How to Make Money with Lyft
What is Lyft?
Lyft is a Rideshare platform that allows people to earn money driving their own cars and working their own hours. Lyft is the main competitor to Uber.
Drivers earn a percent (usually 70% to 80%) of whatever they book. It’s kind of like using your own car as a taxi but you work whenever you want.
Drivers earn a percent (usually 70% to 80%) of whatever they book. It’s kind of like using your own car as a taxi but you work whenever you want.
You would have to download the Lyft app and apply on the Lyft website. Once you pass the background check, you can start driving and making money. The background check usually takes around 7 to 10 days to complete.
How does Lyft work?
Lyft works through the Lyft App. All drivers and passengers will need to download the Lyft App (free) in order to use the Lyft platform. Passengers who have downloaded the App will log on whenever they need a ride, and the closest driver will have a request to pick up the passenger. Drivers also log on to the App whenever they want to work. Whenever a passenger is available for pick up, the App will alert the Driver. The driver then has to accept the request, pick up the passenger, take them to their destination, and the driver gets paid.
Do you have to accept cash?
No. All payments are made via credit card through the App. Uber collects the money and then pays the driver via direct deposit every week. As a driver all you do is drive and you don’t have to collect any money. You driver dashboard on your App will always have a record of all your earnings.
Can you accept tips?
Yes, Lyft accepts tips. While you are not supposed to ask passengers to tip you, you can accept tips from passengers. Passengers can also tip the driver via the Lyft App.
Lyft bonuses
Drivers who sign up to drive for Lyft and complete a certain number of rides within a certain period of time (usually your first 30 days) can qualify for a monetary bonus. Depending on where you live, you can earn a bonus from $100 to $1,000.
How to sign up to drive for Lyft
In order to work for Lyft, you must meet the following criteria:
2016 Main requirements to work for Uber as a driver:
1. You must own or have access to a vehicle that has at least 4 doors and is in good condition
2. Your vehicle must be from 2003 or newer
3. Your vehicle must be clean and not have any significant body damage
4. You must have had your Driver’s License for at least 1 year
5. You must show proof of automobile insurance for the car you plan to use with Lyft
6. You must pass a background check
7. You will need to show proof of vehicle registration
8. You will need your bank’s account and routing number. Lyft only pays via direct deposit
9. You will need at least 1 year of driving experience
10. You must be at least 21 years old
9. You will need at least 1 year of driving experience
10. You must be at least 21 years old
If you fulfill the above requirements, you should be approved by the Lyft background check. As long as your Driver’s license is in good condition, you should be approved by Lyft.
Lyft will also send a mentor to inspect your vehicle and make sure it meets their standards. Make sure to have your vehicle cleaned inside and outside before meeting your mentor. The mentor will also answer any questions you may have before driving for Lyft.
Lyft will also send a mentor to inspect your vehicle and make sure it meets their standards. Make sure to have your vehicle cleaned inside and outside before meeting your mentor. The mentor will also answer any questions you may have before driving for Lyft.
Other items you will need to work with Lyft:
1. You will also need an Android phone or iPhone to work with Lyft. If you already have an Android of iPhone, then you are good to go. If you don’t have an Android or iPhone, Lyft can lend you a phone but you will have to pay them around $40 a month to rent the phone.
2. You will need a phone mount in your car. Since you will need to use your smartphone to use the Lyft app while working for Lyft, it’s to your benefit to use a phone mount. You can risk getting in a car accident or getting a ticket by police (in some areas) for using a smartphone (without a mount) while driving.
3. A backup GPS system can be useful (optional)
Note: You don’t have to own your vehicle to use it with Lyft. As long as you’re on the car’s auto insurance policy, and the owner gives you permission to use the vehicle with Lyft, you should have no problems. For example, if a family member of yours owns a vehicle and adds you to their automobile insurance policy, you may be able to use their vehicle with Lyft, as long as they agree.
FAQS
How much money can I make driving for Lyft?
This depends on where you live and how much time you dedicate to driving for Lyft. In some cities (like NYC) some Uber drivers are earning around $1,000 to $1,500 driving full time a week. In other cities drivers are making around $500 to $1,000 a week full time. It depends on where you live.
Lyft will pay you around 70% to 80% of whatever you gross. For example, if you drive for Lyft for 8 hours today and you booked $200 in fares, Lyft will pay you around 75% of $200 which is $150. So you made $150 and Lyft made $50. This is better than traditional taxis because most traditional taxis pay their drivers 35% to 50% of whatever they gross.
Are the fares the same everywhere?
No. In some cities the fares are higher than in other cities. For example, in NYC the fares are higher than in New Jersey. This means drivers in NYC earn more money per mile than drivers in NJ. This is why I stated before the income potential with Lyft varies from city to city and state to state.
What is surge pricing?
During surge periods, Lyft will pay you extra per mile. Surge is when demand for drivers is very high, and to fulfill the demand Lyft is willing to pay drivers extra. Many drivers drive during surge and make double what they would make during normal time. Surge usually occurs when there is inclement weather (rain, snow, etc.) or during rush hour (early morning) and or late nights and weekends.
Can I work part time?
Yes. One of the best benefits of working for Lyft is that you can work whenever you want. You can work 1 day a week if you want. And you can work during weekends, nights, mornings, any time of the day. Uber operates 24 hours a day 7 days a week.
All you do is simply log onto the App (with your user ID and password) whenever you want to work, and log off whenever you want to end your shift. The flexibility of Lyft is what makes it so popular with so many drivers. Many drivers have full time jobs and drive for Lyft on weekends part time.
How will Lyft pay me?
When you sign up to work for Lyft, you will need to provide them with your bank’s account and routing numbers. Lyft will then pay you via direct deposit every week. If you don’t have a bank account, you can try using a prepaid credit card as long as it has an account and a routing number.
For example, Western Union has prepaid credit cards that come with account and routing numbers. You may be able to use this with the Lyft platform, and you will get paid directly on your prepaid card. However, the downside to this is prepaid cards generally have high fees. It’s much cheaper to use a traditional bank account with low fees.
Are Lyft drivers employees?
No. Lyft hires drivers as independent contractors. This means you are not an employee, rather you are self-employed. This means you have to pay your own taxes. At the end of the year Lyft will give you a 1099 form which you will use to file your income taxes.
When Lyft pays you, they won’t deduct anything from your check. For example, say you grossed exactly $500 in profits for Lyft last week. When Lyft pays you via direct deposit, they will send exactly $500 to your bank account. They won’t deduct anything from your earnings.
This is not the same as a traditional W-2 employee. If an employee grossed $500, when the employee receives their check, most likely the check will be for around $430, much less than the $500 gross. This occurs because an employee’s taxes are deducted from their earnings. Of course every situation is different, but as an employee your taxes are basically withdrawn from your checks.
On the other hand, a 1099 independent contractor gets paid clean without any deductions on their checks. It’s like getting paid cash but with the main difference that you will have to report and pay your taxes at the end of the year. An independent contractor still has to pay taxes, but he or she will have to pay this at the end of the year. This is why it’s important that you save some of your earnings when you work for Lyft, so you will have enough money to pay your taxes.
Are independent contractors common?
Yes, many industries employee independent contractors. The 1099 filing status is very popular as many people who are self-employed work as independent contractors. Basically an independent contractor is like a business owner, you basically run your own business. It’s kind of like a truck driver who is an owner operator.
Do I have to pay for my own expenses?
Yes. You are considered a business owner. This means you are responsible for gasoline expenses, oil change expenses, car maintenance expenses, auto insurance expenses, etc. This is why it’s important that you save some of your earnings every week so you can have money for operating expenses.
Can I write off my expenses on my taxes?
Yes. You should keep track of all your receipts that are associated with your Lyft driving business. Also, keep track of all the mileage you accumulate while driving for Lyft. When you file taxes, the expenses that you incur while working for Lyft can help reduce your tax liability and save you money on taxes.
At the current tax mileage deduction rate, you can deduct 54 cents (2016 mileage reduction rate) of all mileage incurred while driving for Lyft during 2016. This means you will most likely be liable for taxes on roughly half of whatever you gross while working for Lyft.
For this reason it’s very important to keep track of all your expenses and mileage that you use while using your vehicle to earn money with Lyft. Keep a folder with all receipts so when tax season comes you will be prepared to file your deductions. I also advise you to seek the services of a competent Tax Professional for any questions and or to help you file your taxes.
Can I work for both Uber and Lyft?
Yes. There is no law that says you cannot work for both Uber and Lyft. Both of these companies are very similar as they are both Rideshare companies. In fact, you can even work for other Rideshare companies if you want. For example, Postmates is similar to Uber and Lyft but instead of using your car as a taxi you will use it as a courier (deliver food, packages, etc.)
In fact, there are many people who work for both Uber, Lyft and other Rideshare companies. However, at the moment Uber and Lyft are the 2 major players in the Rideshare industry. In the future however new rideshare and or technology companies will most likely emerge that will give people opportunities to use their vehicles to make money.
Lyft Invite Code
If you want to join Lyft as a Driver use my Invite Code and you receive a free bonus from $100 to $1,000 depending on where you live. Here is my Lyft Invite Code: ROMER216482
To apply to become a Lyft driver and use my invitation code to qualify for the free bonus, you can go to the following website and fill out your information and where it says "invitation code" you can write down my code:
Lyft Driver Application Website:
Note: You will have to do a certain amount of rides within a time period (usually the first 30 days) in order to qualify for the free bonus.
If you decide to sign up with my invite code, please send me an email here with your full name: romeruber@gmail.com and let me know that you signed up with my invite code so I can be aware. Once you do the ride requirements, and I receive my bonus, then I will send you a money order to your mailing address. Thanks.
I WILL GIVE YOU HALF OF MY UBER/LYFT REFERRAL BONUS!
If you sign up with Uber or Lyft (or both) with my Referral Codes, I will send you half of the bonus I receive from Uber or Lyft.
I can send you the money by money order to your mailing address. It's a win-win situation. If you are interested in making some money driving for Uber or Lyft, then sign up with my Referral Code and not only will you receive a bonus directly from Uber (or Lyft), but I will also give you half of the bonus I get from you signing up under my Referral Code.
At the moment, Uber is paying around $100 to $1000 nationwide (after doing 40 rides or so within your first 30 days) and Lyft is paying around $100 to $1,500 nationwide. However, the bonus varies by city, usually from $100 to $700. You can drive for both Uber and Lyft. I drive for both.
For example, if you sign up with Uber with my Invite Code in any state and you complete the minimum required amount of trips with Uber (varies from 30 to 40- depending on your area) you will receive a bonus from Uber for around $100 to $500 (depending on your area). Now Uber will also give me a bonus for referring you. Whatever bonus Uber gives me, I will give you half of it. For example, if Uber gives me $400 for referring you, then I will give you $200. So not only will you get a bonus from Uber, but I will also give you half of whatever bonus Uber gives me.
You can make good money with Uber and Lyft. However, you will need to use your own vehicle and you will incur some expenses, however, it is still profitable and is a good full time or part time gig. If you have any questions send me an email. Also, if you sign up under me, send me your full name so I will know that you signed up under me, and once I receive the bonus, I will contact you and send you your money order to your mailing address. If you sign up with both Uber and Lyft under my Invite codes, I will give you half of whatever bonus I get for both. You can drive for both (I drive for both Uber & Lyft).
To sign up under my Referral Code with UBER as a Driver:
https://partners.uber.com/i/krmqudhub
To sign up under my Referral Code with LYFT as a Driver:
https://www.lyft.com/drivers/romer216482
I can send you the money by money order to your mailing address. It's a win-win situation. If you are interested in making some money driving for Uber or Lyft, then sign up with my Referral Code and not only will you receive a bonus directly from Uber (or Lyft), but I will also give you half of the bonus I get from you signing up under my Referral Code.
At the moment, Uber is paying around $100 to $1000 nationwide (after doing 40 rides or so within your first 30 days) and Lyft is paying around $100 to $1,500 nationwide. However, the bonus varies by city, usually from $100 to $700. You can drive for both Uber and Lyft. I drive for both.
For example, if you sign up with Uber with my Invite Code in any state and you complete the minimum required amount of trips with Uber (varies from 30 to 40- depending on your area) you will receive a bonus from Uber for around $100 to $500 (depending on your area). Now Uber will also give me a bonus for referring you. Whatever bonus Uber gives me, I will give you half of it. For example, if Uber gives me $400 for referring you, then I will give you $200. So not only will you get a bonus from Uber, but I will also give you half of whatever bonus Uber gives me.
You can make good money with Uber and Lyft. However, you will need to use your own vehicle and you will incur some expenses, however, it is still profitable and is a good full time or part time gig. If you have any questions send me an email. Also, if you sign up under me, send me your full name so I will know that you signed up under me, and once I receive the bonus, I will contact you and send you your money order to your mailing address. If you sign up with both Uber and Lyft under my Invite codes, I will give you half of whatever bonus I get for both. You can drive for both (I drive for both Uber & Lyft).
To sign up under my Referral Code with UBER as a Driver:
https://partners.uber.com/i/krmqudhub
To sign up under my Referral Code with LYFT as a Driver:
https://www.lyft.com/drivers/romer216482
If you decide to sign up with my invite code, please send me an email here with your full name: romeruber@gmail.com and let me know that you signed up with my invite code so I can be aware. Once you do the ride requirements, and I receive my bonus, then I will send you a money order to your mailing address. Thanks.
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