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New York City Taxi Driver (HACK) License
The Ultimate Unemployment Insurance
In a City with 13,235 Yellow taxicabs there are 26,470 shifts possible per day. OR 185,290 per week.. Or enough for 37,058 full time drivers working five shifts per week.......And this is just the Yellow Cabs.. There are also an additional 30,000 or so community car services and 6,000 or so luxury limousines...
In the recession of 2009 it seems clear that people, who were bankers yesterday, or Stock brokers in 2007, or restaurant owners are now making a living driving taxi cabs in New York City.
It is not Wall Street..It is ANY STREET or ANY AVENUE in the Five Boroughs, Three major airports and Two adjoining counties all adding up to about FIFTY THOUSAND DOLLARS Per YEAR FOR A 5/6 SHIFT WEEKLY TAXI DRIVER.
Fifty Thousand Dollars per year is a TEMPTING amount when you put it along side the millions of people who climb onto subways, trains, and buses each day for much less money and absolutely less freedom. As they hope to get through the day without the boss calling them into the office or a minimal amount of office politics at the water cooler. How much are they earning....
Out on their own, taxi drivers doing their job, take a fare from Point A to Point B. Safely, they collect the fare and then cruise until the next passenger throws a hand in the air in need of taxi service....Another customer.....Not a perfect science but a never ending stream for those who survive the lulls and all else that is NYC.
Do all taxi drivers make 50K a year...NO! But MANY DO, and there are many who earn more. A committed taxi professional with his own taxicab and medallion can generate revenue of ONE HUNDRED FIFTY THOUSAND DOLLARS per year. With debt service of fifty thousand and operating costs of thirty thousand....DO THE MATH...And this does not include equity growth.
After a twenty year career a taxi driver/owner can retiree with a medallion valued at Six hundred thousand (2009) dollars, and probably a home close to paid for as well.
VALUE GROWTH: The value of the three medallion(TAXI VEHICLE LICENSE)classes in 2009 is is $575,000 , $750,000 and $475,000 respectively. In 1990 the price was about $100,000... This pretty much proves that the historical medallion value growth has outpaced the stock market indexes over the long term.
NO GUARANTEES: BUT, the value cycle is opposite of the normal American business cycle. This is due to driver influx during economic downturns, and driver Exodus during economic expansion....If there are less drivers to rent the cabs there is less revenue to pay mortgages thus lowering the value of the underlying security...BUT WHEN THERE ARE LESS DRIVERS... is the best time to drive a taxi as competition lessens and demand for service picks up. This is when driver income peaks.
IN COMPARISON There are few opportunities to earn entry level income at the rate of New York City Taxi Drivers. It is not a six figure income but the mobility of the profession...Not the wheels but the fact that with a New York City Taxi Operators License a driver can operate any taxicab, car service or Limousine. The fact that they can go to the Taxi Fleet next door if the one they are at does not have a cab available...The fact that with an investment of as little a five thousand dollars they can buy their own Taxicab and lease a medallion and give themselves a good chance of earning seventy thousand dollars per year. A VERY UNUSUAL OPPORTUNITY.
IT AIN'T EASY.....They are not giving money away in this business...There are long hours and plenty of bumps in the road.... There are licensing issues, and weather, and traffic,...Traffic...Traffic...But those who endure learn how to get around the traffic and live with it when they can not....There is a high stress level, and if dealing with people is not your strong suit this is not a job for you.
YOU MUST LOVE NEW YORK CITY and YOU MUST LOVE TO DRIVE...If not????? Alaska is looking for a new governor, go check it out.
If you want to drive a NEW YORK CITY YELLOW TAXI call the Master Cabbie Taxi Academy in New York City.718 472 1699 or 1 800 955 8294 or www.mastercabbie.com It is the largest taxi driver training center in the world. The Academy's full licensing program is the most robust in NYC. Five thousand driver come to Mastercabbie each year...YOU SHOULD TOO....