Uber Express Pool Expected to be a Cheaper and More Efficient Ride-Sharing Option

Especially in crowded metropolitan areas like San Francisco, New York, and Los Angeles, fewer and fewer people are choosing to drive. Between the cost of gas/maintenance and often the complete inability to find parking anywhere, many would-be drivers opt to use ride-sharing services like Uber or Lyft instead. For those who drive long distances on a daily basis, it still makes more sense to own a car, but for those who don't drive often, ride-sharing is the cheaper alternative. The cheapest variation of ride-sharing is UberPool, which lets multiple riders share an Uber and split the cost. According to an L.A. Times article written by Tracey Lien, an even cheaper and more efficient alternative, called Uber Express Pool, is on its way to LA.

Uber Pool, while great in that it can save a rider a few dollars on a trip and can give the driver the ability to pick up more fares in a shorter time, also has its downsides. One of the biggest complaints about the Uber Pool service is that it isn't a very fast way of getting anywhere. Inherently, when you opt to allow the driver to pick up other riders on the way to your destination, there will be a little bit of time added to your commute. However, because of the way Uber Pool is set up, it ends up being even longer, as the driver is directed to strange circuitous routes that the app calculates to "maximize efficiency," but which actually does the exact opposite. Additionally, for people taking a longer distance Uber Pool, the driver may pick up multiple passengers along the way, and then will have to go out of the way to drop them off before ever reaching the original rider's destination.

Uber Express Pool is expected to retain Uber Pool's upsides (especially its lowered prices) with fewer of its drawbacks. Some have compared Express Pool to a bus service in that it has designated pick-up and drop-off locations along routes created at a rider's request. Riders will have to walk a bit to get to where they're going, but this system avoids the wasted time of giving each rider door-to-door service, which makes each ride more efficient. It also allows riders to have a better approximation as to the time frame of their arrival. If the car isn't going off in random directions to pick up extra fares, then it's pretty easy to figure out how long the ride will take, even with multiple stops in the middle.

A somewhat similar system is already in place on several college campuses and airports, but that's more for ease of use and to ease traffic congestion. At those locations, there are designated pick-up and drop-off locations. By having those locations, the schools and airports don't have drivers constantly blocking up traffic, and drivers and riders are more easily able to find each other. When riders used to be able to request a pick-up anywhere on campus, it was often difficult for drivers to find them, as the routes through many college campuses tend to be difficult to navigate for people not accustomed to them. In all, it seems that the updated Express Pool will be beneficial to both riders and drivers, and is, therefore, a positive addition to Uber's array of services.

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Strategies to Saving for a College Education

For most parents, a big priority is trying to make sure that their children succeed in life. Parents want their kids to lead an easier life than they had, and most of them see education, especially a college degree, as the main path to that goal. Unfortunately, families have all kinds of financial demands that often take precedence over college, which can be years down the line. Chris Hiestand, in his L.A. Times article, discusses a few potential strategies to help struggling parents maintain their financial stability while still putting money away for future college costs.

A 529 savings plan is one such method to contribute to future expenses. Most savings plans, including the 529, involve the contribution of after-tax dollars to an account, where the money grows in interest and can be withdrawn, tax-free, to pay for educational expenses. Additionally, $14,000 per year can be given between parties as a tax-free gift. Anything above $14,000 is subject to gift taxes. The best thing about tax-free gifts is that they can be front-loaded up to five years in advance. In other words, a parent can put $70,000 into a 529 account one year, but then won't be able to contribute to the account for the next five years. This can often be better than contributing once per year because it gives the money more time to accrue interest, and since you use after-tax dollars, the contributions can be withdrawn tax-free.

Another option is using a Roth IRA to save for college and retirement at the same time. Once again, Roth IRA contributions are made with after-tax dollars, which means the contributions can be withdrawn without additional taxes or penalties. The Roth IRA is often better than a 529 plan for several reasons. Firstly, the 529 is based on a specific interest rate, while the Roth IRA gives you more flexibility to choose investments and decide how much money is being invested. Additionally, if your child doesn't end up going to college, the money in the Roth IRA fund can still be put toward retirement. Finally, perhaps the greatest advantage, is that the money in a Roth IRA does not count against financial aid while a 529 held by a parent will.

Often, there is no way to pay for college without taking out loans. However, there are smarter ways to get the best bang for your buck in loans. Over 70% of bachelor's degree recipients graduate with debt, and although getting a degree is an investment in the future, the returns on investment can be slow. Some loans allow students and their parents to push off interest and payments until 6 months after graduation, but when the interest finally begins to accrue, it can be at rates of 9% or higher. Many parents decide that it makes more sense refinance their mortgage and use the saved money each month to contribute to schooling. Others tap into their home's equity to pay tuition and fees.

In all, getting a college education is possible. Through a combination of saving, financial aid, and smart loans, a college degree can be affordable to some extent. Smart financial planning can be hard, but in general, getting a college degree is a good investment in yourself or your children, and should pay off in the long run. Financial stress today could be worth it if it means business success in the future.

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Find out more about us at www.sepulvedaescrow.net. Any Questions? Contact our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on Facebook, Twitter, LinkedIn, and Google+.

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