It doesn't matter if you get paid once a day or once a month, if you aren't budgeting and have a plan for your money you will wondering where your pay went
I worked at a landscaping company in my teens that would advance up to 50 dollars on Wednesday's but too many people came in hung over on thursdays so they stopped giving advances! lol
I think Dave Ramsey should do Doordash or Uber and film his experience and give us his opinion on the job. It would definitely be entertaining. He'd get a lot more viewers not that he needs to, just saying.
It all comes down to psychology. People don't understand money. The problem isn't when you get the money, the problem is how much you actually net from taxes, bills, & liabilities
Correct, which is the exact psychology behind these services. “Ooh I got $50 today, let me work more so I can get 75 next time!” Which drives them to work more = more profit for corporations
This is so true. I recently had to get ten years of W2’s for a background check for a new job. When I was 19 I waited tables and claimed over 40k that year working part time. I got paid cash every day and had no bills. I saved none of that money. I’m glad I wised up and learned to save but I think back to that now a lot and get mad at myself.
This may be true but that’s part of the deal when being self employed, you make money on your own terms and subsequently spend money on your ow terms, the truth is even when people receive bi weekly paychecks they end up spending a LOT more money on the days after payday whereas most gig workers spend little bits here and there throughout the month, there isn’t a massive difference other than someone is blowing their cash all in a few days and others are chipping away at it over time
I think it's because they live day to day. They think: "Oh I have $40 to spend today on groceries, drinks, food, etc." And they don't think long term such as rent, car payments, or debts to be paid every month. I'd prefer a monthly paycheck as I know an exact number of that is coming out for rent, another chunk for food, 10% of that saved, etc.
We definitely think long term, those that don’t have a serious problem on their hands, if someone can’t control their money I don’t think we should blame how often we get paid for that reason
Uber is great for small towns, but this is the exact reason big cities like Chicago and New York limited the amount of taxis. Uber needs to limit how many drivers they have in each market, or there will be so many drivers that most will make very little money.
When I was working as a waitress I would be able to take home my tips every day. That was my only job at the time because I was in college then. Sometimes it was nice being able to go home with cash at the end of my shift, but it would have been much easier to pay larger bills if I had gotten all of my wages in check form every 2 weeks. I had to calculate how much money I would have to tuck away each day so my bills would be covered, otherwise it was way too easy to spend the cash.
I drive Uber and it's great to see what I make per day. I usually take it out and put it directly into my savings until I see an amount that I have set as a personal goal or a due bill. Once that amount/bill is reached then I start over.
I known a few people that with out of doubt would of pulled that cash on daily basis as they worked and then when rent came due would suddenly find they've spent everything up until that point and now want you to cover their share with IOU promise. Definitely a nightmare situation for those who impulse spend and have bills lol
I had an app when I worked at Walmart that you could get money early, never used it personally but did use the app cause it would let you know what your projected paycheck would be.
I figure it this way... It costs companies money to pay you. You getting paid more frequently costs them more money. They'll have to compensate for that somehow. I have to say though when I wasn't on a written plan it would have been a lot easier to be paid every day. I used to be one of those "thank God it's Friday" to "oh no it's Monday" people. Changing that was really hard but I never want to go back.
I get paid every two weeks...don't care if paid once a month. Live within your means and your not worrying about pay day. Sorry daily pay sounds like something broke people need. Unless its just a side job then fine.
It's hard to get to the point where you can do that. I worked for a company that went from weekly pay to pay every two weeks, and one fellow employee told me two years later that she hadn't adjusted yet. And she was the bookkeeper.
I've been paid a number of different ways. Every 2 weeks was nice if you build a budget on 2 pays a month. Twice a year you get a bonus. Currently I'm being paid monthly. I've found it makes the budget math real easy.
It's not a bonus, it is still money you earned and could have been saving all along. For me it doesn't matter because I keep a few months of expenses in my checking, with direct deposit and auto bill pay so I don't look at it that often but if I were trying to budget that would be less ideal than 2x a month because things don't line up nicely.
Idiot. The folks who work for Walmart get paid every 2 weeks, like you, but the owners of Walmart get paid everyday, every time a customer walks out the door with a Walmart bag. Cha-Ching
The owners don't get paid the instant someone walks out the door especially if someone uses a credit card, that money is held for a certain amount of time before it is turned over to the company then there is time for the money to go from the company to the owner.
Uber is the worse job possible. You literally get paid less than minimum wage by the time your done with all your business expenses. Trust me on this don’t do Uber I’m speaking from experience.
That's called time interval. They increase the frequency of workers pay to keep them. I wonder if that's going to start kicking in a little more around this time of year with the pandemic?
Studies have shown that low income/ impoverish families that receive one time a lump sum vs regular small sums (as in financial assistance) tend to utilize the money more wisely and improve their situation much more.
The way I see daily pay in general is it makes it hard for people with terrible financial skills to save in general. If it's a second job it makes sense but some people might spend it because they have it, and not on debt. I served and it was daily money and that ability to do something everyday I worked and on my off days was tempting and a lot of that is resisting that temptation when you have a great day and buy something you've been thinking about.
Getting paid bi-weekly, every 2 weeks. Is worse and you get tax more as well. It sucks. I used to love getting paid weekly. Cause I would pay my bills on time as well. I'm thinking of doing uber eats and also dashdoor.
It shouldn't make a difference, I've had jobs that paid once a week and a job that paid every other week, you just adapt your payment schedule and spending habits to adjust to your pay cycle. I'm now self-employed and receive payment for services once a month for most of my clients and some clients take longer than the 30 day cycle, it's all good in the end, so long as you work within your specific pay cycle. It's only really a problem when someone decides not to pay but that is not common, but if you are an employee, you shouldn't worry about not getting paid, for the most part.
I dont think the article is explaining the reason why getting paid daily would reduce people resorting to payday loans is because if i could get paid from my job when im in a pinch for cash due to a bill or something, thats way more convenient than taking a payday loan
Black Excellence Productions if it's a bill I'm gonna assume it comes at the same time every month. Most bills are in the same range every month. Getting paid weekly or bi weekly and taking half off each time you won't need bill money in a pinch.
A company I work for use to have a company who did that, however it was a 3rd party that accessed the app which was a security risk. I used it to pay my bills on time or earlier with that option.
Anyone who uses a payday lender needs to check their spending. I work part time for $12 an hour and I save thousands of dollars a year without debt in college.
What might be cool is if you could disperse those funds by clicking yes each day to go into a separate account that will add up to how much you owe on bills when they are due each day
I think you may be a bit off when you say these are their 2nd jobs. A lot of people working at McDonalds/Outback, etc. use it as their primary source of income. It's one of the reasons we've seen such an uproar for $15 minimum wage for some of these jobs. Some people simply don't see that these are stepping stone jobs to build skills to work their way up to better opportunities, and instead stay in a minimum wage job their entire career, either because they don't want to progress or in some cases maybe don't get presented with the opportunity to. That and I have plenty of friends who wait tables at Outback/Applebees who make pretty solid money and don't see a need to progress to any other job or field.
TeKnoVKNG23 that’s the people ignorant of their true capabilities. They should convert their talents to income generating jobs or businesses. Saying they cold move on but chose to stay in low wage jobs and so want more wages is akin to someone buying and car and saying they will never drive it.
TeKnoVKNG23 You are so right, many low income people are working at fast food places, that are close to their homes, because they dont have a car. They support their family and barely have enough
When I worked Uber (2013-2014) pay was every Wednesday...it must have changed. Also, I would assume getting paid "instantly" could be dangerous for some as overspending would be easy to do. Just a thought.
It also comes in handy when you need to pay a bill or have an emergency. Also, you have to budget your gas $ when not doing instant pay. With pay out free up to 5x's a day you can replenish your tank all day. Then the payouts reset at midnight. I think having it as an option is nice. I find it more critical for Uber as it helps replenish your gas $ up to 5x's a day allowing you to keep going before payday.
Get paid everyday to pay off debts quicker. I actually kind of like that feature. Uber is awesome to by the way. Problem is that I do not get a chance to do it because it would be a third job.
With Uber... I would insist on being paid every day, because the business model is: "Lets run a cab company while disobeying all of the regulations on cabs." . Someone is going to eventually sue the government for not enforcing the law on Uber, but still enforcing it on traditional cab companies. Then the government is going to go after every Uber driver and the company.
I would also recommend this to somebody who was maybe getting paid every week, but then began getting paid bi-weekly or monthly. Just use the Payday app to get paid every week like at your old job.
I do research on incentives, so I'm fascinated by this. On one hand, payment once a day may increase performance by better linking work with incentives. But on the other hand, there are a lot of once-a-month expenses which will not be planned for if they get paid every day and are not long-term thinkers.
@Big Bubba Have you ever done research? Speculation is a big part of the process. It's called developing a research question/theory. In this case the question is pretty easy to understand, but the experimental design would make it difficult to explore.
I think it could boost motivation. That way the extra hour you work Tuesday doesn't get lost in the noise of all the other days of the month when you get your paycheck.
Michael Szymborski I never liked getting paid monthly because it kept me from using the time value of money to my advantage. Cash flow is king. The more frequent, the better.
I remember I worked for a health club and we got paid every two weeks on Fridays but the owner's had to stop paying employees on Friday because the employees went out and blew there whole checks on the weekend and missed work on Monday's and would ask for advances the next week lol
I'm self-employed so I get paid every day as well however, I do all of my bills on a monthly schedule, in other words I pay off all my bills at the beginning of the month. So everything that I make on a daily basis goes into my bank accounts and by the end of the month I have enough money to pay next month's bills. Then what I make that month goes to pay off the following month bills.
In 74-percent of cases, ride-sharing drivers were found to earn less than their state’s minimum wage. The median profit per hour before taxes worked out to $3.37 an hour.
I recently started driving for Uber Eats but I haven't done instant pay. Was waiting for weekly pay. But recently got into an accident where I am at fault while on a work order. So we'll see if I keep going with it. I did set aside a tax savings account because to my knowledge they don't take out for that. So not sure if this is a great long term idea.
keeping a buffer in the bank "expenses" you can budget better. you are ahead and can save. anything comes up, money is there. i have gone 2 months without a paycheque. the contractor had a few budgeting issues at the time. he was surprised why i wasn't hammering him to be payed. i told him i have a budget amd money set aside for times like this. it feels easier amd better than living on a whim. it cam be done. life is full of choices. choose wisely.
That's a good question that article pose. How would people manage their money if that had access to their paycheck everyday? Obviously, if you have a low income having access to your paycheck isn't really going to change their situation but would people spend more and budget less because being paid everyday is giving them the impression that they have more money. Again, the issue is the income and financial management but how would it affect the person's behavior. Of course economist know this but what am sure they really want to know is if it would get people to spend more.
unless you're also paying all of your daily expenses daily (living in a day rate motel may be or ?) I don't think this is a good idea, how are you going to come up w/a lump sum to pay rent or car payment if you've taken all your money daily (and I'm assuming spending it on eating or whatever daily in this scenario)? This way of payment would take tremendous self control to not spend the money "daily" so you've got it for larger living expenses monthly/yearly.
I believe that daily pay will help people keep a job and instill motivation, as the motto says there is no tomorrow only today. Imagine working and waiting wishing thinking of all the things you're going to do with the money you are getting 2 weeks away, and you DIE a day before. you just worked for that company for free basically. yeah your family can get a hold of that money hopefully but they weren't the ones who physically worked for it. Trade jobs, expect the money same day, if i work today , i expect to enjoy that money and pay my bills down. low pay or not it the emotional stress of not being able to live and feel slave to the 2time month pay day.
If you live in a bigger city or area and when Uber was new it was great, now with the amount of drivers they have now its a complete waste of time. Better off getting a delivery job where you don't have to claim your tips for tax if you are just looking for a part time job. With uber the amount of miles you are going to drive to make 15-20 dollars in a hour is a complete waste of your car in the long run for how much making. When people were making a couple hundred dollars a day driving for uber it was worth it for the amount of miles you have to drive and people you have to deal with. Uber is great for customers now but terrible for drivers.
I acually see how this could be helpful to some people. Say you don't have/are still building your emergency fund and for some reason you have a particularly bad month, your expenses are higher than you anticipated and you're left with, as Dave likes to say, too much month at the end of the money. In that scenario, getting some of your next paycheck early could help you avoid debt (given that you're able to cut your expenses the following month). That being said, if such situations happen regularly then you're just bad at managing money and the only app that can help you at that point is EveryDollar.
If you can’t manage you’re money by getting paid weekly or even every two weeks what makes you think by getting this app would help someone ? Please explain anybody
If youre not broke it doesnt really matter when you get paid. I'm not broke and more than 50% of my paycheck is paid annually. I don't care when I get paid, as long as I do get paid. And because I received that money later I actually received more I pretty much received a bonus of 1k just for allowing them to pay me later.
Driving for Uber or Lyft in Chicago market is horrible. I did it for about 6 mos and lost money. You really need to figure out how much wear and tear gas and risk you are taking. Also Uber doesn't back you up when someone pukes in your car unless you take pictures of the puke and provide cleaning receipts. If you get into an accident your insurance will most likely not cover you. I have numerous more horror stories and have friends who drove who lost money as well. The only one who wins is UBER.
UBER keeps 30%. I work for a Donatos pizza and I get paid daily without using an app. I would rather work for $7.25/hr plus tips and mileage than to work for ubereats making only $5.00 per delivery and using MY GAS to make tips and such. Sorry, but even if gas is cheap, its still MY EXPENSE without a hourly wage.
People aren’t willing to admit that what they are doing is wrong/doesn’t work. It’s the same reason we have political arguments and poor people continue making poor decisions. If what you are doing doesn’t work you need to change
you're only looking for your pay day by day if you're broke. People who do this kind stuff as a part time to make some extra money look at the total amount after a month or a year.
I bet more people will watch their finances more closely. Once you can more readily realise your cash flow is in the negatives you would change your spending habits.
It doesn't matter if you get paid once a day or once a month, if you aren't budgeting and have a plan for your money you will wondering where your pay went
I worked at a landscaping company in my teens that would advance up to 50 dollars on Wednesday's but too many people came in hung over on thursdays so they stopped giving advances! lol
lololol
520Homestead I created a landscaping company in my teens. I paid myself.
Landscapers and painters. Typical.
@@wmluna381 A sober painter is a bad painter.
One of my first jobs out of college only paid once a month. That was a rough couple of months adjusting, but taught me how to make a budget.
I think Dave Ramsey should do Doordash or Uber and film his experience and give us his opinion on the job. It would definitely be entertaining. He'd get a lot more viewers not that he needs to, just saying.
Yes and also deliver pizza!
Lol imagine him dropping off the food, saying this isn't rice and beans!!
😂🤣😆
He would lose his mind delivering steak to someone in a trailer park with a bmw out front
It all comes down to psychology. People don't understand money. The problem isn't when you get the money, the problem is how much you actually net from taxes, bills, & liabilities
Just like anything else it comes down to discipline. Easy come, easy go.
WhiteBoard Finance true you seem like a smart man!
Stretch you and my mom are the only ones that think that lol jk. Thanks for the compliment 😀
Very true!
WhiteBoard Finance no problem
Very true!
I personally love Uber and Lyft. I drive with a ride share app almost everyday and it's been great for helping pay down debt. No complaints!
Five Cents Matter do you run into issues with people being so beautiful.
I do door dash part time to pay down debt; but I don't let it pay me every day. I just let it pay me once a week. :)
A lot of people spend more money on payday then on other days so getting paid more often could hurt your savings.
Chris Baker well people that do that are dumb
Correct, which is the exact psychology behind these services. “Ooh I got $50 today, let me work more so I can get 75 next time!” Which drives them to work more = more profit for corporations
kuhataparunks works for me
This is so true. I recently had to get ten years of W2’s for a background check for a new job. When I was 19 I waited tables and claimed over 40k that year working part time. I got paid cash every day and had no bills. I saved none of that money. I’m glad I wised up and learned to save but I think back to that now a lot and get mad at myself.
This may be true but that’s part of the deal when being self employed, you make money on your own terms and subsequently spend money on your ow terms, the truth is even when people receive bi weekly paychecks they end up spending a LOT more money on the days after payday whereas most gig workers spend little bits here and there throughout the month, there isn’t a massive difference other than someone is blowing their cash all in a few days and others are chipping away at it over time
I like the instant pay. I used to use it when I Ubered. I loved watching my savings account go up. I never touched it.
I think it's because they live day to day. They think: "Oh I have $40 to spend today on groceries, drinks, food, etc." And they don't think long term such as rent, car payments, or debts to be paid every month. I'd prefer a monthly paycheck as I know an exact number of that is coming out for rent, another chunk for food, 10% of that saved, etc.
DynamicHunter I agree with you on that plus paying bills early is the best feeling
We definitely think long term, those that don’t have a serious problem on their hands, if someone can’t control their money I don’t think we should blame how often we get paid for that reason
“Keep your income high and your outcome low”
in-come high
out-go low
I drove for Uber when it was new and I made A LOT OF money. Now there are way to many drivers and it's hard to make much.
Mike Stevens yea market has been oversaturated, some ppl desperately depend on it for living so I’ll leave it to them
Nah I do it every night and weekend and regularly average around $30 an hour. Gas only comes out to around 10% of that
@@coryascott Typical uber driver fails to include cost of depreciation on vehicle.
Uber is great for small towns, but this is the exact reason big cities like Chicago and New York limited the amount of taxis. Uber needs to limit how many drivers they have in each market, or there will be so many drivers that most will make very little money.
Area dependent. NYC, I made about 20ish/hour, more during surge. Not worth it anymore since I have a side job in my field but it was easy work.
When I was working as a waitress I would be able to take home my tips every day. That was my only job at the time because I was in college then. Sometimes it was nice being able to go home with cash at the end of my shift, but it would have been much easier to pay larger bills if I had gotten all of my wages in check form every 2 weeks.
I had to calculate how much money I would have to tuck away each day so my bills would be covered, otherwise it was way too easy to spend the cash.
I drive Uber and it's great to see what I make per day. I usually take it out and put it directly into my savings until I see an amount that I have set as a personal goal or a due bill. Once that amount/bill is reached then I start over.
I do uber eats on the side and i cash out every night, but its a side income so its not for my bills, but obviously everyone isnt in my situation
I known a few people that with out of doubt would of pulled that cash on daily basis as they worked and then when rent came due would suddenly find they've spent everything up until that point and now want you to cover their share with IOU promise. Definitely a nightmare situation for those who impulse spend and have bills lol
I had an app when I worked at Walmart that you could get money early, never used it personally but did use the app cause it would let you know what your projected paycheck would be.
When I used to get paid weekly, I waisted a lot of money.
Massive thank you for this 🙏 Dave!
Lol why pay an app $90 a month to get paid everyday?
I figure it this way... It costs companies money to pay you. You getting paid more frequently costs them more money. They'll have to compensate for that somehow. I have to say though when I wasn't on a written plan it would have been a lot easier to be paid every day. I used to be one of those "thank God it's Friday" to "oh no it's Monday" people. Changing that was really hard but I never want to go back.
Getting paid monthly was the best thing that happened to our finances.
I get paid every two weeks...don't care if paid once a month. Live within your means and your not worrying about pay day. Sorry daily pay sounds like something broke people need. Unless its just a side job then fine.
It's hard to get to the point where you can do that. I worked for a company that went from weekly pay to pay every two weeks, and one fellow employee told me two years later that she hadn't adjusted yet. And she was the bookkeeper.
I've been paid a number of different ways. Every 2 weeks was nice if you build a budget on 2 pays a month. Twice a year you get a bonus. Currently I'm being paid monthly. I've found it makes the budget math real easy.
It's not a bonus, it is still money you earned and could have been saving all along. For me it doesn't matter because I keep a few months of expenses in my checking, with direct deposit and auto bill pay so I don't look at it that often but if I were trying to budget that would be less ideal than 2x a month because things don't line up nicely.
Idiot. The folks who work for Walmart get paid every 2 weeks, like you, but the owners of Walmart get paid everyday, every time a customer walks out the door with a Walmart bag. Cha-Ching
The owners don't get paid the instant someone walks out the door especially if someone uses a credit card, that money is held for a certain amount of time before it is turned over to the company then there is time for the money to go from the company to the owner.
Daily pay may incentivise workers to work more hours. Instant gratification will correlate positively with average hours worked.
Uber is the worse job possible. You literally get paid less than minimum wage by the time your done with all your business expenses. Trust me on this don’t do Uber I’m speaking from experience.
Amen I am trying to exit it now
KevinDrakeFitness
Depends where you drive.
I heard uber was a good deal a few years, but it clearly isn;t anymore.
Stay away and the CEO of the business is a very hateful person.
Sound like you did it wrong
I do daily pay, it cost me nothing if I request the money the day before I need it.
What job?
That's called time interval. They increase the frequency of workers pay to keep them. I wonder if that's going to start kicking in a little more around this time of year with the pandemic?
Studies have shown that low income/ impoverish families that receive one time a lump sum vs regular small sums (as in financial assistance) tend to utilize the money more wisely and improve their situation much more.
The way I see daily pay in general is it makes it hard for people with terrible financial skills to save in general. If it's a second job it makes sense but some people might spend it because they have it, and not on debt. I served and it was daily money and that ability to do something everyday I worked and on my off days was tempting and a lot of that is resisting that temptation when you have a great day and buy something you've been thinking about.
Discipline!
Getting paid bi-weekly, every 2 weeks. Is worse and you get tax more as well. It sucks. I used to love getting paid weekly. Cause I would pay my bills on time as well. I'm thinking of doing uber eats and also dashdoor.
It shouldn't make a difference, I've had jobs that paid once a week and a job that paid every other week, you just adapt your payment schedule and spending habits to adjust to your pay cycle. I'm now self-employed and receive payment for services once a month for most of my clients and some clients take longer than the 30 day cycle, it's all good in the end, so long as you work within your specific pay cycle. It's only really a problem when someone decides not to pay but that is not common, but if you are an employee, you shouldn't worry about not getting paid, for the most part.
I work at Target and this is what they have available no
I think it would be a cool idea for me in that I could invest faster. Assuming that this is used on a second job.
I know people that work for Rideshare full time make close to $1,000 a week.
I know not everyone is this way but just budget people live with in your means.
Delivering pizza is my 3rd job🤣
Same
I dont think the article is explaining the reason why getting paid daily would reduce people resorting to payday loans is because if i could get paid from my job when im in a pinch for cash due to a bill or something, thats way more convenient than taking a payday loan
Couldn't agree more!
Black Excellence Productions if it's a bill I'm gonna assume it comes at the same time every month. Most bills are in the same range every month. Getting paid weekly or bi weekly and taking half off each time you won't need bill money in a pinch.
A company I work for use to have a company who did that, however it was a 3rd party that accessed the app which was a security risk. I used it to pay my bills on time or earlier with that option.
This video had me rolling!!!!! 🤣🤣🤣🤣🤣🤣🤣🤣
Pizza delivery is kind of the best of both worlds. I take my tips home after every shift, but still get a paycheck every 2 weeks.
A cat is fine too...
I used to love that at Jimmy Johns!
Anyone who uses a payday lender needs to check their spending. I work part time for $12 an hour and I save thousands of dollars a year without debt in college.
What might be cool is if you could disperse those funds by clicking yes each day to go into a separate account that will add up to how much you owe on bills when they are due each day
You can do that
I think you may be a bit off when you say these are their 2nd jobs. A lot of people working at McDonalds/Outback, etc. use it as their primary source of income. It's one of the reasons we've seen such an uproar for $15 minimum wage for some of these jobs. Some people simply don't see that these are stepping stone jobs to build skills to work their way up to better opportunities, and instead stay in a minimum wage job their entire career, either because they don't want to progress or in some cases maybe don't get presented with the opportunity to. That and I have plenty of friends who wait tables at Outback/Applebees who make pretty solid money and don't see a need to progress to any other job or field.
TeKnoVKNG23 that’s the people ignorant of their true capabilities. They should convert their talents to income generating jobs or businesses. Saying they cold move on but chose to stay in low wage jobs and so want more wages is akin to someone buying and car and saying they will never drive it.
If someone stays in fast food as their primary job forever that’s their fricken fault. Go get a real fricken job.
TeKnoVKNG23
You are so right, many low income people are working at fast food places, that are close to their homes, because they dont have a car. They support their family and barely have enough
"some cases maybe don't get presented with the opportunity to" - Opportunities don't "present" themselves, you have to go make it happen.
trbobitch06 wow must be nice to be privileged like you
So true. Thanks Dave. God bless
When I worked Uber (2013-2014) pay was every Wednesday...it must have changed.
Also, I would assume getting paid "instantly" could be dangerous for some as overspending would be easy to do. Just a thought.
Denzel Sumlin It is still every Wednesday. Instant pay is optional. You have to signup if you use their go card, or add a support bank/debit card.
It also comes in handy when you need to pay a bill or have an emergency.
Also, you have to budget your gas $ when not doing instant pay. With pay out free up to 5x's a day you can replenish your tank all day. Then the payouts reset at midnight. I think having it as an option is nice. I find it more critical for Uber as it helps replenish your gas $ up to 5x's a day allowing you to keep going before payday.
Get paid everyday to pay off debts quicker. I actually kind of like that feature. Uber is awesome to by the way. Problem is that I do not get a chance to do it because it would be a third job.
With Uber... I would insist on being paid every day, because the business model is: "Lets run a cab company while disobeying all of the regulations on cabs."
.
Someone is going to eventually sue the government for not enforcing the law on Uber, but still enforcing it on traditional cab companies. Then the government is going to go after every Uber driver and the company.
Nahh because Uber isn't your traditional cab/taxi so that won't happen
I know this vid is 2 years old. But I drive Uber eats as a side hustle and it’s a weekly pay out.
I would also recommend this to somebody who was maybe getting paid every week, but then began getting paid bi-weekly or monthly. Just use the Payday app to get paid every week like at your old job.
I was able to bought a pretty small house because of Uber, there's nothing wrong with it, it's a decent job.
I do research on incentives, so I'm fascinated by this. On one hand, payment once a day may increase performance by better linking work with incentives. But on the other hand, there are a lot of once-a-month expenses which will not be planned for if they get paid every day and are not long-term thinkers.
@Big Bubba Have you ever done research? Speculation is a big part of the process. It's called developing a research question/theory. In this case the question is pretty easy to understand, but the experimental design would make it difficult to explore.
"Things are bad, so I used payday lenders"
Dave - "No, you use payday lenders so things are bad."
👏
I think it could boost motivation. That way the extra hour you work Tuesday doesn't get lost in the noise of all the other days of the month when you get your paycheck.
I’m paid once a month and I love it being that way!
Michael Szymborski I never liked getting paid monthly because it kept me from using the time value of money to my advantage. Cash flow is king. The more frequent, the better.
I remember I worked for a health club and we got paid every two weeks on Fridays but the owner's had to stop paying employees on Friday because the employees went out and blew there whole checks on the weekend and missed work on Monday's and would ask for advances the next week lol
I'm self-employed so I get paid every day as well however, I do all of my bills on a monthly schedule, in other words I pay off all my bills at the beginning of the month. So everything that I make on a daily basis goes into my bank accounts and by the end of the month I have enough money to pay next month's bills. Then what I make that month goes to pay off the following month bills.
In 74-percent of cases, ride-sharing drivers were found to earn less than their state’s minimum wage. The median profit per hour before taxes worked out to $3.37 an hour.
Joe Doe , I not only drive, but also known a lot of drivers and we all do a lot better than 3. A hour.
100 percent correct. I've calculated the same
Sounds perfect for drug addicts
I recently started driving for Uber Eats but I haven't done instant pay. Was waiting for weekly pay. But recently got into an accident where I am at fault while on a work order. So we'll see if I keep going with it. I did set aside a tax savings account because to my knowledge they don't take out for that. So not sure if this is a great long term idea.
I've had it for a while. I only do instant pay for emergency. Otherwise I let it ago to my bank account.
All true.
keeping a buffer in the bank "expenses" you can budget better. you are ahead and can save. anything comes up, money is there. i have gone 2 months without a paycheque. the contractor had a few budgeting issues at the time. he was surprised why i wasn't hammering him to be payed. i told him i have a budget amd money set aside for times like this. it feels easier amd better than living on a whim. it cam be done. life is full of choices. choose wisely.
That's a good question that article pose. How would people manage their money if that had access to their paycheck everyday? Obviously, if you have a low income having access to your paycheck isn't really going to change their situation but would people spend more and budget less because being paid everyday is giving them the impression that they have more money. Again, the issue is the income and financial management but how would it affect the person's behavior. Of course economist know this but what am sure they really want to know is if it would get people to spend more.
unless you're also paying all of your daily expenses daily (living in a day rate motel may be or ?) I don't think this is a good idea, how are you going to come up w/a lump sum to pay rent or car payment if you've taken all your money daily (and I'm assuming spending it on eating or whatever daily in this scenario)? This way of payment would take tremendous self control to not spend the money "daily" so you've got it for larger living expenses monthly/yearly.
There's good and bad here... there's nothing wrong with getting paid daily, but this is better for people who have daily costs to keep working.....
I think this can be very dangerous for some people with the exception that they are using it as a second job and laying down their debt.
People are reading this the wrong way. It's really more for emergencies flat tire, doctor visit, car repair
I’d like to know Dave’s thoughts on apps like Acorns and Robin Hood?
"When you invest nickels you get nickels."
Sydney RBS facts
defAngel me too.
I believe that daily pay will help people keep a job and instill motivation, as the motto says there is no tomorrow only today. Imagine working and waiting wishing thinking of all the things you're going to do with the money you are getting 2 weeks away, and you DIE a day before. you just worked for that company for free basically. yeah your family can get a hold of that money hopefully but they weren't the ones who physically worked for it. Trade jobs, expect the money same day, if i work today , i expect to enjoy that money and pay my bills down. low pay or not it the emotional stress of not being able to live and feel slave to the 2time month pay day.
If you live in a bigger city or area and when Uber was new it was great, now with the amount of drivers they have now its a complete waste of time. Better off getting a delivery job where you don't have to claim your tips for tax if you are just looking for a part time job. With uber the amount of miles you are going to drive to make 15-20 dollars in a hour is a complete waste of your car in the long run for how much making. When people were making a couple hundred dollars a day driving for uber it was worth it for the amount of miles you have to drive and people you have to deal with. Uber is great for customers now but terrible for drivers.
I acually see how this could be helpful to some people. Say you don't have/are still building your emergency fund and for some reason you have a particularly bad month, your expenses are higher than you anticipated and you're left with, as Dave likes to say, too much month at the end of the money. In that scenario, getting some of your next paycheck early could help you avoid debt (given that you're able to cut your expenses the following month). That being said, if such situations happen regularly then you're just bad at managing money and the only app that can help you at that point is EveryDollar.
Trucking has been doing this for years
Getting paid daily is always preferable. You don't have to wait 2 weeks or a month to get paid. You get that much more time to earn interest.
SevenRiderAirForce I prefer monthly payments, it's easier to set up automated savings then.
If you can’t manage you’re money by getting paid weekly or even every two weeks what makes you think by getting this app would help someone ? Please explain anybody
Ebay did this since 2005.
Uber just recently started investing into tens of thousands of self-driving Volvos to replace human drivers.
Great, now I don't have to have awkward conversations with drivers. Lol.
I worked at a general labor temp agency daily pay a double edge sword but some folks are soo broke they can’t have a traditional bank account
People have to learn discipline and controlled spending
I never thought of it that way you are awesome thanks
There’s a good chance you spend all the money if you see it right away. Getting payed every two weeks decreases your chances of spending it all.
Man they got me good. $32 for 5 cents. Be careful guy's.
I never understood payday loans. Are they for people who can't get a credit card?
If youre not broke it doesnt really matter when you get paid. I'm not broke and more than 50% of my paycheck is paid annually. I don't care when I get paid, as long as I do get paid. And because I received that money later I actually received more I pretty much received a bonus of 1k just for allowing them to pay me later.
Driving for Uber or Lyft in Chicago market is horrible. I did it for about 6 mos and lost money. You really need to figure out how much wear and tear gas and risk you are taking. Also Uber doesn't back you up when someone pukes in your car unless you take pictures of the puke and provide cleaning receipts. If you get into an accident your insurance will most likely not cover you. I have numerous more horror stories and have friends who drove who lost money as well. The only one who wins is UBER.
The one that don't like is we get paid every two weeks that's pretty hard but you got to find ways to raise your income find that better job
Here in Germany you get paid once a month. Never heard of anything different. And everyone seems to be fine with that. Never heard anyone complaining.
The only time I see these app ads is on Dave’s videos.
UBER keeps 30%. I work for a Donatos pizza and I get paid daily without using an app. I would rather work for $7.25/hr plus tips and mileage than to work for ubereats making only $5.00 per delivery and using MY GAS to make tips and such. Sorry, but even if gas is cheap, its still MY EXPENSE without a hourly wage.
I got paid every day when I was waiting tables, this is nothing new.
That's different, he's talking about apps who pay you everyday and charge you $3 or so to give you the money.
Jules P
Banks?
It is a bad idea. People have monthly paymemts to make. If they get their pay on daily basis, they will not be able to make the monthly payments.
$3 a day ?~!? That could be like 700+ a year that's wild. Sounds like my morning drink habit.
People aren’t willing to admit that what they are doing is wrong/doesn’t work. It’s the same reason we have political arguments and poor people continue making poor decisions. If what you are doing doesn’t work you need to change
Pay pn your bills quicker get out of debt quicker.
you're only looking for your pay day by day if you're broke. People who do this kind stuff as a part time to make some extra money look at the total amount after a month or a year.
It is good to cut out check cashing places.
Budgeting is potentially harder on a daily basis, I can see a lot of people having more trouble withit.
I’m not making more than $700 per check
So you can spend your money every day, until the monthly bills come along...
What if you could get paid every min? What if you can also pay your bills every min? In the future, we will be streaming money.
I bet more people will watch their finances more closely. Once you can more readily realise your cash flow is in the negatives you would change your spending habits.
Mooney in that case we’ll see a lot of people in Debt
Live stream. When you go to lunch it pauses.
I feel like it would increase spending and decrease saving behaviorally