POSSIBLE RECESSION and starting as and Owner Operator?

"Bottom line is, you keep doing poor people things, you'll continue to be poor. You start acting like wealthy people, the wealth will come." That is not entirely true. We don't know why people are poor, or even rich for that matter. Some people, a slim few, are self made millionaires. More often than not, who your parents are will dictate where you are going to be in life. Some people who are born poor rise above. Most of the time, the trend continues. As for the Prime driver, we don't know how his work habits are. We don't know how much capital he began with, or his other obligations. I personally wouldn't lease a truck, but for some people it works because they run their tails off. Not all lease operators or owner operators want to run 300 miles a day and go home. Some like running big miles. At least you gave enough credit to those who make a living leasing. I've came across guys who built a fleet by leasing. One that comes to mind is this Werner driver. Talked to him in Nebraska. He seemed happy. He had leased one truck and ended up leasing another one and putting a driver in there. He was planning on getting a third by the end of that year, but the caveat with him is that he was a runner. It had been a month and a half since he went home. He was giving up everything to benefit his business, and to me that's where so many people go wrong. They buy a truck and want to act like a glorified company driver. They think they can work very minimally and make huge dollars. They act like a glorified company driver instead of a business owner. A business owner really works around the clock in some form or fashion. Wealthy people spend more time working than people think....they have to protect that fortune.

 

The other guys said best, if you have some capital behind you it doesn't make a difference. Even if there is no recession, there will be lean times. If you're traveling all 48, then you will have lean territories, hahahaha. Some people deadhead out of there, some will take a cheap load. Sometimes it makes a difference, sometimes it doesn't. If you're willing to work hard, and can minimize your expenses, baby your truck,and most of all, be patient, you will do fine.

 

Let's just stop right there. When you come out of the gate with nonsense like that, there's not a person in the world that's going to pay any attention to the rest of the verbal mush that comes out.

Fact is very few, less than 10%, of millionaires are multi generational wealthy. That means 90 plus percent worked and saved like maniacs to become a millionaire. We know EXACTLY why people become rich: They do things that make them rich, and don't do things that make them poor. They don't borrow, they marry and stay married, they work like a dog and they save diligently; an average of 27% of their income. They take care of themselves and exercise. And it's not that hard to become a millionaire: about 12% of households in this country have a net worth of one million or more.

42 Best Millionaire Statistics, Facts & Resources 2018 | Millionaire Foundry

 

That's the point in tariffs, you make it so it's actually not cheaper to make your #### overseas. If you do nothing you end up with no jobs here because absolutely everything will be outsourced.

 

Youre wrong, I guarantee if you were given a million dollars today, you didn't have to do anything somebody just gave it to you, you would be in the same place you are today within a few years.

 

How can you guarantee that? You know nothing about me.

 

I'm not disputing anything that you said. If you had actually read everything that I type, you would have seen that.

 

It is true that some people will just put the tax savings in their pockets.. And it is not an absolute formula that
tax cuts = job creation. Not at least in an absolute way that every single business that receives a tax cut will create new jobs.

However, think about it. If you have a business that you want to expand, when are you going to do it? Are you going to do it at a time that taxes are high and interest rates are high and the economy is in a downturn or in a recession? No, you are going to do it at a time that it doesn't cost as much to borrow money, and if you have tax advantages to expanding your business in a good economy that is the time that you would do it. If there are better tax benefits to expanding, it costs you less money so obviously more people that wanted to expand will. And of course a good economy with a positive outlook when people have more money to spend is much easier to acquire customers and expand your business etcetera. The tax cuts don't just Inspire businesses to hire people but they stimulate the economy itself, which stimulates consumer confidence, which stimulates business, which spirals upward to growth and job creation.

I have a friend of mine that's a contractor that employees 8 people. He has employed eight people for the last probably 40 years. He's not interested in growing or expanding. However, when the tax situation changes he buys more equipment brand new and he buys it sooner than he would have if the tax situation did not benefit him. So if other businesses even just did that it stimulates the economy, more trucks and equipment are purchased, and you could say that that contributes to more jobs because there is more demand for the equipment that's being purchased even though more people aren't being hired per se. However, if the demand for trucks and Equipment goes up more people will be hired by the manufacturers. And of course that' stimulates the economy and all of the factors begin to build in an upward cycle of growth.

The economy is a complicated issue, but tax cuts are an important part of stimulating the economy and creating jobs and growth.

 

Understood. To be honest, I only would have envisioned businesses growing and expanding if the business was drawing big bucks. Tax breaks are too inconsistent for anybody, seems to be contingent on who's calling the shots.

 

Very well said.

For everyone... came across an interesting article related to this thread:

The Fed Must Repeal Its Disastrous Rate Increases | RealClearPolitics