Most rideshare drivers probably have a checking account. Many might also have a separate savings account too, possibly with a high interest rate. Even fewer drivers are likely to have a retirement account setup, which would need to be done independently (since no rideshare-app companies currently offer 401Ks). And if you’re a rideshare driver that’s currently investing some of your profits into a brokerage account, it’s far more likely that you’re purchasing Exchange Traded Funds (ETFs) or Mutual funds.
These characteristics described are exactly what my financial picture looks like right now. I’m using a business checking account, a linked high-yield savings account, am socking money away into a brokerage account, and have an Individual Retirement Account (IRA). What I don’t do with my rainy day money is buy/sell individual stocks. And especially don’t short-sell stocks through a trading platform of any kind. Here’s why. Read more