Some numbers for new O/O

LOL...true.

 

I disagree completely.
Simple people put $25,000 in the bank because they don't know any better.
Business people have a plan for when the stuff gets real.
Everyone else rides in the middle.

 

Having money on hand to deal with issues is simple minded? Ok, well my way has kept me going in this business for the past 10 years. I'm curious how one manages to borrow and leverage themself to success?

 

Not Yankee's

 

My way has kept me in business for 7.
Buy quality products with warranties when you can.
Have a revolving credit limit...$30,000 +.
Pay cash for what you can.
Stay on top of your credit. Right now I have less than $4000, and as soon as I find out how much in taxes I owe, I'll pay it off.
Manage your money.
Save every month and set a goal. Last year my savings goal was $40,000. I made that goal.

Everybody's got a plan. Yours works for you, mine works for me.
But to suggest that one needs $25,000 in cash AFTER they buy their truck is foolishness. Plain and simple.

 

Just because I like to stir the pot: I have done this o/o craziness for 23 years this past February. I have NEVER had a war chest, contingency fund or such. Call me crazy or lucky or whatever word pleases you. I'm not saying it is the right thing to do but it is possible to do without breaking a sweat. Don't think that I have never not worked. Nov.-Dec 2016 and Jan.-Feb. 2017 I was out for bronchitis that nearly got me. Yet here I am.

 

Jus sayin

 

No it isn't. It's spot on exactly right. Most people dont know how to manage money and your advice will lead them to ruin guaranteed. We live in a country where almost everyone lives paycheck to paycheck. I saw a report the other day that your average American could not afford any sort of emergency that cost them more than $400. The same kind of broke people try to get into trucking and fail every day. Because they don't have any cash to weather anything.

 

I guess you missed the part where I had budgeted and saved $40,000.
But that's ok.
Like I said, you run your truck, I'll run mine.

 

No I didnt miss that but it is funny how you have that big bank stash you say no-one else needs. I was arguing with you how stupid it is to be encouraging ordinary people they don't really need any cash for a cushion in hard times. You're one of the few that did it on credit and managed. Most people lose everything doing it that way. To have a $5,000 or $10,000 or even $15,000+ breakdown disaster out here is not uncommon or unheard of. To spend $3,000-$5,000 on routine maintenance isn't unusual either not to mention fuel and other expenses.

People who lose everything in this business it generally happens to the already unprepared and broke persons who bought a truck with barely two red cents to rub together in their pocket thinking they're gonna get rich. You gave poor advice for most people out there reading this. False hope to someone desperate that thinks they're gonna be you and bank $40,000 easy as can be. That's not reality.

Another thing about being broke is desperate people in a weak situations do desperate things. Having no money in the bank and leveraged to your eyeballs is a desperate place to be when the #### hits the fan. People with resources don't react the way desperate people do. That's as basic as business gets right there and you should know that. I'm done with it so you keep banking $40,000 a year and telling others they don't need resources for this business.