📌 Making $75/hr on Thumbtack

GM. Join us for a deep dive into the world of freelance and contract work with today's edition of Work "After" Work.

See you down there!

Happy Hump Day, let's jump in:

• 🐇 TaskRabbit & Thumbtack

• 😂 Meme of the day

WOULD YOU RATHER SWING A HAMMER OR STAND IN LINE?

With today's side hustle, you can do either and get paid.

Today is all about leveraging your skills and talents to earn some extra dough on Thumbtack or TaskRabbit.

Are you handy with a hammer? Know your way around a paintbrush? Maybe you're just really good at moving heavy things from one place to another? Then this side hustle is for you!

And if you're not you might be saying, "But Faares, I’m not good at any of that!" Worry not, you know I gotchu!

You can also get paid for running errands, decorating, doing yard work, assembling furniture, or just helping out at a party.

My favorite way I've seen? Waiting in line for someone else!

Come again? Yeah, you read that right, you can get paid to wait in line or save someone a spot at a restaurant. Try $20-$50 an hour just for waiting:

You might be wondering what’s the difference between the two and which platform is the best for you?

For that I have this comparison: TaskRabbit is like your friend who can pretty much do anything you can do. Think cleaning a messy house, running errands, changing some garage lights, standing in line for someone at Black Friday, or helping assemble a desk someone bought from IKEA.

Here are two taskers that are charging $51.62/hr for assembling IKEA furniture:

Thumbtack, on the other hand, is like your jacked uncle you call to renovate your fixer-upper and help hang cabinets. It's more contract work like fixing clogged drains and cabinet installation, more repeat business.

Naturally, you’re able to charge more as a contractor because you’re doing a job that is usually more labor-intensive meaning your hourly rate will be higher than a retail part-time job, much higher.

Here are two handymen in the Chicagoland area that are both charging $75 an hour:

Along with higher pay, Thumbtack also offers $50 free after you finish signing up!

Here's a step-by-step guide to crushing it on these sites:

1. Sign up!

First, sign up and create a profile highlighting your skills and experience. In order to be eligible, you need to be above 18, have a credit card, checking account, a smartphone, and pass the background and ID checks.

Be sure to include any relevant certifications or licenses, as well as any photos or videos of your work. You will have to provide a “quick pitch”, which is basically why someone should choose you for the job.

Quick Tip: The more services you can include, which you can perform at a high quality, the more jobs you'll receive.

Services you can list include:

• Picture hanging and art installation

• Furniture Assembly

• Holiday lighting installation and removal

• Closet remodeling

• Yard work

TaskRabbit charges a registration fee of $25, which is the only fee you pay while the other fees are the ones you receive from clients. On the other hand, you don’t pay any subscription fee on Thumbtack. You are only charged when you get a lead.

A good to know: Thumbtack provides the "Thumbtack Guarantee", which provides up to $1,000 in coverage for accidental damage or if the service wasn’t completed.

2. Start bidding on jobs that match your skills and interests

TaskRabbit removed its famous task bidding system and replaced it with on demand services with fixed fees. However, Thumbtack still has its bidding system.

Bidding is when a job gets posted and contractors post their price for the job. New contractors can then come in and charge a lower price in hopes of getting picked for the job. When the customer accepts a bid and hires you to complete the task, they pay through the site.

For example, if there is a job posting for moving furniture, you'll bid your price and so with other people on the site. Then the person who posted the job picks the contractor.

On Thumbtack, don't be afraid to bid low at first to get some experience under your belt. As you complete more jobs and build up a positive reputation, you'll be able to increase your rates with your pro status.

You'll have customers coming to you like this:

3. Request Reviews

Every time you provide a service, ask for a review. It will help your profile get noticed and most you more trustworthy in the client's eyes. You wouldn't want to buy something off Amazon with only 2 reviews, would you? Same thing here. 

4. Save Some for Taxes!

Since this is contract work, all the money you earn will be pre-tax. Meaning when Uncle Sam comes knocking around tax season, you're going to owe him some money.

If you're interested, here are the tax brackets for 2022. Then you'll also have an additional state tax for most states in the US - expect these!

Source: Investopedia

PRO TIP FROM YA BOY 👀

• Do most of your jobs in wealthy communities - get to know the people, ask them what they do for a living, how they go to where they are. You never know, you might be fixing an investment banker's faucet and then working at their firm the next month!

MEME OF THE DAY

That's all for today folks!

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.