What Uber, Airbnb, Lyft, TaskRabbit, Etsy and other side gigs really pay
LONDON, ENGLAND - DECEMBER 22: An Uber driver poses for a photograph in an Uber t-shirt and holding a smart phone displaying the Uber app after delivering petitions to the Transport for London headquarters on December 22, 2015 in London, England. The Uber drivers formally handed in the petition, signed by over 205,000 people, to oppose proposals such as introducing minimum 5 minute waiting times. (Photo by Carl Court/Getty Images)
They call it the gig economy, working a part time job, or "side hustle," for extra cash.
Thanks to that smartphone in your pocket, and an instant connection to potential customers, you can now drive your car, rent out your home, or do tasks for people to make money.
But how much can you really make, working a side gig for Airbnb, Uber, Lyft, TaskRabbit, Etsy or other handyman and craft making services?
A study claims you may not take home much of a salary if you are not completely committed to it.
Despite reports of people earning $100,000 a year at some of these services, a new report finds that 85% of side gig workers earn less than $500 a month.
The California based loan provider Earnest analyzed thousands of loan applications, and found the average pay of many gig economy jobs.
READ OUR REPORT on Uber vs Lyft, and which company is better to drive for.
Why side gigs are so popular
And from the "doesn't that stink" file, the reason many people are taking on these side jobs.
It's not necessarily because they want to meet people, but because their regular job doesn't pay enough to make ends meet or pay off college loans. Doesn't that stink?
A Washington Post report says if you have to work 2 or 3 jobs, $100 dollars a month is not going to get you too far.
Bottom line: The gig economy can bring in a few bucks, but to earn significant cash it's going to have to be close to a full time job.
As always don't waste your money.
“Don't Waste Your Money” is a registered trademark of Scripps Media, Inc. (“Scripps”).
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