Lease operator needs honest feedback

What does make you "wealthy" mean?

You'll never become wealthy in this industry as a company driver either.

If you became a lease operator to become wealthy, you're in it for the wrong reason to start

 

Do you mind stating which carrier you are leased to? I assume it's a Canadian one because this is in the Canadian section.

 

You need an experienced accountant.

 

Fuel should be like 30% of your gross.....

I don't see how those #s are ever going to work. But what do I know

 

As catsdp said your fuel is out of line. You should aim for 30% or lower. I would split up your health and maintenance too. A good number for me is 1000 a month for maintenance. The last few years I've been paying myself a wage. All my medical and savings comes out of my personal account. Its a tough go right now with any truck payment. And really you have two since you said you put the down payment on a visa card/line of credit. You need to get that paid off at least. Your income is reasonable once you get your truck payment back to an actual 1400. Then you can look at your fuel. I left a good job because of that very thing. Close to me, home most days for supper blah blah blah but the fuel was over 40% of my gross. They weren't willing to up the rates so i had to leave. Good luck on your decision. Btw most guys l know arent o/o only because of the money. Theyre o/o because it gives them a little more flexibility in their time and because of the lanes they run. Nobody's getting rich as a o/o but you can have a better qualty of life if you pick your work carefully. IMO

 

No One is getting rich as a company driver either.

 

A lot of good informative posts here. Here is my predicament. Same idea, slightly different circumstances. I bought a truck and a dedicated territory ( line haul ). Since I bought it, the company, which is a major carrier, has been changing it's business model in my area and shaving back the miles a lot of us O/O were making. After trying to work out an agreement with them, to no avail, I am in the process of looking for another carrier to lease onto. Simple. Unfortunate, but simple. It's just business. My power is still maintaining a revenue stream, but the profit margin has gone into the crapper. Therefore I'm in a position that I have time on my hands to take my time and shop around for a better opportunity. So if it's not working out where you're at, look elsewhere while you still have a revenue stream. JMHO

 

I do over 90k a year as a company driver... they are still out there. Not many, but a few.

 

That's getting rich?

 

No ones getting rich in this industry. But it's a good wage.