Big Time Gains from Part-Time Gigs

This post Big Time Gains from Part-Time Gigs appeared first on Daily Reckoning.

Dear Richer Lifer,

The first few days of retirement are invigorating and strange. Should you set an alarm? Should you get to the gym early, or sleep in and enjoy a few days of extra rest?

Your schedule is fluid and you find yourself relishing all the extra time on your hands. Want to go play golf mid-morning? Sounds great. Have lunch at 3pm? Sure, why not! That hobby you have been wanting to pursue? Try it out!

A few days turns into a few weeks, and if you’re like a lot of people, you’ll find yourself filling the hours in weird ways. You watch some tv, read a few books, take naps…

Then boredom sets in. The hours and hours of open time that were once so appealing, are now dull.

You may be surprised to find that you wish you were working again! Not necessarily full time, don’t get me wrong, but a few hours at a time just to stay engaged and energized.

You might find that you miss the fulfillment you used to get from working. Maybe you don’t find yourself wishing for your 40 hour a week, 9-5 grind, but you do want to be on a team again. There is something special about working toward a common goal you enjoy with others.

Or maybe you aren’t bored, but you might find you could use a little extra cash, now that all those retirement dreams of travel and leisure are here. Some additional spending money when you’re visiting the tropics might come in handy, or get you on the plane in the first place.

No matter what your reason, you may find you want to pick up a part time job.

Here are some part time jobs that are perfect for retirees:

Driving for Uber / Lyft

I can’t tell you how many times I’ve chatted with my Uber driver and had them say some version of: “I retired a few years ago and I wanted a way to fill the time. Uber is perfect – I wish I’d done this years ago!”

With flexible hours and a low barrier to entry, Uber and similar driving gigs are an easy way to get started making part time income. This is so popular with retirees that more than half of all Uber drivers are age 61 and up. If you want a gig that’s interesting, variable, and available to you on demand, ride-share driving might be perfect for you!

Translating / Tutoring In A Foreign Language

If you speak more than one language, you’re in luck. Translators and foreign language tutors are always in high demand.

Like teaching, you can look for positions at local companies or go it alone and offer one-on-one lessons. Best of all, you can often offer this service online. So if you don’t want to leave your home, you don’t have to!

Acting As A Park Ranger / Docent

Maybe your heart yearns to be in the great outdoors, or maybe you really dig the Paleolithic Era. Either way, you can find a great part time gig at National or State Parks or a local museum.

These amazing resources are always in need of friendly, dependable staffers, so find your favorite park or museum and offer your time and talent.

Real Estate

If you’re looking for a position with lots of opportunities to meet people and share your knowledge of your hometown, real estate is a great option. You can become a licensed agent with just 4-6 months of training, and as for the income potential, the sky’s the limit.

If you’ve got a great community of friends already, real estate is great in that case, too – you can quickly build a network of potential clients with people you already know.

Consulting

If you have considerable professional experience you may find that consulting can be a fantastic gig for you. Companies, small or large, may be able to benefit from your knowledge.

In order to get started, decide on some areas of specialty and update your LinkedIn profile so people know you’re available to help them. Don’t forget to reach out to past colleagues, too. With a little effort, you can have a thriving and lucrative consulting job in a short amount of time.

Freelance Writing

If you have considerable professional experience you may find that consulting can be a fantastic gig for you. Companies, small or large, may be able to benefit from your knowledge.

In order to get started, decide on some areas of specialty and update your LinkedIn profile so people know you’re available to help them. Don’t forget to reach out to past colleagues, too. With a little effort, you can have a thriving and lucrative consulting job in a short amount of time.

Offering Childcare

Parents and grandparents have experience in one extremely useful, high-demand skill set — childcare. Wherever there are people, you’ll find moms and dads who need all the help they can get.

You can offer your services as a babysitter, or get certified through your state and offer complete childcare services. If you want to make a big difference in a child’s life, you can even move into foster care and take in kids who need help temporarily. While this isn’t the typical part time gig you might have been thinking of, it certainly is an invaluable way to give back.

House Sitting / Pet Sitting

Perhaps working with people isn’t your thing, but you love dogs. Pet sitting could be perfect for you. You can offer your services on sites like Rover.com or sign up for local Facebook groups and reply to anyone who needs help there.

If you want something even easier than checking on Fido and Fluffy, then look into house sitting. This easy gig is little more than checking on someone’s home from time to time and making sure their plants don’t die while they’re out of town, so it’s perfect for someone with extra time on their hands.

There are just a few ways you can earn some side income in your retirement years. If one of them piques your interest, give it a shot! If you find you want to try something else in the future, you can always change.

After all, the best thing about retirement is the flexibility to do what you enjoy, so factor in what you like, and you’ll find new satisfaction every day.

To a richer life,

Nilus Mattive

— Nilus Mattive
Editor, The Rich Life Roadmap

The post Big Time Gains from Part-Time Gigs appeared first on Daily Reckoning.

Joel Elconin – Benzinga Pre-Market Prep Show – Tue 14 May, 2019

Bitcoin Bouncing, Trumps Tweets Driving The Markets, IPO Comparisons, and A Lawsuit Against Apple

There’s a lot to cover today with Joel Elconin, Co-Host of the Benzinga Pre-Market Prep Show. We start off with the bounce in Bitcoin and address the comments that Bitcoin is the new preferred safe haven asset. Up next are some comments on Trump’s tweets and how they continue to dominate the short term market moves. Finally we end recapping some of the moves in the recent Uber and Beyond Meat IPOs.

Click here to learn more about the Benzinga Trading Summit in New York on June 20th. Or email Joel at joel@benzinga.com.

Uber v.s. Taxi: Which Saves You More?

This post Uber v.s. Taxi: Which Saves You More? appeared first on Daily Reckoning.

If you’ve been following the news lately, you’ve heard that popular ride-hailing app Uber is planning to go public.

Uber is reportedly seeking to raise about $10 billion in a deal that could value the ride-hailing giant at $100 billion. Experts predict it could be one of the biggest IPOs in history.

This news got me thinking about the rise of ride-hailing services over the past few years and how much these apps really cost to use.

If you live in a mid-to-large-sized city, there’s a good chance you’ve tried Uber or Lyft. But even if you haven’t, it’s worth knowing the true cost if you ever decide to one day.

First, what is a ride-hailing service?

Uber’s story began in Paris in 2008. Two friends, Travis Kalanick and Garrett Camp, were attending a tech conference. Rumor has it the concept for Uber was born one winter night during the conference when the pair were unable to get a cab.

The initial idea was for a timeshare limo service that could be ordered via an app. Today, Uber is a platform that hosts drivers and riders. If you want to drive for Uber, you sign up in the app and apply for a background check to be eligible to drive. If you want to ride in an Uber, you sign up inside the app and connect your credit card for billing.

The app works like this: you need to get from point A to point B. You open the app and punch in your point B, the app locates where you are (point A) using GPS, and calculates an estimated fare. Once you confirm your pickup location, the nearest Uber driver gets notified to come pick you up.

Ride-hailing services are different than traditional taxi cabs in a few ways, but one of the biggest is payment processing. In Uber and Lyft, all payments are done through the app.

You hop in the car, the driver takes you to your destination and the app automatically charges your credit card for the fare. You don’t have to exchange money at all.

This hassle-free experience and the fact that most ride service apps are faster to hail than traditional cabs are why these services have exploded in popularity.

How Much Does Uber Cost Compared to a Taxi?

Taxi fares vary by location, and the same can be said for Uber fees. Uber also offers different levels of service, like Uber Pool, where you carpool with a few other passengers, UberX, the original service, and UberXL, a more luxury ride.

For simplicity, let’s look at the most economical option, UberX, in four major cities:

In New York City, a taxi charges an initial fee of $2.50, $0.50 cents per 1/5 mile, and a waiting charge of $0.50 cents per 60 seconds. UberX charges a base fare of $2.55, a per minute charge of $0.35, and a per mile charge of $1.75.

In Philadelphia, taxis charge $2.70 for the first 1/10 mile, $0.25 each additional fraction of a mile, and $0.25 for every 37.6 seconds of waiting. UberX charges a base fare of $1.25, a per minute fee of $0.18, and a per mile fee of $1.15.

In Washington D.C., taxis charge a base fare of $3, $2.16 per mile, and about $2 per every five minutes of wait time. UberX charges a base fare of $1.15, $0.17 per minute, and $1.08 per mile.

In Los Angeles, a taxi costs $2.85 for the first 1/9 of a mile, $0.30 for each additional 1/9 mile, and $0.30 for each 37 seconds of wait time. UberX, however, charges no base fare, $0.15 per minute, and $0.96 per mile.

The cost of your trip depends on a few factors: distance traveled, traffic, and time of day. While taxis and ride-hailing services are similar in these respects, there is one big difference: Taxis charge per mile when moving, but per minute while idling. Whereas Uber charges per mile and per minute regardless of whether you’re moving or idling.

Going to the Airport – What’s Cheaper?

If you’re considering a ride to the airport, Uber will almost always be the best bang for your buck.

There are only three major airports where it’s cheaper to take a taxi instead of an Uber or Lyft: New York’s LaGuardia Airport, New York’s JFK, and Boston’s Logan Airport.

Other Costs to Consider

Tipping – another major difference between ride sharing apps and taxis is tipping etiquette. Most taxi riders tip their drivers around 20 percent. Uber riders rarely tip at all since tipping has only recently become a feature within the apps.

Surge pricing – another difference between ride-hailing apps and taxi cabs is surge pricing. Both Uber and Lyft charge higher fares when there’s higher than normal demand. Think New Year’s Eve or on the fourth of July.

Surge pricing varies by city but you can see increases of 1.5-1.8x the regular rate. So, on a $10 trip, you can expect to pay anywhere from $15-$18. One customer was actually charged $14,000 for a 20-minute Uber ride due to surge pricing. The charges were dropped but it’s a reminder to always check the estimated fares, especially when it’s surge pricing.

A few ways to avoid paying surge pricing: wait until it’s over. Sometimes, surge pricing only lasts a few minutes. Walk outside the surge pricing location. Sometimes even walking a few blocks will put you outside of the surge pricing map.

The Verdict

If your trip is longer and you’ll be moving at faster speeds, ride-hailing apps are your best bet. But for shorter trips in more congested areas like NYC, taxi cabs are still best. But, geographic location matters a lot. Uber is cheaper than taxis in San Francisco, LA, and Detroit, while taxis are cheaper in NYC. Cities like Washington D.C. and Nashville can go either way.

Lastly, if you really want the best deal, take public transit. CityLab did a study in 2018, in Chicago, and public transit was always cheaper than UberX and Lyft.

An average fare cost of $2.69 for public transit compared to $17.90 for Uber and $18.13 for Lyft.

To a richer life,

Nilus Mattive

— Nilus Mattive
Editor, The Rich Life Roadmap

The post Uber v.s. Taxi: Which Saves You More? appeared first on Daily Reckoning.