Uber Drivers Win IPO Lottery Jackpot. Uber is Giving Qualified Drivers Up to $40,000 When It Goes Public.
If you have been with Uber through thick and thin, you may have just hit the Uber IPO lottery (Initial Public Offer aka becoming a public company). As disclosed in its Securities and Exchange Commission (SEC) filing, Uber plans on sharing $300 million between over 1 million qualified drivers! Some drivers are set to receive up to $40,000. As a former Uber driver myself, I, unfortunately, won't cash in, having given only 562 rides; I retired in July 2016. There will be 6 cash rewards, ranging from $100 to $40,000, based on the number of rides completed. Here's a breakdown of the cash rewards and the best way to use that money and enjoy financial freedom for years to come.
A breakdown of Uber's cash awards
Uber's cash reward is based on the number of trips drivers have completed. The lowest amount is $100 and the grand daddy of them all is $40,000. As a faithful Uber driver, claim your share of the windfall.
- $100 for 2,500 trips
- $500 for at least 5000 trips
- $1000 for 10,000 trips or more
- $10,000 for at least 20,000 trips
- $20,000 for a least 30,000 rides. And the jackpot...?
- ...$40,000 for at least 40,000 trips! That's a whole lot of miles, damage to your car, Michigan potholes, if you are a Michigan Uber driver (fix the damn roads!), drunk passengers vomiting in your back seat, bad passenger reviews, among things. But you get the last laugh.
Pay yourself and invest your Uber driver's cash award
There are many ways you can use your Uber driver's cash reward. But if you want to enslave that money and let it generate more money for you, the best option is to invest it! An appealing option is to invest in index funds or exchange-traded funds (ETFs). You don't even have to put all your cash reward into an investment account. You don't need a lot of money to invest. If you are a passive investor, I recommend micro investing or low-cost ETF brokers. As an index fund investor myself and someone who heeds Warren Buffet's best investing advice, I recommend this low-cost index fund.
The bottom line
If you are one of the lucky Uber IPO lottery winners, congratulations on your tenacity and cash windfall! I, myself, am going to miss the lowest cash award of $100 by about 2000 rides. If you want your Uber driver IPO money to make more money for you, the best thing you can do with it is to invest it. For the new investor, I recommend this low-cost index fund. Check out our investing page for a list of our partners that may be able to help you invest your well-deserved Uber cash windfall.
Do you know of an Uber driver who needs to know this news and could use some hard, cold cash? Share this article with them. Please leave us your feedback in the comment section to help us improve and grow. Subscribe below to get our latest articles. Here are a few more articles you may find useful: I buy the 500 largest U.S. stocks with a single index fund. The initial result is stunning! | How to make money in real estate without buying physical properties | How to use your tax refund | Cash is trash, not king. Invest it | How to buy and invest in marijuana stocks.