Here’s How You Can Make An Extra RM3,000 Every Month With Uber!
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As cost of living soars and salaries fail to keep up, Malaysians are struggling just to get by most of the time. To cope with the rising cost of living, many have resorted to cutting down, eliminating things like shopping and eating out.
What would be ideal for most Malaysians is a supplemental income, that gives tham the chance to earn additional income as and when they’re able to. We’re looking to maximise our hourly earnings after hours!
One increasingly popular option is becoming an Uber partner, which completely fits this bill! It lets you work when you want and for how long you want – your earnings are completely dependent on you! The most basic Uber service available is the Uber X, then followed by Uber XL and Uber Black.
The big question is: how much can you actually earn chauffeuring passengers around the city? Well we were curious too so we’ve done the math to make it easier for everyone:
The money: How much can you make with Uber X?
| Monday | Evening: RM22 x 2 (hours) = RM44 | |
| Tuesday | Evening: RM22 x 2 (hours) = RM44 | |
| Wednesday | Evening: RM22 x 2 (hours) = RM44 | |
| Thursday | Evening: RM22 x 2 (hours) = RM44 | |
| Friday | Evening: RM25 x 2 (hours) = RM50 RM16 x 1 (hour) = RM16 | |
| Saturday | RM22 x 4 (hours) = RM88 | |
| Sunday | ||
| Total weekly earnings | ||
| Estimated monthly rider referral fees | ||
| Total monthly earnings | = RM3,232 |
|
Based on the calculation above, it is possible for a part-time Uber X driver to earn a gross income of up to RM3,032 in a month just by working an extra four hours per day on weekdays, five hours on Friday and putting in about six hours per day on weekends, not to mention actively getting rider referrals for Uber.
Of course, this is just a rough estimation and this is provided that you are able to drive during the stipulated peak hours (refer to the tiered structure below on the hourly rates).
However, if you are thinking of becoming a full-time Uber X driver, here is how much you can potentially earn a month (on the conservative side) – up to RM2,095 per week in guaranteed gross fares to be exact!
| Maximise your earning potential |
|---|
| 20 hours x RM30 = RM600 |
| 7 hours x RM25 = RM175 |
| 20 hours x RM22 = RM440 |
| 42 hours x RM16 = RM672 |
| 6 hours x RM12 = RM72 |
| Total weekly earnings = RM1,958/week (95 hours) |
| Total weekly earnings = RM7,832/month (380 hours) |
For a better overview, here is the latest (as of May 2016) pay structure for Uber X drivers.
Source: Uber Malaysia
One of the biggest perks of signing up with Uber is that it lets you become your own boss and gives you complete control over your job. However, you will need to be online on the Uber platform for significantly longer hours to achieve the stipulated earning potential.
Uber partner drivers are also required to have their own vehicles. The minimum requirement is that the car must be at least from the year 2007 and above. Cars older than five years will require additional inspection.
You will also need to bear all vehicle expenses (including maintenance, loans and insurance), although Uber does implement partner perks programmes to help you along the way.
Finally, Uber charges a 25% commission on Uber X, 25% on Uber Black and 28% on Uber XL.
Despite these considerations, Uber still presents a decent deal for those who are determined to break the glass ceiling of their monthly earnings.
[sc:sample_banner]A flexible way to earn extra cash on the side
For many people, making money on the side is an attractive proposition and is fast becoming a popular option among Malaysians who are keen on attaining greater financial freedom.
One key appeal with driving for Uber is that, you can get into the game just as easily as you choose to stop. There are no strings attached.
Also, basically all you need is a car (which many of us already do), a driving license (d’uh) and a couple of hours to spare in the evening (or morning if you’re able to), and you’re set!
Finally, earning an extra side income doesn’t just allow greater room for life’s little luxuries like that umpteenth cup of Starbucks coffee you absolutely need or an exotic beach holiday, you will have a much easier time paying for financial commitments like your car loan, your mortgage or the ever-increasing cost of education for your kids. You can even use it to fund your investments to further increase your income generation!
These sound nice to have, but the additional cash will really come into handy when you going through certain life stages, such as welcoming a newborn in the family, or saving for the down payment of your first home, or even switching to a bigger ride to accommodate your growing family.
More importantly, there has never been a more crucial time to fortify your retirement savings than now and having a viable side income source can give your retirement funds a much-needed boost. And in this economically volatile time and age, we will need all the financial support we can get.
