Looking to start my own Carrier company

Just park that money in several different index and mutual funds .

And maybe about 10 or 15% of it in Warren Buffets company , Berkshire Hathaway.
They have a very good track record .

If you can make 10% or 12% return , you will have $70k income

or look into investing some of it in real estate

look into Lifestyles Unlimited, they buy apartment complexes and renovate them and resell them , and have a good track record making money for their investors .


Don’t risk your money on trucking unless you have your own direct customers

You’d Probabaly have a better odds of making money stating a nail salon or a pizza shop or something

there is not much profit margin in trucking , I’ve seen several small companies go out of business recently that I thought were good companies that had their own direct customers so there were no brokers stealing all the profit

 

When you are seeing ads saying they make 200k that is to the truck and doesn't include any of your overhead, just you in the truck not other driver the truck alone is going to eat 1/2 of that, that's on a good year, bad years the truck might eat it all, now add in driver wages, at 200k to the truck your lucky if you have enough left over to pay the truck driver after the equipment takes it share.

 

I have heard it said many times over the years. The best way to make a million bucks from trucking is to start with 2 million bucks.

 

Drivers

 

You can not be an armchair owner in this industry and in these times.

I would start with getting back into a truck for at least 18 months, working for a company that will allow you to see what it takes to run the company, not a 5-truck operation, but something that has policies and a hiring process.

Watch everything, learn how they manage people, all of it matters because labor is the biggest pain in the a s s than anything else. You will spend more time looking for good drivers - not great drivers - and you need to seek them out because if you don't, with the large number of crap drivers out there, you will spend time either repairing the trucks or recovering them from accidents.

There is also the need to learn strong money management skills and how to plan/budget PM and repairs (two different things). I have seen $700k get burned through (actually a million) in six months on setup and wages while the owner thought it was wise to take a $100k salary in weekly installments. That fleet had 5 trucks that were repo'd within 18 months of its inception.

 

Run Forest, run!

 

The industry is very very slow, economy and time of year. You will be playing poker with professional poker players while you are looking up the value of hands in your "How to Play Poker" book.

Unless you have a source of freight paying well above average you will have above average expenses for business, below average understanding of the industry, and NO shop, no relationship with customers, no path through the regulations and taxes. If you look around the poker table and can't spot the chump, chances are you are the chump.

You should get a job inside a well-run trucking company for 1-5 years and then open your own company.

 

But i heard on the interwebs that all truck drivers became millionaires in a year or less.

 

go learn a trade, become a contractor start business.

2 years of school, 2 years of experience can get you to be a nice plumber, electrician, hvac, boiler technician or all sorts of other trades.

this way you have something to fall back on.

in the end you’ll still keep your 700k and start a business with 10-20k max