Driving For Dividends – January 2022 – Week 2

By | January 22, 2022
rideshare income

What a slow start to the year this rideshare income project has been. I made less than $100 driving for dividends during the first week of January. I hope to do better than that in this week’s report. Generally, I don’t have a set amount I try to make each week. Rather, I look to see if Uber or Lyft is having a bonus promotion and then I try to meet that. Usually, Lyft is the one with the consistent promotions. Unfortunately, although I get close, I consistently fail to reach enough rides to get the bonus.

Typically, Lyft will offer a $150 guarantee if I do 15 rides during the week, and a separate $150 guarantee if I do 15 rides over the weekend. I don’t do rideshare long enough during the busy times for me to make it to the 15 rides. Additionally, the area I’m in is not a hot market like San Francisco or New York, so it’s tougher. But, enough excuses. Let’s see how much income I earned during the second week of January 2022.

Driving For Dividends – Income

During the second week in January, I earned $156.44 in income broken down as follows:

JANUARYUBERLYFTWeekly
Total
TAXESAMOUNT
INVESTED
Week 1$34.73$82.11$116.84$35.05$81.79
Week 2$16.75$139.69$156.44$46.93$109.51
Week 3$0.00$0.00$0.00$0.00$0.00
Week 4$0.00$0.00$0.00$0.00$0.00
Week 5$0.00$0.00$0.00$0.00$0.00
GRAND TOTAL$51.48$221.80$273.28$81.98$191.30

Although I earned $156.44 in income, only $109.51 was invested in my dividend portfolio. That’s because I set aside 30% of the weekly income into a separate account for my taxes. I think that’s just good financial practice and that’s what I’m trying to do for 2022.

Although I’m not in the business of doing weekly comparison, I will take note that I made more overall in week 2 than I did in week 1. It’s great if the trend can continue, but I have a lot of competing interests. It would be nice though to make at least $100 in investable income every week and so that is an unofficial goal I am striving for.

Annual Rideshare Income

Here is a graphical representation of my rideshare income earned in January in relation to the rideshare income earned in previous months.

What’s impressive about this chart is that the investable amount for January is already higher than that in December. I still have 3 more weeks of income to report in January. Fingers cross that I will far exceed the rideshare income earned in December.

Conclusion

Generating rideshare income takes a lot of patience and determination. It’s easy to want to do something more fun, but there’s a reason it’s called a side hustle. It’s not my favorite way to make money, but I do like the flexibility that the project provides. Making an extra $400 – $500 a month is helpful. I’m also very hopeful that I can exceed those amounts in future weeks. But for now, I am taking it one week at a time.

What did you think of this post? Let me know your thoughts by commenting below.

2 thoughts on “Driving For Dividends – January 2022 – Week 2

    1. Dividend Portfolio Post author

      Cool Stephen. Don’t forget to check out my portfolio page. Let me know what you think.

      Reply

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