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Old 03-07-2019, 01:05 PM   #23 (permalink)
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As you've just said, you might make $220 in 16hrs of driving, which works out to $13.75/hr. I don't know if that money is also taxed, but if it is I'm sure it all comes back by itemizing your expenses. Factor in the extra time you spend cleaning the car, refueling it, etc too. Just because you aren't driving doesn't mean you aren't working. Then there's depreciation from wear and tear and miles. I wouldn't be surprised if when everything is factored in, it's more like $12/hr.

People's time are worth differing amounts, but even $15/hr isn't worth my time. That's a very slow way to become a millionaire. You have to think of the opportunity cost. Instead of 16 hrs of driving, if you devoted even 2 of those hours to studying a trade, that would probably be more profitable.

Besides all that, most people are better served by paying attention to their spending rather than their income.

It sounds like you're tracking the income from Uber pretty well. I'd certainly track all time spent, plus my income and expense in a spreadsheet to see how well things are working out. I'd do that for all sources of income and expenses too. Really shows where you can save and what's the most beneficial use of your time.
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Last edited by redpoint5; 03-07-2019 at 01:15 PM..
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