How much could I expect to save during my first year working in the ND oilfields?

Discussion in 'Oilfield Trucking Forum' started by cwill187, Sep 17, 2014.

  1. cwill187

    cwill187 Bobtail Member

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    In the process of getting my CDL and then I'll be heading up to Williston, ND. If I work my ### off and live as cheap as possible, how much $$ could I save up in 1 year?
     
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  3. Patrickm213

    Patrickm213 Medium Load Member

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    How much do you save now?
     
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  4. Driver5

    Driver5 Light Load Member

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    Given all of the specific information you've provided, you can save anywhere from $0 - $100,000.
     
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  5. TLeaHeart

    TLeaHeart Road Train Member

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    north dakota, high wages, high rent equals low savings...
     
  6. cwill187

    cwill187 Bobtail Member

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    Well I don't make enough money to save right now but if I was in ND I would save every cent possible.

    @Driver5, I have never worked in the oilfields, so I was hoping some people who have been through it could give me some insight. Obviously I will get the best job I can find, however I'm not sure what that is...
     
  7. Patrickm213

    Patrickm213 Medium Load Member

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    If you save nothing now you will save nothing later as you will simply increase your spending to match any increase in income.

    Also it is far easier to spend less than to make more.
     
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  8. cwill187

    cwill187 Bobtail Member

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    Sep 17, 2014
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    Patrick that isn't true. I'm good with money. Also I'm good at investing my money to yield a high return. At the moment, I'm just saving very little because I'm barely surviving.. When I have a good job, I am a saving machine. I hope to be able to save at least $40,000 in a year in ND. Can anyone tell me if that is a realistic expectation?
     
    Last edited: Sep 17, 2014
  9. Powder Joints

    Powder Joints Subjective Prognosticator

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    No. Cost of living is going to be your next excuse. The first 15% always goes to my saving, and will as long as I'am working. This board you will find very honest and you will get called out on BS. If yor not saving now, you probably wont save in the future.
     
  10. cwill187

    cwill187 Bobtail Member

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    BS? Lol. Yeah you would know my tendencies better than myself. I guess no one will take my word that I am actually good with money and I am very frugal. I'm actually in college now but I want to work in the oil fields for a year or two to pay off my student debt and save up money to buy a house before I come home and start the rest of my life. I'm not a big spender, just a broke student.

    If I go out to the oilfields and work as much as possible, eat my own food, rent out a room and share it with somebody and drive my 99 camry how much could I realistically expect to save in a year? No kids, wife, or house to pay for either.
     
    Last edited: Sep 18, 2014
  11. dennisroc

    dennisroc Road Train Member

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    $ 40,000.00 per year = $ 769.23 you need to save each week. I am not sure how much you are going to make per week after taxes but if you are making good money and can put that much back each week I see no problem.

    Someone said " if you are not saving now then you never will " . Don't listen to negative people , I am sure this guy never had a student loan to pay back and tried to save money. :biggrin_25513:

    I am not a truck driver but am thinking of driving if I move back to the USA. But have saved a few bucks over the years.
    I found that once you see your bank account growing it makes it easier to just keep letting it grow. But how much you make and save no one can answer that but you.

    Money in the bank is good but investing that money can be even better. Stock Market is a good way to make a lot of money and also a good way to lose a lot of money. Start out just watching the market for a while and then invest slowly and see what happens. NEVER invest more money than you can afford to lose.

    Good luck and get those student loans paid off so that is not bringing you down. Sounds like you are a positive person so that is one good thing going for you.
     
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