3 Pieces of Financial Advice for Uber Drivers and Other New Economy Contractors
This article originally appeared on ValuePenguin With the rise of tech startups like Uber and Airbnb, a lot of people have been taking up new jobs in the recent years either as a full-gig or as a way to earn supplementary income. Though these jobs can be attractive especially in face of rising unemployment rate and slow income growth, they are not without their own financial pitfalls. This is especially true if you are considering becoming a “new economy” contractor like driving for Uber or hosting Airbnbs out of your HDB flat. Open a Personal Line of Credit A rising tide lifts up all boats. When companies like Grab, Uber and Airbnb are growing like weeds, people who are participating in that growth can be rewarded immensely. Now, Uber drivers in Singapore can expect to make S$26 per hour in Singapore. If you work 50 hours a week, that’s easily more than S$5,000 per month of income, which compares favorably against the national average of S$4,056, though there are other costs involved like paying for petrol. However, when you are first starting off as a contractor, it’s not easy to forecast exactly how much money you will earn or even [...]
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