Stay away from plastic dollar store junk. Decorations can be kind to the environment while still setting the right atmosphere for the eeriest night of the year.
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Can we please stop bubble-wrapping our kids on their single, most glorious day of independence? Parents are stressing about the wrong things.
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This is a question that’s on the minds of most people, but it came specifically from Ask GFC reader Erica W. —
“What percentage of my yearly income should I put towards retirement? I currently still have small amt credit card debt, less than $4,000.” – Erica W.
Erica, you haven’t given me any specifics, such as your age, your retirement horizon, or how much you earn, so my answer to your question is going to be very general. That’s good too, because a lot of people have the same question, so hopefully my response will help a lot of readers.
You do have a twist in there, with your $4,000 credit card debt. Since you mentioned it, you must consider paying it off to be a priority. I agree. But it’s a fairly manageable amount that you should hopefully be able to pay in addition to funding your retirement. You might consider a part-time job and dedicate the income to paying off the debt, or delaying your retirement contributions by a year or so to enable you to first payoff the cards.
There is no flat answer to the main question about how much to contribute. That’s because there are several factors – eight at least – that go into deciding what percentage of your income should go to retirement. Let’s take a look at each, one at the time, and hopefully you will find the answer to your own question in your answers.
Does your employer provide a matching contribution on your retirement plan? If so, you’ll want to contribute at least the minimum that you need to in order to get the maximum employer match.
For example, let’s say your employer will provide a matching contribution of up to 50% of your contribution, up to 5% of your income. You can get the full 5% match by contributing 10% of your pay into your plan. The combination of the two will mean that 15% of your income will be contributed to your plan each year.
The employer match is like getting free money, and that’s why you will want to get the biggest one that you can.
As a rule, the younger that you are the less that you need to contribute. Conversely, your contributions might have to get larger as you get older. If you’re in your 20s, it might be enough to simply make the minimum contribution required to get the maximum employer matching contribution. Since you will have 40 or so years to save for retirement, this may be enough to build the kind of retirement portfolio you need.
You’ll probably want to contribute a higher percentage as you get older and closer to retirement, but that will also depend upon how much you have saved for your retirement up to this point.
If you have young children, you’ll need more of your income in order to provide for living expenses. That will of course leave less to contribute to a retirement plan. You may even find that you can make only a very minimal contribution, and that will have to be enough until your expenses begin to settle down, and your income increases.
At the opposite end of the spectrum, if you are an empty-nester, or you don’t have children, you should have more income available to put towards your retirement. You may even want to contemplate early retirement, which is easier to accomplish when you don’t have dependent children.
The higher your income level is, the more you should be contributing to your retirement plan. While percentages are fixed regardless of income levels, it is admittedly harder to make ends meet on a smaller income than it is on a larger one. Some expenses rise and fall with income level, but others, like gasoline, bread, and even health insurance, are the same regardless of how much you make.
But this shouldn’t enable you to ignore the fact that saving for retirement does involve a healthy amount of sacrifice. No matter what income level you are at, you will have to make room in your budget to make your retirement contributions. The more you are able to carve out of your budget, the more that you will have available to put into your plan.
Also keep in mind that your contributions to your retirement plan are tax-deductible. That means that at least part of your contributions will be funded by the income tax you have to pay as a result of making them. But once again, this favors higher incomes, because they have higher income tax rates.
A person who is in the 33% tax bracket is getting a whole lot more help with contributions from the government then someone who is in the 15% bracket.
The sooner that you hope to retire, the more you will need to contribute your retirement plan. Contributing 10% per year may be plenty if you’re 30 years old, and expect to retire at 65. But if you are 40 years old and want to retire at 55, you may have to contribute 20% or even more.
The more that you have in retirement savings – relative to the amount of money you will need for retirement – the less you will need to contribute. For example, if you’re 35 years old and you expect to retire at 65, and you already have $250,000 in your retirement plan, you can save a lower percentage of your income than someone in a similar position who has only $50,000.
Let’s say that both people are earning an average return on investment of 10% per year. The person who has $50,000 in retirement savings is earning $5,000 per year. But the one with $250,000 is earning $25,000 per year. Each is earning 10% on their money, but the one with the larger retirement portfolio is earning a lot more in dollars. Higher contributions can at least partially offset this difference.
Virtually everyone who has earned income, and pays FICA taxes on it, is entitled to collect Social Security retirement benefits. But if you also have some sort of employer provided pension plan – which is more typical of government employees – then you will not need to save as much in your retirement plan.
That doesn’t mean that you shouldn’t save any money at all, but you can certainly save less.
If however you don’t have an employer pension – which is most people now – you’ll have to save a much higher percentage of your income. The income that will be provided by a retirement portfolio will be necessary in order to supplement your Social Security income. In a way, your retirement savings will become your pension, which is really the whole point of 401(k)’s and other plans.
Whenever you are contemplating retirement, you have to look at your entire financial picture. That includes retirement savings, but it also goes beyond. How much money you have saved – or expect to have saved – in non-retirement assets should impact your retirement plan contribution level.
Examples of non-retirement assets includes:
If you have any of these assets, and expect to liquidate them by the time you retire, you will not need to save as much for retirement. However if you don’t have these assets, or you do and you don’t plan to sell them, your retirement contributions should be higher.
Erica – and anyone else who has this same question – I realize that this list doesn’t exactly provide you with a calculator to precisely determine what your retirement contributions should be. But there really is no way to do that. Your contribution level will vary, depending upon your personal situation in regard to each of these factors. If you’re unsure, the best strategy is to set your contribution level a little bit higher than you think it should be.
The post Ask GFC 017 – What Percentage of My Income Should Go To Retirement? appeared first on Osiyo Marketing.
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This is a question that’s on the minds of most people, but it came specifically from Ask GFC reader Erica W. —
“What percentage of my yearly income should I put towards retirement? I currently still have small amt credit card debt, less than $4,000.” – Erica W.
Erica, you haven’t given me any specifics, such as your age, your retirement horizon, or how much you earn, so my answer to your question is going to be very general. That’s good too, because a lot of people have the same question, so hopefully my response will help a lot of readers.
You do have a twist in there, with your $4,000 credit card debt. Since you mentioned it, you must consider paying it off to be a priority. I agree. But it’s a fairly manageable amount that you should hopefully be able to pay in addition to funding your retirement. You might consider a part-time job and dedicate the income to paying off the debt, or delaying your retirement contributions by a year or so to enable you to first payoff the cards.
There is no flat answer to the main question about how much to contribute. That’s because there are several factors – eight at least – that go into deciding what percentage of your income should go to retirement. Let’s take a look at each, one at the time, and hopefully you will find the answer to your own question in your answers.
Does your employer provide a matching contribution on your retirement plan? If so, you’ll want to contribute at least the minimum that you need to in order to get the maximum employer match.
For example, let’s say your employer will provide a matching contribution of up to 50% of your contribution, up to 5% of your income. You can get the full 5% match by contributing 10% of your pay into your plan. The combination of the two will mean that 15% of your income will be contributed to your plan each year.
The employer match is like getting free money, and that’s why you will want to get the biggest one that you can.
As a rule, the younger that you are the less that you need to contribute. Conversely, your contributions might have to get larger as you get older. If you’re in your 20s, it might be enough to simply make the minimum contribution required to get the maximum employer matching contribution. Since you will have 40 or so years to save for retirement, this may be enough to build the kind of retirement portfolio you need.
You’ll probably want to contribute a higher percentage as you get older and closer to retirement, but that will also depend upon how much you have saved for your retirement up to this point.
If you have young children, you’ll need more of your income in order to provide for living expenses. That will of course leave less to contribute to a retirement plan. You may even find that you can make only a very minimal contribution, and that will have to be enough until your expenses begin to settle down, and your income increases.
At the opposite end of the spectrum, if you are an empty-nester, or you don’t have children, you should have more income available to put towards your retirement. You may even want to contemplate early retirement, which is easier to accomplish when you don’t have dependent children.
The higher your income level is, the more you should be contributing to your retirement plan. While percentages are fixed regardless of income levels, it is admittedly harder to make ends meet on a smaller income than it is on a larger one. Some expenses rise and fall with income level, but others, like gasoline, bread, and even health insurance, are the same regardless of how much you make.
But this shouldn’t enable you to ignore the fact that saving for retirement does involve a healthy amount of sacrifice. No matter what income level you are at, you will have to make room in your budget to make your retirement contributions. The more you are able to carve out of your budget, the more that you will have available to put into your plan.
Also keep in mind that your contributions to your retirement plan are tax-deductible. That means that at least part of your contributions will be funded by the income tax you have to pay as a result of making them. But once again, this favors higher incomes, because they have higher income tax rates.
A person who is in the 33% tax bracket is getting a whole lot more help with contributions from the government then someone who is in the 15% bracket.
The sooner that you hope to retire, the more you will need to contribute your retirement plan. Contributing 10% per year may be plenty if you’re 30 years old, and expect to retire at 65. But if you are 40 years old and want to retire at 55, you may have to contribute 20% or even more.
The more that you have in retirement savings – relative to the amount of money you will need for retirement – the less you will need to contribute. For example, if you’re 35 years old and you expect to retire at 65, and you already have $250,000 in your retirement plan, you can save a lower percentage of your income than someone in a similar position who has only $50,000.
Let’s say that both people are earning an average return on investment of 10% per year. The person who has $50,000 in retirement savings is earning $5,000 per year. But the one with $250,000 is earning $25,000 per year. Each is earning 10% on their money, but the one with the larger retirement portfolio is earning a lot more in dollars. Higher contributions can at least partially offset this difference.
Virtually everyone who has earned income, and pays FICA taxes on it, is entitled to collect Social Security retirement benefits. But if you also have some sort of employer provided pension plan – which is more typical of government employees – then you will not need to save as much in your retirement plan.
That doesn’t mean that you shouldn’t save any money at all, but you can certainly save less.
If however you don’t have an employer pension – which is most people now – you’ll have to save a much higher percentage of your income. The income that will be provided by a retirement portfolio will be necessary in order to supplement your Social Security income. In a way, your retirement savings will become your pension, which is really the whole point of 401(k)’s and other plans.
Whenever you are contemplating retirement, you have to look at your entire financial picture. That includes retirement savings, but it also goes beyond. How much money you have saved – or expect to have saved – in non-retirement assets should impact your retirement plan contribution level.
Examples of non-retirement assets includes:
If you have any of these assets, and expect to liquidate them by the time you retire, you will not need to save as much for retirement. However if you don’t have these assets, or you do and you don’t plan to sell them, your retirement contributions should be higher.
Erica – and anyone else who has this same question – I realize that this list doesn’t exactly provide you with a calculator to precisely determine what your retirement contributions should be. But there really is no way to do that. Your contribution level will vary, depending upon your personal situation in regard to each of these factors. If you’re unsure, the best strategy is to set your contribution level a little bit higher than you think it should be.
The post Ask GFC 017 – What Percentage of My Income Should Go To Retirement? appeared first on Osiyo Marketing.
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With 40 percent of pollinators on the verge of extinction, support from the food retail industry is desperately needed to prioritize the sale of organic, bee-friendly foods.
The post Food retailers must protect pollinator species, too appeared first on Osiyo Marketing.
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from NutritionFacts.org http://www.youtube.com/watch?v=g09_e0Yledk
Dear Nadia,
Our neighbors in North Carolina and those who have diabetes have been devastated. They literally LOST EVERYTHING! We are receiving numerous request for assistance with Medtronic, Animas and Omni Pod insulin pump supplies. We need these items donated …
The post AskNadia: North Carolina Devastated by Hurricane and in Need of Diabetes Supplies appeared first on Diabetes Health.
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Word Puzzle Posted on Previous Day
If you would like to sign up to receive a weekly puzzle, please email puzzle@diabeteshealth.com. In the subject area write “add me to your weekly word puzzle list.” If you would like …
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t has been said, oh I don’t know, a million times; that we need to figure out something to do to bring attention to what living with diabetes is all about……..so, I had an idea. If you are inclined to …
The post In The Trenches With Diabetes Dad: How to Bring Attention to Diabetes Causes……I’m Throwing My Hat in the Ring! appeared first on Diabetes Health.
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This crossword puzzle was inspired by this week’s news and podcast reports. Play along with us to test your knowledge and comprehension on topics we post Monday-Friday.
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With so much going on ( election, political turmoil, hurricanes), you may have missed the latest in diabetes news this week. Not to worry! We’ve got you covered with the Diabetes Health Weekly Roundup to share the latest news, podcasts …
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I love making things automatic. Whether is is bill-paying, direct deposit, prescription renewals, or investing, making things automatic makes life easier and that is where our Betterment investing review comes in.
When it comes to retirement planning, an overwhelming number of online tools and websites promise to help you create a dynamic and profitable portfolio while minimizing fees.
This growing list of services includes robo-advisors, a class of financial websites that offer to manage your portfolio with minimal in-person interaction and a heavy reliance on the latest investing tools and software.
One of the most popular robo-advisors by far is Betterment. Conceptualized by its founders in 2010, Betterment has since grown to help its customers invest billions of dollars of their hard-earned dollars.
It hasn’t been easy. With other competitors like Wealthfront and Personal Capital always a few steps behind them, Betterment has struggled to find a way to stand out. Even with the competition, Betterment has emerged as one of the top online brokerage accounts and continues to grow its market share.
Betterment is an online financial advisor that uses advanced algorithms and software to find the perfect investment strategy for your portfolio and individual needs. The main difference between investing your money with a traditional financial advisor and Betterment is that there is minimal human interaction. Unless you email or call in, your communication with an individual advisor will be very minimal.
But, there is some good news to counteract the lack of individual service. Because of lower operating costs, Betterment is able to charge lower fees than traditional financial advisors. This can be huge for individuals who want to take a hands-off approach to their retirement accounts, yet don’t want to pay top dollar for access to a top tier financial advisor in their area.
Using complex tax software, Betterment allocates your investment portfolio based on your individual circumstances, investment timeline, and thirst for risk. In the meantime, they keep fees at a minimum by using ETFs (exchanged-traded funds) that let you diversify like mutual funds, but are tradeable much like stocks. Since ETFs come with very low expense ratios, Betterment is able to pass those savings along to the consumer.
Although the program already manages over $3 billion dollars for their clients, they are still growing at a rapid pace. Because the service is able and willing to deal with investors at all stages of wealth accumulation, it has become a go-to for both experienced and novice investors with various investing goals.
Further, Betterment’s portfolio strategy isn’t geared just for retirement savings; the service can also improve your returns on dollars you invest for short-term and medium-term goals like saving for college, taking an annual vacation, or building up a cash reserve.
When you invest with Betterment, you’re hiring a robo-advisor who will balance your portfolio, help you invest in a smart and efficient way, and maximize your returns for minimal cost. This kind of scenario is perfect for investors who want to maximize their earnings, yet don’t want to deal with the day-to-day hassle of managing their own accounts.
With that in mind, here are some of the basic features that Betterment currently offers:
Going through the Betterment sign up process is one of the most user friendly I have seen for any brokerage. If you can type at any sort of reasonable rate, the whole process should take about five minutes. The questionnaire helps them determine your risk preference and the overall goals you are trying to reach with your investing.
Once you get through the questions, you link your bank account and you are in business. Moving money into your Betterment account works just like any other bank transfer between accounts. So if you are used to moving money electronically from checking to your savings account, then you are going to have no problems with the interface.
With most brokerage accounts you could put together a simple model portfolio to give people an example of what to expect. The problem in trying to do this with Betterment is that how each person answers the questions is going to change how the portfolio will be structured.
What we do know is that to avoid fees and lower costs to you, Betterment uses a mix of Bond and Stock ETFs. If you are young, looking to retire 40 years from now, and have a high tolerance for risk, you are probably looking at a mix of 90% stock ETFs and 10% bond ETFs. Someone who is getting closer to retirement and needs to protect their nest egg will see a much higher mix of bonds in their Betterment portfolio.
No matter how the mix comes out, you know that the algorithm is going to focus your investing based off of the choices you made in the questionnaire. You can always go back and make adjustments to your answers and risk tolerance as your circumstances change.
When you invest with Betterment, your individual portfolio will be individualized for your needs. When you open an account, the service asks you a series of questions to determine your investment timeline, your appetite for risk, and what you hope to achieve throughout the process.
The information they collect during this interview helps them create a perfect blend of ETFs that can help you reach your goals. If you’re fairly young, that will likely mean your portfolio will hold a stronger allocation of stocks than bonds. As you age, however, your portfolio will automatically rebalance to reflect your changing needs and desired level of risk.
The main benefit that Betterment offers is that they take care of all of these details for you. Once you set your account up and enter all of the information they ask for, Betterment will take it from there.
Because Betterment leverages the use of technology instead of relying heavily in individual financial advisors, it is able to cut down on the costs associated with managing these accounts. However, there is a tiered approach to pricing. Simply put, the more money you have to invest, the less you’ll pay each year.
If you have less than $10,000 to invest, Betterment charges 0.35% annually. However, that percentage drops steadily from there. Having between $10,000 and $100,000 to invest, for example, results in an annual fee of 0.25%, whereas investing more than $100,000 allows you to pay just 0.15%.
While Betterment’s investment services are far from free, they are extremely affordable when you compare what it would cost to hire a top tier personal financial advisor. Further, the fact that they have no trade fees, no transaction fees, and no rebalancing fees lets you rest assured that you won’t be gouged by “extras” while your money is stashed away in your account.
You will, however, have to pay fees associated with the ETFs your portfolio picks up. This is an unfortunate fact, but the truth is, these fees are charged on all ETFs and Betterment does not receive a percentage. Generally speaking, the fees you’ll pay for the ETFs in your portfolio will cost around 0.10%.
But remember, these fees are in addition to the underlying percentage you’re paying Betterment to manage your portfolio. That doesn’t change the value of this service, and it certainly doesn’t cut down on the affordability factor, but I wanted to mention that for full disclosure.
It’s also important to note that, for accounts that hold less than $10,000, you’ll need to set up a monthly deposit of at least $100 to avoid paying a $3/month account fee.
While nearly anyone who invests could benefit from the online portfolio management and advising, this service is definitely geared to certain types of investors. In most cases, Betterment will work best for:
While Betterment is perfect for certain types of investors, robo-advisors in general may turn out to be a raw deal for other types. In most cases, it will not work well for:
If you determine that you would be better served by a more hands on approach check out the other top brokerage account options before you make your final investing decision. Being a certified financial planner I have had a great chance to work with several of these platforms and have done the following reviews:
I want everyone to feel comfortable with any investment before they dive in, whether it be a short term investment or long term.
While robo-advisors are much more popular than they were just a few years ago, they could easily replace in-person advisors in the near future. With lower fees and advanced software that can maximize results, online investing certainly is gaining an edge.
Whether Betterment is right for you depends on your individual needs and investing goals. If you’re a hands-off investor who wants to grow your retirement funds without paying a lot of fees, then Betterment might be ideal. Conversely, beginning investors can benefit handsomely from the online tools and investing education offered through the Betterment website.
If you think Betterment investing might be exactly that your portfolio needs, sign up for a new account today.
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The state’s Department of Transportation issued a poster telling parents to use their own judgment. How refreshing.
The post In a victory for free-range parenting, Oregon encourages kids to walk to school alone appeared first on Osiyo Marketing.
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A slow cooker’s work should not end with dinner. Put it to use for breakfast, snacks, and even desserts.
The post 10 unusual foods you can make in a slow cooker appeared first on Osiyo Marketing.
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Just because clothing is animal-free does not mean it’s eco-friendly. Learn why choosing natural plant-based fabrics is important.
The post What you should know about sustainable vegan fabrics appeared first on Osiyo Marketing.
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from NutritionFacts.org http://www.youtube.com/watch?v=ZpzPK2Bs1GM
Despite years of training in how to properly care for other people, doctors often forget to take care of themselves. Self-neglect is not just bad for the doctor – it can also have negative consequences on patients. To deal with …
The post Diabetes Health in The News: Healthcare Adopts Programs to Prevent Physician Burnout appeared first on Diabetes Health.
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from NutritionFacts.org http://www.youtube.com/watch?v=MK7ce-XOP00
Interestingly, a child’s ‘finger perception’ is an excellent predictor of success in mathematics.
The post Let kids count on their fingers appeared first on Osiyo Marketing.
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Free play is so important, yet gets short shrift in our safety-obsessed culture. Parents need to learn how to cut a child loose, for his or her own benefit.
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If you want to earn more money but don’t have much upward mobility in your career, finding part-time work can be smart and profitable. When you get a job to fill your evening or weekend hours, you can earn money in your spare time and add to your bottom line.
If you have a family to support and already have a full-time job, adding yet another huge commitment is often untenable. And, let’s face it – part-time work with a traditional employer isn’t everyone’s cup of tea.
Fortunately, modern technology has made it easier for people to find part-time work that fits in with their busy lives. Websites like TaskRabbit.com, for example, connect job-seekers with individuals hiring out errands. Online hubs like Care.com, on the other hand, connect childcare providers and homeowners with would-be babysitters and house-sitters.
Then there’s Uber – the premier rideshare app that’s changing how public transportation works all over the globe. While it certainly has competitors (think: Lyft), Uber is one of the most flexible side hustles anyone can find. Keep reading to learn more about driving for Uber and how to get started.
All in all, Uber has dominated this industry and continues to grow in terms of reach and popularity. Why? Mostly because it’s so darn convenient for consumers.
Where our parents grew up hailing cabs and waiting impatiently on sidewalks, the younger generation will age knowing they can summon a car with a few clicks on a smartphone app. While this is bad news for the traditional taxi industry, this is excellent news for both side hustlers and consumers.
Why? Because Uber tends to be cheaper than a taxi ride, but also makes it easier for individuals to earn money part-time with their cars. Yes, Uber still serves as a middleman between driver and consumer. Still, the rules that define driving for Uber aren’t nearly as “taxing” as those a traditional cab driver might face.
Where a traditional job might limit your hours and pay substantially, driving for Uber makes it possible to work more if you want – and potentially earn more. Here are some of the biggest benefits you’ll get when you rideshare as a part-time gig:
If you have a decent car, a clear driving record, and a smartphone, chances are good you’ll get approved to drive for Uber. You must also be at least 21 years old, have at least three years of driving experience, and be able to pass a background check.
When it comes to your ride, requirements vary depending on the level of Uber service you intend to provide (UberX. Uber XL, UberSELECT, or UberBLACK). With each, however, your car must be 2001 model or newer, and usually a 2004 or newer. In certain cities, like New York, your car model must be at least 2011 or newer. Make sure to check with Uber for model requirements in your city and state. No matter where you live, your car must have up-to-date tags and plates, with no exceptions.
If you don’t have a car that will qualify – or simply need a new one – Uber can help in that respect as well. Through relationships with Enterprise, Hertz, and Xchange Leasing (an Uber company), you can lease the car you intend to use for your Uber business. Best of all, these leasing agreements come with low deposits and flexible terms. Some (not all) also include the insurance you’ll need as a rideshare driver as part of the deal.
The best part about driving for Uber is the fact you can absolutely create your own schedule. As an Uber driver, you never have to work specific days or hours. When you’re ready to work, all you have to do is turn your smartphone app on and wait for a job. And when you’re done working or need a break, you turn your app off to let the company know you’re no longer available. It’s as simple as that.
By and large, the flexibility this job offers is its biggest benefit. Imagine being able to work any hours or days or your choosing, without even having to decide ahead of time. Let’s say you’re extremely busy with kid’s activities and birthday parties one week, but have almost nothing on the schedule the following week. You could easily take a week off then double your hours the next week.
You can also turn the app on to work for a few hours then turn it off to eat dinner with your family or pick your kids up for school. In that respect, Uber really is the perfect part-time gig. You can earn $15 – $20 per hour on average, but only work the exact hours you want.
Another real perk that comes with being an Uber driver is the fact you don’t really have a boss. You need to meet certain requirements to drive for sure, but you’re mostly left alone after that.
And really, the consumer you pick up is the only boss you’ll have to face. By providing a nice ride and stellar service, you can secure positive reviews from your riders and stay in Uber’s good graces.
While Uber offers standard pricing to consumers most of the time, high volume events create something called “surge pricing.” By picking up a few rides with surge pricing, you can earn a lot more per hour and add to your bottom line.
Surge pricing is considered somewhat elusive to some and can even be unpredictable, but it mostly occurs in areas around popular events – when people arrive or when an event ends. For example, a giant concert with 50,000 people in attendance might trigger surge pricing as hundreds of people pour out of the venue and call for an Uber car. If you position yourself to pick up riders during and after these events, you can earn a lot more money over time.
Imagine working part-time at Walmart or a local restaurant. You drive there every day, clock in, and schlep away at your work until it’s finally time to go home. You might meet interesting people at times, but you’re stuck indoors with the same scenery day after day. Over time, this kind of scenario can get rather old – especially when you’re working part-time in addition to a regular 9-5 job.
As an Uber driver, on the other hand, you get to meet new people see interesting landscapes every day. Your first ride in the morning might take you into a brand new neighborhood you didn’t even know about, or introduce you to an area of your city you didn’t know existed. Plus, you’ll meet plenty of interesting characters and hear plenty of fun stories as you drive total strangers around. It’s inevitable.
While driving for Uber is a solid gig you can count on, there are a handful of downsides and specific details you should know about before you sign up. Like any other job, driving for Uber isn’t perfect. Here’s why:
No matter how awesome driving for Uber might seem, there are notable downsides that come with working as an independent contractor. For starters, you’re solely responsible for your tax bill, including paying quarterly tax payments if applicable. Second, it’s your job to track the mileage on your vehicle and collect receipts for gas and vehicle upkeep. Last but not least, you’re required to purchase and maintain an adequate level of automobile insurance as required by your state.
Having the ability to work flexible hours is a huge benefit when you become an Uber driver, but that doesn’t mean your ideal work hours will always be flush with riders. While it may not happen all the time, there might be times when you’re ready to work but don’t have anyone to drive around. And when you’re not driving, you’re not earning money.
While driving for Uber lets you earn money without having a real boss, employment does hinge on your ability to get positive reviews from riders. If you get enough negative reviews – or your rating falls below 4 stars – that can be cause for termination in some cases.
In addition to paying for gas, upkeep, and insurance, Uber drivers will also experience significant wear and tear on their cars. This wear and tear is the common result of adding additional mileage to a vehicle over time. Add onto that a general increase in the cost of maintaining a vehicle due to a greater need for oil changes and tune-ups.
Unlike other jobs which require you to commit to certain working hours or days, Uber is extremely flexible. You can even try it out for a few weeks to see if you like it, then switch to something else if you change your mind. You have nothing to lose, and a whole lot of money to gain.
If you’re interested in driving for Uber, you can sign up to get started here.
Interested in learning more? To get the inside scoop, we interviewed Harry Campbell from TheRideShareGuy. As the premier expert on all things Uber, Harry offers treasure trove of information for anyone considering driving for Uber.
A. There’s a lot of variability but most Uber drivers make around $15-$20/hr. I like to target the most profitable times and places to drive though so my earnings are usually higher. You can make a lot more by driving Friday/Saturday nights and during big holidays like Halloween and New Year’s Eve.
A. Uber drivers might average around $15-$20/hr but they’re also responsible for all of their expenses, so that includes gas, maintenance and even taxes.
A lot of drivers get into this business looking to make a few hundred dollars a week but they actually have all the same reporting requirements of a small business. Since drivers are independent contractors, they have to worry about things like tracking their mileage, rideshare insurance and taxes. Fortunately there are lots of companies looking to help drivers with things like free mileage tracking.
A. I like to tell people Uber is probably the most flexible job in the world. You can literally log on and off of the app whenever you want. Once you’re online you can do as many or as few rides as you want. I can’t think of a single other job in the world that provides that much flexibility. Whenever drivers are polled, flexibility is one of the top reasons why people say they work for Uber.
A. Since drivers are independent contractors, you can and should drive for both Uber and Lyft. Many savvy drivers sign up for both services to take advantage of the sign-up bonuses but also to diversify their income.
A. Personal auto insurers will not cover drivers if you’re using your car on Uber or Lyft. Fortunately there are more and more ‘rideshare insurance’ options coming out every day. These policies only cost a little bit more but provide full coverage whenever Uber isn’t covering you.
A. The nice thing about driving for Uber is that it’s easy to get started. The Uber driver requirements are pretty simple and as long as you can pass a background check, have a smart phone and a car, you should be good to go!
A. You really just need a car and a smartphone. You can sign up for Uber online and have your background check going in short order. But even if you don’t have a car, Uber is now offering rideshare leasing options and rentals that are very flexible and come with unlimited mileage.
Have you ever considered driving for Uber? Why or why not?
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Let’s first start off with, what exactly Betterment is – along with what you can actually expect from the service.
As of September 2016, Uber had more than 8 million users worldwide. Approximately 160,000 people were active drivers for Uber as of early last year, and more than 2 billion Uber rides have taken place thus far. Uber is also active in more than 400 cities worldwide, although other cities and geographic regions are ripe for a mix-up in their local transportation scene, too.
