Well, December is finally over! I started a new project called Driving for Dividends where I report on the amount of income I earn driving. I drive for both Uber and Lyft. Then, I take the income I make and use it to buy dividend growth stocks. This way, I maximize the income from my side-hustle and rebuild my portfolio which is in desperate need of some TLC. This is the last report for the month of December. So, without further adieu, let’s see how much rideshare income I earned during the last month of the year.
Driving For Dividends – Income
During the 5th week of December, I earned $22.50 in income broken down as follows:
| DECEMBER | UBER | LYFT | TOTAL |
| Week 1 | $0.00 | $0.00 | $0.00 |
| Week 2 | $5.96 | $45.93 | $51.89 |
| Week 3 | $9.81 | $13.13 | $22.94 |
| Week 4 | $0.00 | $140.08 | $140.08 |
| Week 5 | $5.06 | $17.44 | $22.50 |
| GRAND TOTAL | $20.83 | $216.58 | $237.41 |
That $22.50 was added to my M1 Finance account. The grand total income for the entire month of December for both Uber and Lyft is $237.41.
One thing to keep in mind is that sometimes, I round up the number that I transfer to my brokerage account. So, for example, for the $22.5 that I earned during week 5, $25 was transferred to my dividend portfolio. However, for purposes of my reports here, I only report the actual income earned from doing rideshare.
Annual Rideshare Income
Here is a graphical representation of my rideshare income earned in December in relation to the rideshare income earned in previous months.
As you can see, I am just getting started. But I’m excited to report on my side hustle income on a weekly and monthly basis.
Conclusion
Week 5 was a slow month for me. The reason why it was slow was because I spent the holidays with my family and didn’t drive as much. I love the flexibility of doing rideshare, but I also have a lot of competing interests. I do try to drive somewhat regularly, but unfortunately, I don’t live in a heavily populated area such as New York, San Francisco or D.C. So, sometimes it’s busy, but most times it’s not. Coupled with the fact that I also don’t drive for that long equates to low income for doing rideshare.
However, every little bit counts and I fully believe and expect that this project will help supercharge my dividend portfolio.
What did you think of this post? Let me know your thoughts by commenting below.
Looking at it from a different perspective, even at this rate per month it is the equivalent of receiving dividend income from a $100K investment.
Interesting perspective SD Growth. Now, if only I had a 100k investment!!! Then I wouldn’t have to drive! That’s the difference between you working for money and having money work for you.
Thanks for the comment.
DP,
Not a bad way to go about getting some extra cash/savings to funnel towards investments. Every little bit helps. I’m working a 2 week on 1 week off rotation and was toying with idea of getting a part time job on my week off to get a some more cash coming in.
JC recently posted…United Parcel Service: Continues To Deliver The Goods, Now Show Me The Dividend Growth
It helps that I have a specific purpose for the funds. I also like the flexibility as well. Good luck if you decide to get a part time job. Since you’re considering putting it towards your portfolio, that would be a good use of those funds.