low overhead (they have no branches unlike most banks), and passes the savings on to their customers.  That’s why their rates are so low.

More about SoFi:

 

15 Ways to Make Money as a College Student:

 

1. One of the Better Side Hustle Ideas I See:  Become a Loan Signing Agent

One of the Best Side Hustle/ Side Income Ideas I’ve seen is to Become a Certified Agent or Notary. This side hustle fits with all of the previous criteria I recommend:  You learn a valuable skill.  You earn an excellent fee of $75- $200 per appointment.  The up front costs are pretty small.  The niche is still so small and is not being promoted heavily.  IE the margins are still good and intact.   Learn More about the Loan Signing Course.

If you’re willing to invest some time and money, you can have a great income as well as a valuable skill.

 

2. Get Paid to Drive:

  • Join Door Dash and get paid to Drive:   People Dash for a variety of reasons: to spend time with their kids, earn extra money, to pay for school, even to exercise and see the world.  You can use any car to deliver, as long as you have a valid driver’s license, insurance, and a clean driving record.
  • Join Door Dash and get your first check this week!

extra income for college students

  • Get paid to drive for LYFT:  I’ll help you get an extra $1,400 payout.
  • Visit the LYFT website and Use this Exclusive CODE:  DOUG4287
  •  Get paid to Drive for Amazon:  Amazon Flex  Make $18-$25/hour  Be your own boss, set your own schedule, and have more time to pursue your goals and dreams.  Join my Email list below for More details about Amazon Flex!

 

Related posts:

11 Survey Sites That Actually Pay

 

3. Online Tutor

Pay: $13-$20/hour or more

Take your academic strengths and knowledge online to start your own tutoring business.

Offer peer tutoring for fellow college students or connect with K-12 students in home-school programs.

And it’s not just academic: Focus on your extracurricular talents, and offer tutoring or consulting in things like music, art, social media, fashion or nutrition, too.

 

 




 

4.  Earn money and start a business as a photographer:  If you like photography, why not take the next step and get Paid to take pictures?  Yes, you can get paid to travel and take pictures.  It’s a part-time side hustle idea for student income.

 

Free travel

 

5.  Become a DJ:  Sure Calvin Harris makes nearly $50M and is on top of Forbes  annual list of the world’s highest paid DJs.

But, did you know the average DJ for a wedding can earn between $600-$3000?  Pretty good money! You can get the basic equipment for less than you think.  With some basic equipment, you could be making money this weekend.  More Here.

6.  Get paid for graphic design work:  99 Designs, is a leading site for all things design.

 

7. Create a course and teach others :

Before you think that you have nothing to teach, I want to tell you that you most likely do! Online courses are extremely popular right now, and you don’t need to have a blog in order to be successful with an online course. Teachable is one of the Best companies. More about Teachable here.

8. Become a Virtual Assistant

Starting pay varies with duties: $10-$20/hour

  • Get paid to use the organization and communication skills you’ve developed to stay on top of schoolwork, classes and extracurriculars.
  • VA gigs vary in pay, hours and the actual work. You might help people and businesses with data entry, social media management, website maintenance, research and customer service.
  • With more and more professionals diving into freelance jobs and self-employment, these positions are increasingly in demand.
  • Find virtual assistant jobs through these sites:
  • Zirtual

 

Swag Bucks:  They will give you $5 to sign up.  Swagbucks.com is the leading destination for earning real rewards through online activities you already do every day.   More about Swagbucks here.

 

9. Earn Money as a Copywriter:  Advertisers and businesses are often looking for copywriters to help them advertise their clients’ or their own products and services. In today’s virtual world, many companies are happy to hire virtual copywriters to help market their businesses.

 

10. Baby sitting:  One of the most consistent side hustle Ideas. Great pay on weekends and holidays.

11. Freelance Proofreading: a great side hustle idea for those with an eye for detail.

 

Related articles you may enjoy:

How it all began.  What made me say enough.

44 Ways to Create Extra Income

Getting results on your debt free journey

 

12. Become a Bartender:  One of the few jobs that lets you socialize and work at the same time.  Better make sure you know how to prepare rare drinks like an Old Fashioned or a Cosmo.  More on bartender mixology info here.

 

13. Make money by traveling the world as a photographer:

 

14. Design logos:  99 Designs

15. Do Errands: Task Rabbit  Help people fix things around their home – If you are a handy person, you may be able to get paid to repair broken items around a person’s home. Word of mouth is big when it comes to finding clients, but you can also post Craigslist advertisements that show your services, post flyers to bulletin boards around your town, and more.

 

 

Extra ways to make money in college:

 

 Paid Consumer Research

  1. Sign Up
  2. Confirm Your E-Mail
  3. Start Earning
  4.  Do them quickly to avoid burnout

 

Taking surveys in your spare time can be a great way to earn some extra dough fast. Check out Survey Junkie which will pay you instantly with cash via Paypal. They have over 6,000,000 members and they have an 8.9/10 rating on Trust Pilot.

Vindale Research: ($2 Registration Bonus)

Vindale Research is by far one of the best survey sites due to the fact that surveys can pay as much as $75 per survey. However, these surveys are quite rare and people usually earn closer to $10 – $12 per hour.  More about Vindale Research here.

While there are plenty of high-paying surveys, there are also plenty of low-paying ones. To make it worth your while, don’t bother taking surveys that don’t pay well.

When you complete your profile you get a $2 sign-up bonus. Furthermore, there are usually plenty of surveys to take and you can setup email notifications when new surveys come out. Sometimes you can even take the same survey 2-3 times a day.

Take Surveys For Cash:   Learn the formula to getting paid cash for the best paying  online surveys.

American Consumer Panel:  Easy to sign up. 6 Million Members.  Reviews of American Consumer Opinion:  

“American Consumer Opinion Panel has been one of the best, and probably THE best, panel that I have worked with in some time…” J.D., Texas –  More about American Consumer Opinion:  

 

 

Start a Blog

Forbes: How This 27-Year-Old Made $1 Million Last Year

One never knows what can happen when a blogger finds just the right niche.  Take Michelle from the blog Making Sense of Cents.  She was recently featured in Forbes magazine and makes over $1M a year from a side blog that became very popular.  You never know what a blog could become.  The 7 Rules to a Profitable blog here.

 

 

Create a Youtube Channel:

You’re probably wondering?  Can you make money via Youtube?

A 6-year-old boy made $11 million this year reviewing toys on YouTube

Some of the biggest stars these days are not actors at all, but YouTube stars.

And one of the biggest of them all is a 6-year-old named Ryan who plays with toys — mesmerizing millions of children across the globe.  Ryan has become a multi-millionaire, according to Forbes magazine’s just-out list of highest paid YouTube entrepreneurs.

 

Other Ways Students Can Increase Income:

Get paid for shopping:

Ebates

I use Ebates and they give me cash back for nearly all of my purchases.  Ebates gets a commission from stores you shop at and they share the commission with you.  Average cash back is about 7%, which is great.  Right now, they are offering a Free $10 Gift Card when you join and spend $25.  More about Ebates Here.

 

 

Subscribe Below


 

 

Getting Results: How I paid off $17K this year

by




How I Paid off $17K in debt this Year

 

Your life as a business

It may seem unsentimental to think of your life as a business, but it is.  The fact is, every year there is a profit and loss to your financial life.  You’ve invested a year of your life and what do you have to show for it in financial terms?

Are you closer to your goals?

Are you closer to a comfortable retirement?

Are you building a financial foundation?

Are you still in debt?

For many years, I was running in place.  Instead of building a financial future, I was spending to make myself feel better today.

And my income would solve all of my financial problems.  Or, so I thought.

 

 

*Affiliate Disclosure:  This page may contain affiliate links to companies I have a business relationship with.  The reader is never charged and I strive to only discuss companies that offer value to my readers.

 

Looking back at this Year:

Looking back at this year, It’s easy to forget how much progress I’ve actually made.

I’ve tried to chronicle my decisions both good and bad the past year.   I became discouraged over the summer and I hit the wall after I had to miss a U2 concert because of a tax payment.

I was used to spending whatever I wanted, whenever I wanted.  So, planning my purchases and delaying gratification was a sacrifice I made this year. I make a good amount of money, but my spending was always going to limit my net worth.

I made big strides this year.  But, I’m not going to lie to you.  It was hard.  I put in a lot of work.

 

Relevant Articles:

45 Ways to Increase your Income

9 Best Ways to Save $7K This Year

11 Legitimate Survey Sites for 2018

 

Here is the playbook I used.  It’s simple and straightforward.

Take Action:

  • I negotiated discounts on all of my recurring charges.
  • I switched to a less expensive gym,
  • I sold nearly $500 of my things on Ebay.
  • I stopped using a storage locker.
  • I started writing this blog.

Coming to terms with my spending habits: I tried to understand where my money was going.  I tried to slow down and learn why I wanted the stuff I was buying.  I learned to budget.  I set small financial goals and I hit them.

I cut back.  And I cut back even more.  I paid attention to every single penny. I paid attention to purchases that created true value in my life. And those that added minimal value, I cut out.

 

“If you can’t measure it, you can’t improve it.” –Peter Drucker, Author and Business Consultant

 

Get organized:  Creating a budget.  I created a budget using a free app, Everydollar.com.   It’s a very good app, but I didn’t keep using it.  What worked well for me was old school: keeping a notepad next to my credit card bills.  And keeping track of the good, the bad, and the unexpected in my monthly bills.  I was also keeping track of my bills in my head because I became VERY focused.

Read my post, 7 Tips To Help you Create a Budget here.

 

 

Take Action:  I negotiated discounts with almost every company I was doing business with.  I got discounts.  I got price reductions.  Ask for what you want.  Make sure you aren’t overpaying for the services you’re using.  Or cancel them.  I cancelled my storage locker.  I was paying nearly $99 a month to store items that I didn’t really need or want.

Results: Savings of ~ $600/ month. Total gain $6,000

Create Extra Income:  In my opinion, the easiest way to create extra income today, is to sell your excess stuff on Ebay.  It’s fast, easy, and convenient.  Within a week or two, you can have money coming in.  Also, it makes you realize how quickly our purchases lose value.

Results: $493 from EBay in one month.

 

Side hustle/ Create more income:  I started writing an investment column for the website, Seeking Alpha.  This was a side hustle.  And it fit my interest in the stock market and as a writer.  I wrote 78 articles for their site on undervalued stocks and those articles have received over 288,000 page views.  I was paid more than $5,000.

Related Articles:

44 Ways to Create Extra Income

11 Best Side Hustles in 2018

 

 

 

Trade time for money

Use your time to create income, not more expenses.

According to a New York Times article entitled, How much Do we Love TV?, the average American spends 5 hours and 19 minutes of television per day.  When I decided to get motivated, I realized that I preferred being active and trying to earn money instead of being passive and watching television.

At the very least, get paid for surveys while you watch TV.  Some pay up to $20/ Hour.  (More info here).

 

In my opinion, trading time for money will allow you to create the life you want.

Budget:  Essentially, a budget is the process of deciding what is really worth your money.  I cut out pizza from my budget.  Yes, delivery pizza didn’t seem worth the extra $12 compared with the store bought kind.

I decided my fancy gym wasn’t worth the extra $90 per month.  I unsubscribed from store e-mails to make mindless shopping less tempting.  I started to think about why I buy the things I buy.

Deciding what is worth your money (and your time), is a really helpful exercise.  Look at your credit card bills.  I cut back on convenience purchases like food delivery.  I was spending $44 a month on delivery alone.

 

Stay Motivated:  I’m a big Dave Ramsey fan.  He created the debt free genre.  And his podcast was very helpful to keep me motivated, especially when I hit the wall on this debt free journey.  And if you’re just beginning to get serious about your finances, his book is a must read.

Year- End Results: Budget cutbacks: $6,000 +Side Hustle: $5,000 + Car paid off: $6,000 = $17,000

 

The benefits:  Running my life more like a business means that each quarter and especially at year-end, there is a profit and loss to my financial life.  I actually know that I spent less than I made this year.  And that I made enormous progress financially.

I paid off my car.  I contributed to all of my retirement plans.  I paid my estimated taxes on time.  I created extra income to speed up the process.  I grew both financially and personally.

 

There is no doubt in my mind that you could have similar results in your own financial journey.

Go for it!

 

 

Related articles you may enjoy:

How it all began.  What made me say enough.

Why your family needs an emergency fund

Survey Sites That Actually Pay

 

 

Subscribe Below


My Problem with Side Hustle Ideas and The Best Side Jobs

by




 

side hustle ideas

I’m always exploring new ways to earn extra money.  Even better if you can find a way to make money fast.

 

In this post,  I will offer some smart questions that one should ask before buying into a side hustle. Next, I will offer one of the better side income ideas that I have found.

Earning money on the side is a great idea.  I am in favor of having more money for your family, money to pay off debt, and more income to live a better life.  Absolutely.

I want to make sure that you discover the best side hustle ideas.

  • *Affiliate Disclosure: This post contains affiliate links.  Business partners may compensate me for inclusion on this blog, but I strive to only partner with quality businesses and the reader pays nothing.

Side Hustle Meaning:

Side Hustle:  typically part-time jobs that allow one to make extra money.  Sometimes a side hustle involves making money online, but not necessarily.  Some side hustles involve working from home.

Let me start by saying I like the idea of side hustles- part time jobs or gigs that can earn you passive income online.  And I occasionally listen to podcasts from side hustle entrepreneurs like Pat Flynn and Nick Loper.

In my opinion, you need to analyze any potential side hustle idea critically before you commit to them. You are investing two valuable resources in any side hustle opportunity:  you are investing money and you are investing your time.

 

Relevant Articles:

The Best Personal Finance Books

Survey Sites That Actually Pay

It’s not about the Money.  It’s about Taking Charge.

 

Questions you Need to consider before starting a side hustle:

1.  What is the probability this side hustle will make me money

Yes.  The main purpose of a side hustle is to make money.  I want an extra income.  I need cash.  Period.  So, the idea that you could invest in a side hustle course and not make money and possibly, lose money is something we want to avoid at all costs.

Just because there is a quote from someone on the internet claiming that they made money doesn’t mean much to me.  And also, When did this person make money?

Many opportunities no longer exist.

 

Value Investing

 

Flipping textbooks on Amazon via AMAZON FBA used to be a good money maker.  And then one day Amazon changed their fee structure.  Now, the people who did this side hustle are selling courses to teach a program that worked a few years years ago.

My concern with this side hustle is that you make an investment in inventory and Amazon can change their policy at any time.

It no longer works because Amazon eliminated the profit margin.  And it’s important to ask yourself, which other side hustle jobs have the potential to evaporate like this.

YouTube:  Recently, YouTube  changed their fee structure to smaller content providers.  You now need 1,000 subscribers and 4,000 hours of content to monetize your channel.

Realize that people had spent considerable time creating videos (and buying courses and video equipment), and now have almost no way to recoup their expenses.  They started a side hustle and lost both money and time. 

My intention is to look critically at side hustles to prevent this from happening to you.

2.   How much time will I need to commit?

There are many side hustles that allow you to make an income rather quickly and others you need to wait for a payoff.

Some side hustle ideas that pay immediately include: Getting Paid to Drive:

Essentially, You can Get a Check This Week

  • People Join Door Dash for a variety of reasons: to spend time with their kids, earn extra money, to pay for school, even to exercise and see the world.  You can use any car to deliver, as long as you have a valid driver’s license, insurance, and a clean driving record. Join Door Dash
  • Get paid to drive for LYFT:  Visit the LYFT website and Use this Exclusive CODE: DOUG4287 for an Extra $1,400 payout.

 

3.  How much can I Earn vs. The Costs to begin?

The purpose of a side hustle is to make money.  One needs to consider a realistic estimate of how much money one is likely to make.  And what is the source of the information.

I could show you 100 Pinterest Pins that claim someone has quit their job to blog full time and is making a six figure income.  Blogging is not a great side hustle if you need extra income now.

In reality, that is the exception.  Blogging is competitive and requires a lot of time and commitment before someone can make money.

It can also be a great side hustle for the right person.  See my post on, The 7 Golden Rules to a Profitable Blog Here.

 

Relevant Articles:

45 Ways to Increase your Income

9 Best Ways to Save $7K This Year

11 Legitimate Survey Sites for 2018

 

44 Ways to Make Money Now

4.  Is this Side Hustle Idea still making money?

Do you know who is guaranteed to make money from a side hustle?  The person selling expertise, a funnel guide, or a side hustle program.

Is this Side Hustle idea still making money.  Is this side hustle idea still viable. 

These are real questions.  And it requires research.  Right now, the Subway restaurant chain franchisees are suing the company for not supporting them with advertising.

Its being called a franchisee revolt.

You would never spend the $50,000 or $75,000 to invest in a Subway franchise after you learned this information.  Additionally, you would not want to invest in a side hustle course that is no longer viable.

 

 

5.  Does this Side Hustle add to my skill set?

Great question. A really good side hustle would add to your skill set as well as helping you earn extra money.

 

 

 

 

Become a Certified Closing Agent.

  • One big advantage of becoming a Closing Agent is that you learn a new skill.
  • You Earn Extra Income,  Set your Own Hours, and the Income is Excellent ($75-$200 per appointment).
  • You can get started with absolutely zero experience. You are hired simply based on your location in proximity to the loan signing.
  • Next, you can work from home and be your own boss. Owning your own business can allow you to take advantage its many benefits, such as tax write-offs.
  • • You have the ability to make money almost immediately.
  • It pays nearly 9X more than driving for Uber.  However, it requires you to take a class and invest time and money.
  • If you can do that, then you can start making up to $200 per signing.
  • Learn More about the Loan Signing System here

 

One of the Better Side Hustle Ideas I see:

This side hustle fits with all of the previous criteria I’ve mentioned.

You learn a valuable skill.

You earn an excellent fee of $75- $200 per appointment.

The up front costs are pretty small compared to the actual compensation.

Learn More about the Loan Signing Course.

 

Conclusion:

In this post we’ve reviewed the important questions you need to answer before you invest in a side hustle idea that’s being promoted.  Is this still a great side hustle idea.  Is this person selling a course because the idea is no longer profitable.  What’s the investment of time and money for this idea.  When will this side hustle make me money.  All legitimate questions.

My only interest is in helping you succeed. 

And I would hate for you to invest your time and money into something that is no longer a viable side hustle idea.

I’ve explored a bunch of side hustles and for me, they took too much invested time for a pay off that may or may not come someday.

My time and money is valuable.  And I need that payoff.

Caveat emptor!  Buyer beware.

 

 

 

 

Subscribe to my newsletter for income ideas and strategies. 

Subscribe Here