As poker players it is essential to have both a bankroll and liferoll to minimize your risk of ruin. Going busto so to speak. Your bank account hitting zero. Which as you can imagine is no fun, as I’m sure those of you who have been there can concur.
TheTrooper97, the OG of poker vlogs, put out a great vlog on his experience going busto when he first got to Vegas called Contingency Plan. You can see the raw emotion in it, and is a great example of why you need both a poker bankroll and liferoll if you are going to take the plunge into being a professional poker player. For those of you not familiar with these terms, whom may just getting into poker and wanting to start taking it more seriously, let me explain. A bankroll is essentially an amount of money set aside for the sole purpose of using for poker, and nothing else. The ideal bankroll amount is in the range of 20-30 buy ins for live poker to withstand the variance and swings you will encounter. A liferoll is an amount of money you have set aside for living expenses. Rent. Car payment. Food. Health insurance. GF’s, or your hooker habit. Or in the legendary Jeff Boski’s case, Asian Foot Spas. Basically whatever your monthly budget is, you’ll want to have at least 3-6 months living expenses aside, separate from your bankroll, to minimize your risk of ruin.
Now you may be asking yourself what does this have to do with Uber and Lyft? Well when you are getting started we highly recommend having another source of income. Cash flow so to speak. This will help in many ways, and not only financially as you may think. It helps tremendously on the Meta side of being a professional poker player. Playing No Limit Texas Hold’em for a living can be very stressful at times. Especially during the inevitable downswing. Don’t kid yourself that it won’t happen to you. Having cash will help lessen the blow, and keep you both mentally and financially stable.
UBER SIGN UP BONUS
If you are not interested in driving for Uber, we still highly recommend at least signing up and completing the minimum ride requirement to get a bonus. Uber offers bonuses up to $1000 after completing a certain amount of rides. The ride requirement currently ranges from 50 rides to 150 rides. On rare occasions we have seen the bonus as high as $5000 in Los Angeles. This also has a minimum ride requirement up to 1000 rides within the first 3 months. Now this sounds like a lot. And it is. But if you are grinding 40 hours a week, it is definite attainable as there is plenty demand in a city like Los Angeles. Keep in mind you also get to keep all of your fare money on top of this. Uber and Lyft each take a 25% cut, and you get the remaining 75%.
If you do the math, you could essentially make $10k-15k within 3 months. A perfect bankroll builder for 1/2, 1/3, 2/3 and 2/5 No Limit Texas Hold’em games. The beauty of these bonuses is that you can choose to never drive for Uber again once you hit your minimum ride requirement. I actually did this myself when I was starting out building my bankroll. I signed up for a bonus in San Francisco, CA for $500 after completing 50 rides. Combined with my fare money, I made an easy $1000 in 2 1/2 days of driving 8 hours a day.
LYFT SIGN UP BONUS
So how do I sign up? And how to I get Lyft bonus? Well we are here to provide that for you. To get a bonus you must sign up using an existing drivers promo code. To find out what the current bonus is in your city, simply contact us and we will let you know. Or click this link to sign up now and find out what Lyft bonus.
Simply fill out your info, and complete your application, and Lyft will let what bonus you qualify for in your city. You can get cleared to drive within a week making money! Be sure to sign up in the closest metropolitan city to you, even if you live in a suburb. This will ensure you the biggest bonus possible.
Sign up bonuses are like the stock market. They are constantly fluctuating due to supply and demand. If a certain city is in need of drivers, both Uber and Lyft will increase the bonus amounts in an effort to recruit new drivers. Once they hit their quota, the bonus with drop dramatically. Like your graph during a downswing.
Another great thing about Uber and Lyft is that they have an Express Pay option. This allows you to cash out all your fare money at the end of the day, which is then directly deposited into your bank account within the hour. Sometimes immediately at a charge of only .50 cents. If you are a nit, and don’t want to ante up the .50 cents, they both pay weekly. If you take advantage of both Uber/Lyft bonuses, assuming the bonus for each is $1,000, you can make an easy $4,000 in a month!
PROS AND CONS
Now if you are anything like us here at 9to5poker, and most other poker players out there for that matter, we are all trying to avoid the 9to5 grind. Being an Uber and Lyft driver is about closest thing to that. You can work whenever you want. Don’t have a boss looking over your shoulder. And if you don’t like it, you can just up and quit with no repercussions. As long as you have a four door car that is 2004 and newer, no DUI’s, major traffic violations, or violent crimes on your record, you should be able to pass the background check. The process is quick and painless, all done through submitting your information through the apps.
One of the great things about being a rideshare driver is the social aspect. You meet many interesting people. Now not all of your passengers will be pleasant, but 99% of them are very respectful. If you are not a fan of dealing with drunks, simply drive the day shift. You may sacrifice a bit of your potential earnings as the night shift will generally be more profitable. But the great thing about these rideshare companies is they offer guarantees for driving during certain hours. For example, if you drive during the hours of 7am-10am in select cities, you are guaranteed to make up to $30 an hour. In San Francisco and San Jose Uber gives a weekly bonus of $500 for drivers who complete 120 rides in a week. On top of all your fare money! Not a bad deal if you ask me.
So we’ve talked about all the pros of being a rideshare driver. Now lets talk a bit about the cons. The biggest con will be the wear and tear, and depreciation of your vehicle. Due to the amount of miles you will be putting on your vehicle, oil changes will become more frequent. Essentially you are taking equity out of the value of your car to make money in the short term. There are ways to counter this a bit. Such as buying a car in the $3k – $7k price range. I wouldn’t recommend going much higher than this. Ideally it will be a reliable car that maintains its value, and gets good gas mileage. Good gas mileage will cut down on your overhead, because being a rideshare driver is essentially running your own business. And any good business owner keeps their overhead low to maximize profits. We recommend any Toyota or Honda. These are generally going to be very reliable vehicles.
Overall there are more pros than cons. Especially for poker players looking to build their bankrolls. Or pad your bank roll to take some shots. And the great thing is it isn’t a permanent job. Once you have your bankroll and liferoll to where it needs to be, you are ready to give being a professional poker player a good shot. And you will always have a fall back plan for instant cash if times get tough. What job have you ever had that you can up and quit, no two weeks notice, and come back on your own terms?
UBER VS LYFT
Now we highly recommend driving for both rideshare companies if you are going to do it. This is what all the hustlers out there are doing. And the best way to maximize your earnings. There is nothing more tilting than sitting in another 7/11 parking lot waiting for that beautiful sound of a ping, alerting you of a ride request. By having both apps on at the same time, you decrease the downtime between rides, and increase your earnings. When demand for rides surpasses the supply of drivers, whats known as surge pricing kicks in. Lyft’s version of this is known as Primetime. Basic economics. For example if you see Uber is surging 3x, this means rides are going to cost 3x the base fare. Same goes for Lyft. These opportunities can make your shift. If you see Uber is surging, simply shut the Lyft app off, and only drive for Uber. And vice versa. Just a few tips from a veteran. It takes some drivers a long time to figure out certain strategies to maximize your earnings. And this will help you to consistently be a top earning drivers in your area. I personally have averaged up to $100 an hour over the course of 3-4 hours during these surges.
DOUBLE SIDED REFERRAL BONUSES
If you don’t want to drive for Uber and Lyft, you can still make money without ever taking a ride. You can do this by simply referring friends and family to drive. All you have to do is apply to be a rideshare driver, and once approved you are given a promo code. Simply share this promo code with friends who are interested in driving, or on social media. They are double sided bonuses, which means both your friend/family member will receive a bonus, and you will also receive a bonus once they complete their ride requirement. And the beauty of this is they are doing all the work! You can make up to $1000 for every person you refer. I personally know a guy who made $36,000 over one weekend doing this. I know this is hard to believe. And sounds too good to be true. But it really happened.
At the end of the day we just want to help grow poker, help poker players approach becoming a professional in a intelligent manner, and prepare them for the grind. There are many ways to make money in this day and age, and we just want to share some different options that we have found to effectively make money while avoiding the 9to5 grind. Enjoy our bankroll builder section, and hopefully you are able to find something that excites, and is a good fit for you. We are also going to offer advice on Affiliate Marketing, Amazon FBA/Retail Arbitrage, and how to start your own ecommerce store on Shopify. So stay tuned for some exciting new content!