Want to avoid getting burned by a lease-purchase agreement?

Thanks

 

It actually depends. On who you lease from,and if you can pick your own loads and with a lease as an o/o you can write most of the lease as a right off during tax time

 

There wouldn't be a w2 if the person is a owner operator. It would be a 1099 Form

 

Yes he for the irs form wrong, but that doesnt invalidate the point he was making. Fact is very few lease purchase programs are set up in a way that even has the potential for guy make more true income than if he had a good company driving job.

 

So, what's the solution? Obviously, being a company driver doesn't make enough to save the ungodly amount of money a person needs to slap a down payment on a truck and have enough in the bank for emergencies. Some people, like myself, get a little tired of sacrificing our lives to make other people big time money. Some people would like (even though the America I once knew is long gone, this doesn't exist anymore, and life is about free stuff) to take pride in ownership of something, knowing their hard work is making a nice life for their families.

I drive OTR because local pay is a joke and they work you to death. It pays more than any other jobs around where I live, and yet, after major cutbacks and financial alterations, we simply can't save enough for me to outright purchase my own truck.

There once was a time when a person could save a little here and there and make the jump into ownership, but those days seem a distant memory. I think I make okay money, but when I tell others what I make, they start laughing. The thing is, what I make is really good where I live and no one else is going to pay more. I would have to uproot my entire family, sell everything we own, and move to another part of the country to make more as a company driver.

So, what's the solution? If Leasing is the only way for some folks to move into ownership and its a bad move, are those people just suppose to settle for never having more? I don't know.

 

Most otr gigs pay about 55k a year. If a guy can't save money on 55k he has a spending problem, not an income problem. It almost never really matters what a person makes, except for the few truelly at poverty income levels of under 20k. What matters is that they stop trying to live above their means. If you make 30k then adjust your spending to live on 25 and save the other 5. Just a matter of setting a budget and sticking to it. Buy your clothes at good will if that's what it takes. Shop at save a lot instead of whole foods. And for gods sake stop going out to eat twice a week. going to dinner for family of 4 is easily 80 bucks even at cheap places like chiles and applebees. 80 bucks buys several days worth of groceries.

 

If that guy lives alone, in a studio apartment, and has no other responsibilities, sure. If he has a wife, kids, house payment, utilities to pay, car payments, school supplies, preparing for kids going to college, and things like that, its a bit different. I had to wait for my quarterly safety bonus for two quarters for my oldest to get a senior ring. Imagine the surprise when I said, "Okay, go ahead and order it."

It isn't always a "spending" or money management problem. Its life gets in the way of saving every dime, and it just keeps getting more expensive. It even influences where we run. We lost our best shipping lane because people keep undercutting on freight costs and someone else is now doing it for less. Company drivers make the same and the cost of living goes up.

Who knows, maybe I will eventually just give up, follow the path of many of my relatives and mooch off the system while letting all you guys pay for my needs.

 

A senior ring is an unnecessary expense. He doesn't need it to survive. Also he is a senior, why isn't he buying his own senior ring?

 

Seriously i can't stand hearing people say they can't save money or that only a single guy in a studio apartment can. Those are boring but excuses. I have a really nice house, in a really nice neighborhood with a wife who has doesnt work, and 3 children. We live cheap enough that i only work half the year. Dies it cost more today than it did twenty years ago? Sure. But it doesn't mean it's impossible either.

Clarify:my wife works plenty being a mom and taking care of the house. By not working i meant she doesn't generate income.

 

Cost of living varies wildly from one part of the country to another.....