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Here's How Much Money An Uber Driver Makes - Business Insider
"So despite the appearance of generating close to $6,000 a month, I too pay for the car, around $275 a month, $800 a month in gas, oil changes every two months or so, car washes every week or two, brake replacements, and of course my car insurance and so on. I'd guess that the gross income of nearly $72,000 I seem to be able to generate is in reality closer to an actual net of $45,000 and that is just a guess, I have not done the math."

"They assume that their great god of "data" will tell them everything they need to know and that anything that can't be quantified that way doesn't count."
uber  startup  moneyfromwork  cab  sillyvalley  bubble 
8 days ago by sha
Why Silicon Valley Works | Hacker News
The reason why Silicon Valley works is because of the intense greed that it provokes amongst everyone that comes here. Maybe "greed" is too strong of a word, because people aren't necessarily selfish, maybe "money-focused" is probably more accurate. And because anyone can come here and become a millionaire/billionaire, it draws in an immense number of hard-working people which just generally increase the level of competence, and unfortunately competitiveness, which has a positive feedback loop which causes these smart people to want to work even harder over time.
Outside Silicon Valley, all you hear about is billionaires being made day-after-day, and smart people they look at this nonsense and think "I can do that". Once the come to Silicon Valley, they get sucked into a vortex of work and money-focus that is so strong that the only way to get ahead is by working long hours and taking risks.
Think about it this way: a person who makes 120k/yr with 2 kids and a spouse who stays at home will be considered the "working poor" here. I feel sorry for anyone who tells me they have a spouse, 2 kids and a house in any place other than NYC, and are contemplating moving to the Bay Area. Everything is priced perfectly to the point where no one can afford to live in a good neighborhood with a good commute with good schools. It's like the CAP theorum, except it's more like "Good Job, Good Neighborhood, Good commute: pick one" (unless you're rich).
So, in order to get ahead, both spouses need to work, and they need to work very good jobs with long hours in order to "make it well". If you have Dual Income No Kids, it's a bit easier, but you still need to deal with oppressive traffic and high rent. It's so expensive, that all you do is think about money. And you fall into fallacies where if both spouses make #120k/yr, for a total of basically $250k/yr, you start thinking "why don't I feel rich?" or "why am I working so hard with nothing to show for it?" It's because you work 10 hr days, and then you're spending 2 hrs a day commuting, and you get into a zone where all you do is think about work, and how to buy the next iPhone because at least you have something to show for your money. Meanwhile, none of my friends outside of SV have iPhone 6's let along iPhone 5S's, many are still using iPhone 4's which are perfectly good but a bit slow, but you wouldn't be caught dead in SV with one of those relics.
So all of this money-focus necessarily squeezes out as much productivity from the best and smartest in Silicon Valley, which is why you have so much success here. If you compare SV to place like Japan or China, where the population is generally better educated, you don't get anywhere near the same level of productivity. In Japan you get high prices and long work, but there's no payoff like there is with Silicon Valley because of the social impedances, so you'll never have a Silicon Valley in Japan. In other places that purport to be another SV, even places like Austin, there just isn't the same level of greed/money focus like you have here, so I don't think you'll be able to get as much productivity. It's the sky-high prices, work-life imbalance, the startup-millionaire stories that create this unique pressure cooker environment that can't be duplicated.
startup  bubble  silicon-valley 
19 days ago by hellsten
Record $19.2B invested in mobile Internet in past 12 months – study » Telecoms.com
it appears as though the major winners were mCommerce (receiving $4.2 billion)...Sectors which have underperformed include entertainment (-23%), mCommerce (-43%)
bubble  mobile  gsm  internet  vc  stl 
19 days ago by yorksranter
European banks and the global banking glut
People expect to take losses on risky investments. They don't expect to take losses on safe ones. Yet we are still trying to make the financial system “safer” and encourage investors to invest in “safe” assets. When will we learn that the safest investment is a risky one, and the most dangerous investments are those that are believed to be completely safe?
afoe  economics  banking  bubble 
4 weeks ago by yorksranter

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