In the halcyon days, driving for Lyft or Uber was a cash cow. You’d pick a night or two — or an entire day — and drive people to their destinations for pretty good cash. This was the epitome of the “gig economy.”
But new research indicates that driving for Lyft or Uber isn’t paying off like it used to. But there are gigs where the payout is increasing.
JP Morgan Chase has released very interesting numbers about the gig economy, or people making their own wages doing things on the side.
More people than ever are riding in an Uber or Lyft. Despite that, on average, Uber or Lyft drivers earned 53% less in 2017 than they did in 2013. Uber and Lyft say this is because more people are driving part-time.
On the other hand, people renting out things, say their home using Airbnb, a car using Turo, or a parking space using Parklee have seen their incomes rise almost 70% during the same time.
One thing’s for sure: You can make money with a side hustle in all kinds of ways. There are 128 different platforms in the gig economy.
Tap or click below to hear Kim Komando talk about the gig economy.