Where is the money in trucking?

Discussion in 'Experienced Truckers' Advice' started by Moneyhungrytrucker, Feb 2, 2023.

  1. The Railsplitter

    The Railsplitter Medium Load Member

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    "BFE... and lovin' it!"
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    Ain't that the truth? And I never even owned my own truck... I was happy as a company driver, and there was definitely less headache involved. But OTOH, I wasn't in it for the money, I was in it for the life experience. Sure, I can always use more money, but that work/life balance was important to me, and it always has been... I have bills to pay like everybody else, but I don't wanna be on my deathbed wondering why I wasted my life chasing the Almighty Dollar. :confused:

    You don't know me from Adam, but I lean toward Zen Buddhism rather than any organized religion, and Zen Buddhism is a philosophy... over the years, Zen principles & proverbs have helped me greatly, more so than any religion, though I respect freedom of religion as a core principle of our Constitution. The following Zen proverb is a personal favorite, it covers a lot of ground and can be applied to many different situations... :rolleyes:

    IF YOU ARE FILLED WITH DESIRE, YOUR SORROWS SWELL LIKE THE GRASS AFTER THE RAIN... :(

    BUT IF YOU SUBDUE DESIRE, YOUR SORROWS FALL FROM YOU LIKE DROPS OF WATER FROM A LOTUS FLOWER. :cool:
     
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  3. JolliRoger

    JolliRoger Road Train Member

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    Some words to live by in there.
     
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  4. The Railsplitter

    The Railsplitter Medium Load Member

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    Yesiree... and they do indeed cover a lot of ground, lol. ;)

    Money pays the bills, but personal happiness is more important to me... :cool:
     
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  5. teams567

    teams567 Medium Load Member

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    1) True about the immigrants. A lot of times I'm at a shipper receiver and am the only US born guy. It seems like it happens a lot more now than 5 years ago.

    Go to the NE, eastern PA or NJ, you won't see anything but immigrants.

    As you said, that's why wages are kept low.

    2) Then the Healthcare, a lot of times the company is working hand in hand with the insurer- they figure out how to give the least for the driver paying the most. I'm sure there are kickbacks and payoffs involved too.

    3) What is it, 2 out of 100 remain after 5 years? The industry turnover is incredible. All the mechanics, yard dogs, dispatchers, managers, some brokers are all ex-drivers. Recruiters too.

    Bottom line is that trucking turns out to be a disappointment for most people. Constant turnover, constant changes.
     
  6. JolliRoger

    JolliRoger Road Train Member

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    "Many are called, few are chosen." Even less stay as even the preachers move around more now.
     
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  7. Moneyhungrytrucker

    Moneyhungrytrucker Light Load Member

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    People like you are foolish, $70K - 80k Is peanuts these days. Don't urinate on me and tell me its raining.

    There is a very big difference between just barely surviving and thriving, you need two people husband and wife each making $70k - 80k to make it and thrive these days.

    Let me make an example to illustrate my point.

    For this scenario lets take a single male age 22 with 1 kid and lives alone in Maryland. He is seperated from his EX. His kid lives with his mom however he pays $400 per month in child support. He is just somewhat getting started to get serious about his future career, so he just got his CDL.

    He makes $75k per year driving 60 hours a week.
    He can live in his truck for one year and try to save money to come up with the 20% downpayment for his home, but honestly why should any working man working 60 hours a week have to live like a homeless person in his truck just to afford buying his first home. The real American dream huh?

    If he rents a home his rent will be around $1600 for a home in what is basically a hole in the wall home in the ghetto.

    $75,000/12 months = $6,250 gross
    $75,000 minus 33% for federal and state taxes= $24,750 he will pay $24,750 in taxes total for fed and state and fica etc.

    $75,000
    -$24,750
    ----------------
    $50,250 he makes $50,250 after taxes


    $50,250/ 12 months is $4187.50 per month he makes each month after taxes.


    $4187.50 per month net after taxes
    -$1600.00 rent (he is paying rent on a home he hardly ever gets to see because he is OTR working 60 hours a week)
    -$ 500.00 food (food prices are sky high these days $500 is being conservative, but he is shopping at walmart and preparing meals in his truck)
    -$ 100.00 cell phone (this is a bit high but he is an OTR driver and needs a good cell plan with data for internet while running his loads across the USA)
    -$ 250.00 car loan
    -$ 100.00 car insurance
    -$ 200.00 for gas and electric in his rented apartment
    -$ 10.00 water bill
    -$ 400.00 child support

    Note that he has no cable tv, no internet at home. nothing just the basics, he also dont have any money to buy furniture.

    After all his monthly bills listed above he is able to save $1027.50 per month.

    One year goes by and our example driver has been "WORKING LIKE A DOG 60 HOURS A WEEK" saving everything he can perfectly (which will never happen in the real world)

    He saved $1027.50 multiplied by 12 months = $12,330 over the course of one year. (Good for him, he has been really working hard to save for the down payment on his house)

    His trucking company he works for has a crap health plan that has a very high deductible that effectively reduces the amount his company pays for his health insurance and shifts the health financial risks onto the employee via super high deductible health plan.

    If your lucky you work for a trucking company that has high deductible health plan that qualifies for a HSA.

    Our example driver has a crappy health plan at his company with a max in network out of pocket of $3800 per year.

    Our poor driver is working 60 hours a week and something happens ..... in October his shoulder keeps popping out of socket and doctors tell him he needs a major surgry to correct his health related issues with his shoulder. Our driver gets a surgery in December and is out of work for 4 months recovering. His health related bills are starting to pile up. Some how with the little money he makes he was able to save away $3800 to pay for his insurance deductibles for the period between October and December. But he has a lot of follow up visits and physical therapy he must go through now between Jan thru April.

    Because his surgery happened towards the end of the year the health plans starts a new year in January thus he must cover another $3800 as he rolls into another year.

    He has been out of work for 4 months rent and other bills are starting to pile up, to make matters worst some one vandlized the windshield on his car and now must be replaced. He can file a claim and with his car insurance company but if he does they will raise his rates. So he decides to pay to replace the $400 windshield on his car.

    Out of the $12,330 he saved for the entire year to buy a house he must now spend $7,600 to pay for his health insurance deductibles for two years, leaving him with only $4,760.

    Rent is now 4 months behind. His short term disablity insurance will pay him $2000 per month but the short term disablity company is using every stall tactic they can the delay paying his short term disabilty claim.

    I havent even gotten to saving for retirement, or saving for his childs college. Or buying a new laptop or cell phone once a year, or taking a short cheap vacation, or dinning out once in a while.

    The point I am making here in this example is many single men and women in trucking are just one misforunate event away from a world of Financial pain if they are only making $75k per year. You need a husband and wife team both making $75k to finally get some financial momentum.

    The only way to get ahead in trucking is to live in your truck. Some american dream huh? Or he can instead share a home with someone and roommate thus reducing his rent.

    But even room mating its still going to be a tough struggle to save and get ahead.
    [​IMG]
     
    Last edited: Feb 4, 2023
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  8. bryan21384

    bryan21384 Road Train Member

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    You're talking about a viewpoint from someone who lives in Maryland. I live in Memphis, TN and that kind of money goes a long say here. Many of those scenarios you describded, I'm living it. I'm out on medical leave myself. I pay a lot of child support, all the while taking care of my family at home. My brother lives in Maryland so I know exactly how expensive it is. What one considers good money, may not be good to another due to location so for that reason I'll modify my thought in my previous post. We make all of our decisions based on what our money can do, and it's a lot of sacrifice. My wife doesn't make even half of what I make. I'll concede its difficult to save a lot of money when you have a lot of obligations. However, if I'm foolish for making 70 to 80k work in a cheaper part of the country, I must ask: what's. Ore foolish than believing in this thing called the "American Dream?" I don't even know what that means, especially since success defined is so subjective.
     
  9. Moneyhungrytrucker

    Moneyhungrytrucker Light Load Member

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    Ahh I think you misunderstand me .... I don't believe in an american dream ...... Its called the American Dream, because you have to be asleep to believe it.
     
  10. bryan21384

    bryan21384 Road Train Member

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    Lol now that's funny as hell
     
  11. Ridgeline

    Ridgeline Road Train Member

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    there are a lot of them, but for the most you have to offer something other than being a steering wheel holder.
    This is how many do it, I never used a recruiter, always a driver.
    Talk to many of my drivers and they will say it never is about the money. NEVER!!
    This is funny.

    First stop blaming the immigrants, they are not the real problem. It is the lazy drivers who want money for something they are not willing to work for. Just look around the truck stop and see.

    Weight loss surgery?

    Pay for that for yourself.
     
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