In today’s video I give a full breakdown of how much I grossed and how much I walked with after taxes and expenses working full time in the gig economy. I can’t guarantee 100% accuracy but it’s pretty damn close! Enjoy.
You may be making minimum wage but you are FREE! No manager, no lame co workers, set your own hours. You have peace. There will always be pros and cons no matter what you do.
@brenpgrace hopefully with views (got the missus and buddy to sub), tips, ad revenue, gift cards, affiliated promo/sponsorship you'll get there dood *COWABUNGA*
The real issue nobody mentions. Depreciation. 2021 Suburu with 50k miles is worth a lot still. 100k miles much less. 150k miles much, much less. 200k miles nobody wants it. 250k miles scrapyard. 5yr-6yr lifespan brand new car with that MILEAGRlE.
You can't put a price on your freedom. I've had my own business and then I worked for somebody after I sold that business and it's very hard to work for somebody else.You've had a taste of that freedom of having your own business no matter how much money you make it's priceless.
Just a reminder for everyone. They taught us we are the slaves to the system but we are not. WE ARE THE POWER SOURCE to the system. Remember that! I love you Bren!
I tutor elementary and middle school students who are behind in reading and math. I stress to them how important it is to know and understand both subjects just to function in everyday life. Unfortunately they don’t appreciate how important these two subjects are. This video shows just how crucial it is to master these two very basic areas of primary and secondary education. It makes me sad that there are many, far too many people who can’t or wouldn’t understand what you shared, nor realize the importance of literacy and a command of math are to make sound decisions about the worth of their time and effort as they strive to make a living. My first impression of you is spot on. It takes a special kind of person to share what you did AND THEN to admit the truth-that you wouldn’t recommend that others doing what you’ve done for a year. I greatly admire your truthfulness and your humility. The world needs more people like you.
Your accountant should have also suggested you start an actual business such as adding merch or an online shop (like other RU-vidrs) a LLC perhaps so that you can take into account even more deductions. Being a business owner instead of just an independent contractor is game changing on all the things you get to write off. Your car could even be considered your office in that circumstance.
What other deductions can you claim when you are a LLC? I asked my tax guy about this, and he said there isn't much of a benefit to being a LLC and what I am now.
Thanks man I needed to hear that You’re an inspiration and you don’t even know it Just wanna let you know I pray for you and the Lord, surely has his hand on you I also am a gig full-time worker and I’m getting very tired of it. It’s almost like we work for free I am going to get a day job and still do the gig work on the weekends. Thanks I needed to hear that. PS I hope your RU-vid channel blows up and goes to 1 million subscribers in Jesus holy name
The good part about gig work is it’s easy to get hired. You don’t need certain clothes. You control your schedule. You aren’t confined to working in one area. I made more as a dog walker.
As a dog sitter I’ve had a 3 week sit all set to go and they cancelled the day before. Not once but twice. Legit reasons but there I am turning down others and then out hundreds. Delivery gig a better deal
My man ,My Man Wow, This blew me away. I was just about to quit my 25 dolkar an hour job at a where house to try door dash. Im glad i saw your video first.its just not worth all the expenses. Thank goodness for RU-vid, like you said just drive on Sundays for 12 hours and do your content. Imagine if you had to pay rent for an apartment on top of it.OK MY MAN thanks again catch you on the next one 🙏
Don't forget...he gets zero benefits from gig work. So a 60K a year job with health insurance is worth way more than a 60K a year job no benefits. Gotta look at more than the income.
There were two college girls who attended college full Monday-Thursday and did Gig delivery Friday-Sunday. They paid for college and room/board. They planned to graduate debt free and work the delivery gigs Friday-Sunday while job hunting.
I think its good to work if you can , I am retired and I have a pension and SS. I didn't get as much as my friends but I am happy doing this while retired. it so beats sitting around thats all the old people do here.
@@danielrn133doordash will issue u a 300 or 400 dollar health insurance credit per month. I'm not sure exactly the figures but u just need to show proof to doordash that u have some type of health insurance and work more 16 hours of active time. It's the law. They do provide health insurance to drivers. All gig work does.So they will credit u for health insurance.
You’re very organized! Depreciation reduces your tax debt, not your income, so you’re a little better off than you realize. I still agree that gig work is not the best for full-time. Thanks for the great videos!
Man, with your work ethic and attention to detail you would absolutely rake it in taking on a trade. There's likely to be a shortage of skilled labourers in the coming years, and even starting out as an apprentice you are likely to be making more than you are now.
My husband is a realtor. We live in Michigan. He said trades are something to consider as it’s getting harder & harder to find electricians & plumbers who are not booked out 3+ weeks!
Trades are a joke for income, 80% are doing some sort of drugs and have emotional problems.... the pay rate gets capped quick unless you quit and go to another job, And to achieve a 6 figure income in a medium income state (middle class)..... bank on working 80 90 hrs a week for beans and rice.....with a 80k take home after taxes...... If you have a iq over 100 get ready for perpetual bord'em....The only pro's to a trade is to get a job at a facility with air condition and government funding.... If your co-workers are enjoyable you might find solace
Hey Bran. Outstanding episode. The reality of gig driving in numbers. I'm not a CPA, but I am self-employed, have driven for foodservice employers in the past and have watched the careers of my favorite RU-vidrs over time. So here's a few helpful hints: 1) Charitable contributions - figure out what you can do with that to knock down your tax bill. 2) High yield savings accounts (currently about 5%) with low or no opening deposit required and no withdrawal fees. 3) Add translation subtitles using AI to boost your YT traffic and subscribers. 4) Learn Spanish using an app subscription. You'll boost your businesses online and offline and have another write-off. Keep doing you, dude!💖
Gig work gives one the freedom to build something else while you're making money or in my case let me retire early while still having some income. The Math is most important. Everyone should know how much their car is costing them per mile for its replacement based on an estimated total milage. This amount should be put into a car replacement account. I bought a brand-new tesla with cash. A Tesla can last longer with fewer expenses than a normal car and you get the $7500 tax credit if you have the tax burden to get it. Basically, I put away 15% for taxes and 25 cents per mile for car replacement/expenses. My charging fees are all at home and or next to nothing. Yes, you are correct, one would make in the area of $15 an hour but we don't work by the hour do we. I work by the mile, the more I drive the more I make and my car/expenses/taxes are always paid for by the apps. It's hard to put a value on the freedom I gain from gig work. For me I don't mind working some extra hours at $15 an hour when I want, with no boss, listing to music/podcast basically just driving to make the income worthwhile. Do the numbers for your own situation and see if it works for you! BUT it will not replace the income of a high paying job now should it!
As a self employed business woman for over 3 decades, I totally understand the numbers and that dreaded self employment tax. Your accountant is correct. Quarterly pre payments are the way to go. The most impressive thing about this video is your March RU-vid income. Dang! Awesome!
Extremely helpful video, Bren! Thanks for the real honesty with the numbers. So valuable for people to know ahead of time. I wish you well this year with the changes you want to make financially!
I drive Lyft and Uber full time and I also work in Real Estate. I am currently in school and helping to raise my nieces and nephews as well. I have the freedom to take time off when needed and I don’t need to ask for permission. Being able to make my own schedule is the best thing and I pray I never need to go back to working a regular job. I do well enough driving, it takes care of my expenses and I get to have some play money. I can pick up extra things to make money when needed. Overall, I’m happy, I’m free and that balances things out for me. Thanks for the video and continued blessings to you, Bren! 💜💜💜
Thank you, Bren. I'm processing it all still, but I will say that you are a talented individual, very personable and down-to-earth, and I think this will help you make great strides. Keep on keepin' on, sir.
Thank you fir this informational video. I learned a few deductions for self employment alone. I am glad that your you tube channel is growing. Be safe out there 💕
You’re amazing. And look what you have built in the mean time. It has been a side hustle and you have direction and a growing account. That’s priceless
Bren i have said it before, your personality, video ability, bubbly vibe, and creative content you can take your channel to the next level for sure, with a little ingenuity you can smash it out the park, i would take some time to think where to take your content on you tube and go for it, yours for the taking and you deserve it, good luck xx❤
I really enjoyed and respected your honesty and transparency with the money aspect of this life that you chose for yourself. I really do hope that you will get more money and good resources for you to keep on doing what you love. And wishing you the best.
I agree about cutting down on the gig work but mainly because the vehicle is also your home so it's a win win to cut back. Very smart. You make excellent videos and are seeing the fruits of your labor. So happy for you Bren 😊
Wow. Your numbers equal what many live off of being on SSDI or SSDI and you literally work right now for your money! thank God you still have a workable life in you today. You keep working hard to build up your money! That is the ticket and with your positive attitude during this video, you will come out stronger this coming year👏🏻. Good job!
Great video, pretty informative. Keep hanging there. Hoping for more stealth camping, vlogs and regular camping content then. You are a cool dude, so if your style of videos is similar, and not necessarily doordashing content, I'll keep watching. Keep up the good work.
Wow, that was an eye opener! I was a shopper for Instacart for 7 months in 2019, I loved it but my car did not so I changed jobs. I was thinking about going back because I miss working alone and choosing my own schedule... I think you are correct about doing this kind of work as a side job. Great video Bren, Thank you!
Just found your channel last night and have watched a few videos. I’m super impressed! I subscribed after the second video. Keep up the great content, keep going with your sobriety (God will give you strength!), and keep focusing on your son. I’ll be watching!
Im new to your channel, i am so happy for you that you are making something from it, you deserve it! This was a great breakdown and i know you will be able to make this info work for you, cause you're a smart man. Seems to me that you're pretty content at the pace you are going and you are making huge strides. I hope this is right on, you deserve happiness, you are working hard to make a good honest life for yourself and also your son. I hope your parents are proud of you and also you are proud of yourself! Thank you so much for this assessment of gig work, i just bet it has helped tons of people. Your positive and clean attitude and outlook on life is so very refreshing! Thanks again Bren ~ wishing you continued success! P.S. 😉You are courageous!
Excellent explanation. I appreciate this kind of info. Very relatable content. You would make a very organized trucker which is half the battle out here for the One Truck Chucks. ✌️
The grind is not easy and I only did it for a few months between jobs but I love the deep dive, awesome break down Bren cant wait to see you with 1 mill subs
Hey Bren! Hope you're doing well and healthy!🎉❤ Excellent n realistic breakdown of stuff and annalysis!🎉❤ Pretty interesting stuff to consider, too!🎉❤ Thx for breakdown, etc..!🎉❤ May all your shifts be safe n prosperous!🎉❤
What an awesome breakdown and reality check! When comparing these numbers tho it’s important to realize w-2 jobs have built in costs as well. So even though after everything you concluded that you made minimum wage, if you did a similar breakdown on an actual minimum wage scenario, that would come out even less. Which is partly because you wouldn’t get many of those tax breaks. Still, a great warning to those considering getting into it, whether full or part time.
Really like your videos. I was broke for many years but I didn’t have to live in my car and do gig work. There were some close calls though. It is a short term back up plan. You show it can be done.
That was an eye opener. My vehicle gets crappy mileage and it’s 20 yrs old. This type of work would definitely be a NO go for me. Thanks for breaking it down for us!✌🏻
I would also call this your apprenticeship of sorts in a media career you appear to have the chops for. You are clearly talented in this field and that should lead to bigger opportunities, if that's the route you choose.
I do Uber and Lyft and my numbers were very similar to Bren's. I absolutely think it is the best thing I have ever done and wish I would have left my Office job years ago. My time and FREEDOM are way more valuable than money. Also since I get all my money deposited weekly instead of a puny check after the company takes all of the countless fees, taxes, Union Dues etc., I feel way richer NOW than when I worked in an office.
Excellent job switching to REAL ACCOUNTING. You did a good job. So you are taking on all the liability for every move you make! Are you having fun? Great video.
Nice to hear a complete breakdown. I've filed the last two years as self employed driver and these numbers are close to mine. I'm now only doing this as a little extra, very little 😂.
@@brenpgrace I just watched your vlog and I agree with the miles on your car that gets accumulated so fast while doing gig work. I do it part time and even then I put miles on the car. I live more in a rural area and orders can be quite a distance to deliver. It's still pretty good though.
