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Most of us have debt.

Whether it be from a mortgage, a car payment, credit cards, school loans or medical loans, we all have them. Some of us have more debt than others but nobody wants to be in debt no matter the amount.

It’s a black cloud hanging over our heads and who needs that?

If you could make the choice to live debt-free, wouldn’t that be the smart thing to do? Yes. Yes, it would.

 

So, what’s the first step? 

If you are not already a rideshare driver, you may be eligible for bonuses up to $1000 and other income guarantees as a new driver. If you just need a couple thousand, by using a rideshare sign up bonus you are able to quickly earn the extra cash you need to help pay down your existing debts.

Ready To Claim Up To $1000 In Sign Up Bonuses? Click here.

 

What about new businesses?

Rideshare can be used to help cover your overhead on your next idea and let you focus on the more important parts of your business.

Being that Lyft, Uber, and other rideshare companies allow you to use a business tax ID, incorporating an LLC or Corporation allows you to write off more expenses than you would be able to by just using your personal social security number.

 

What if your first business idea fails?

Good ol’ US of A makes it so you can write off your losses and earn 100% tax-free ridesharing income while you recover your losses and try again. Looking at different types of incorporation? Click here for more info.

Disclaimer: This is not tax advice. Consult with an accredited CPA for tax advice.

 

Ready To Start Your New Business? Click here.

 

Expectations

Now, it is possible to pay off some debt driving for Uber or Lyft, or both, but you can’t go into rideshare expecting to make 10k/month, unless you literally drive 24/7. (not possible)

You can certainly expect to make enough to pay down some if not all of your debt. Yes, it will take time but with a bit of hard work it can be done.

Ready To Claim Up To $1000 In Sign Up Bonuses? Click here.

 

Hardest working bird gets the worm

A few more hours of work never hurt anyone, right? A big upside is that paying down your debt will let you build your credit up so you can use it when it really counts. Maybe it is starting a new business? An unexpected medical emergency? Or a nice family vacation?

 

There are a few things you’ll want to do to pay off debt:

1. Decide where you can cut expenses.

Can you live without 300 channels on your TV and maybe cut your cable bill a bit?  Maybe you can start taking your lunch to work and cut out all of those stops to expensive coffee houses.  What about your cell phone?  Are you getting the best deal?  Shop around.  Carefully examine your monthly expenses.  Try keeping track for a couple of weeks of every penny you spend.  You might be surprised at what you can cut out. Use quickbooks to make this a breeze. Connect your bank account, download, and it’ll help you sort your expenses.

 

Ready to get started with the first step towards getting out of debt?

Click here and start organizing your finances for free.

2. Create a budget and STICK TO IT.

Once you have analyzed your expenses, take all you’ve learned and use it to create your budget.  It can be done weekly or monthly. Choose the method that works best for you and regardless of your method, make sure you do stick to your budget. Click here for a free trial of QuickBooks Self Employed.

 

3. Prioritize and refinance existing debts. 

Typically, you will want to tackle the biggest debt first. Look for the one with the highest interest rate and start there. Make more than the minimum payment required each month. That chips away at interest quicker than you might think. Also, stop using credit cards. This one may be tough if you’ve become dependent on credit but it’s necessary and this is where your budget will come into play.

 

Credit card interest rates too high? Refinance with a personal loan. 

 

The next thing that is possible to refinance is your car. Sometimes car dealerships may charge high-interest rates and refinancing can help lower the payments and reduce the amount that goes to interest. That being said, always be careful and make sure that you thoroughly review all the loan documents to make sure that it is a good financial decision.

 

Looking to refinance your car or invest in a new one? Click here. 

Lastly, you may be able to refinance your biggest investment, your home. Although your APR may seem low compared to credit cards with 25% or higher interest rates, every half a percentage counts. If you purchased your home during a time when lenders were charging a higher interest rate, you can refinance your home and possibly save up to tens of thousands on interest payments. When refinancing, although it may seem easy to file an online application, having a personal loan advisor may make all the difference in securing the lowest APR. If you bought a home or are ready to refinance, rates are always changing. .

 

Ready To refinance your home or get pre-approved? Click here.

 

Finally, commit yourself to put in the work.

 If you’ve chosen to pay off debt, you should understand that doing so will require commitment on your part.  You must work the hours to make the money.  Maybe you work part-time for one rideshare and can take on a second rideshare company. Either way, just be sure you’ve dedicated yourself to putting in the work.  Keep in mind to take advantage of peak driving hours, driver referrals and bonuses. Those things will certainly help.

Ready To Claim Up To $1000 In Sign Up Bonuses? Click here.

 

Decide how your rideshare income can help you become debt-free.

How much can you put away each week?  Maybe you can only put away a few dollars a week but that’s okay.  In fact, that’s great!

Every little bit helps and each amount you do put away is putting you one step closer to your goal: being debt-free and living a stress-free life.

 

Disclaimer: We strive to give our fellow rideshare drivers the services they need to get ahead, and we may be compensated from the links on this page. We are in no way offering any kind of financial and or tax advice, if you have any questions, please seek professional advice.


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