I inherited over 100 grand...what would you do

Discussion in 'Ask An Owner Operator' started by Luke628, Aug 20, 2013.

  1. Luke628

    Luke628 Light Load Member

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    Aug 20, 2013
    Houston,Tx
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    Hello All,

    No this isn't a joke thread I really did inherit about 160k about 10 months ago, after I paid off my car and credit cards I still have about 130k. Nobody I've worked with at any of my tank companies in Houston has any idea of this.

    Here's the thing. When I got the money I had been mad at my employer for quite some time, so I quit. Because I could. Took a few months off had a great time but didn't want to drain my new found wealth so have gotten a job, gotten treated poorly and quit. And I recently started another job but after my first week fell ill, I probably would of gutted it out had I been broke but my financial cushion made it easy for me to stay home a few days and I got fired, though I really was sick, I think it was the fact that I don't kiss up to the boss like others do, they of course assume I'm another trucker living paycheck to paycheck.

    I feel that I have lost any sense of motivation for a job I really don't like but not because of the work,but because of being treated poorly at most of my employers.

    So I believe if I were an owner operator without a boss and a business owner I'd likely be quite a bit more motivated.

    I don't want to buy a brand new truck and wipe out most of what I have but would like to not have a truck note...even thought I do have a very high credit score of over 770 and no debt.

    I've read these boards for years and gotten sound info, so here's my question to all the owner operators out there. What Would You Do if You Were Me??

    Is it possible to buy a good used truck for 30 to 50 grand and immediately get good paying work...I live in Houston and would prefer to be home every night, is it possible to make good money that way or do you pretty much have to be OTR to make money as a True Independent Truck Driver.

    I just don't want to have a Boss anymore. Most of my experience is Tanker, but am open to other types of driving...what kind of trailer would you buy?? Does Flatbed pay the best??

    I truly want to love doing what I do for a living, and I just don't see that happening as a Company Driver, but it's all I've ever been, so switching to OO is kinda scary even with a financial cushion I know most don't have.

    So I truly would appreciate any advice from OO's, even if you think I'm out of my mind for even considering doing such a thing. All advice is welcome.

    Thank you for listening.
     
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  3. Lady K

    Lady K Road Train Member

    Personally I would put that big chunk of change in a safe low risk investment account and then play with what it earns. That way the capitol is there always earning. Once that is gone, it's REALLY hard to get it back!!
     
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  4. Calist

    Calist Bobtail Member

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    Aug 7, 2013
    Belvidere, IL
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    I agree totally with Lady K. Lots to becoming an O/O before you even spend a penny on a truck. Better off thinking now about retirement, get on with a company you can stand and stick with them for a while. Build up some equity then use the money you've saved to invest in yourself.

    Lots and lots of head aches being an O/O. Just keep that in mind, are you gonna lease yourself to a company or broker your own loads? One choice you are still working for "da man", other you'll have some very stressful times.

    Good luck to you.
     
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  5. Luke628

    Luke628 Light Load Member

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    Aug 20, 2013
    Houston,Tx
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    Yes, I've had some investments, some of what I inherited was in gold coins, I sold them and the price has plummeted since so it's good I got out at the right time. The stock market scares me as I don't understand it all, most financial experts are saying the market is up but only because the government has printed money and put it in the Dow.

    Most so called safe investments return 2-5%. I've already started an IRA for myself, but I need to get my employment settled before going forward with any more.

    I am interested in becoming a True Owner Operator, no lease purchase...any advice.... or would most OO's tell me I'm crazy and should get a new profession?
     
    mje Thanks this.
  6. BJnobear

    BJnobear Heavy Load Member

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    Aug 24, 2010
    PCB, FL
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    I would do what Lady k said, and use some of the remaining to buy a pre-04 truck and in-frame it, get a good used flat and my equipment, then go make some money!
     
    mje Thanks this.
  7. albhb3

    albhb3 Medium Load Member

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    Nov 3, 2009
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    as the other thread on this was a week back hookers and blow
     
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  8. CargoWahgo

    CargoWahgo Road Train Member

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    Jan 10, 2012
    Louisville, Kentucky
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    Hell with that money build a pole barn on your property and start a furniture store
     
    mje Thanks this.
  9. Casual Trucker

    Casual Trucker Medium Load Member

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    I would flip homes buy them cheap,Fix them& sell them high no bank loans to qualify for and no interest to pay and get one heck of a tax haven that is what I would do.
     
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  10. Luke628

    Luke628 Light Load Member

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    Aug 20, 2013
    Houston,Tx
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    I actually enjoy driving a truck, just not the people I have to work for, job I was at for several years when I got the money had put up a big sign in the drivers room which said "the next driver to screw up their paperwork-I Will Kill You" I took a picture of it and send it to the terminal managers boss who made him take it down but didn't do enough to stop the constant badgering of the drivers, second company I worked for kept screwing up my pay, and then tried to make me do things I considered unsafe, funny how companies say they are all about safety safety safety. But it's funny when a driver tells them something is unsafe the attitude becomes...."no no no silly driver we will tell you what is safe and not safe you never ever tell us".

    That's why I think I'm more cut out to be an independent. Just don't know if it's worth it.

    Even thought about opening a liquor store...I'm just sick of having a boss.
     
    scottm586 and mje Thank this.
  11. smokestack

    smokestack Bobtail Member

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    Jul 3, 2006
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    Wait until after tax time. Then get back to work as normal after they take all your money :(
     
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