Profitable # $1.30 cpm avg - 2k miles a week! - Disprove It!

I think Knight rider and dad of 3 have it right.

 

No. I pay $365/mo for BC/BS major medical insurance (both of us are in our 50's, I smoke, wife has preexisting thyroid issues and requires medication) and put roughly $550 into a health savings account (similar to a 401K plan) for a max IRS allowable contribution of $6500 a year. Numbers have changed a little since first posting. I get full IRS deductability of the insurance and the contributions to the health savings account. I use the HSA for medical expenses up to a max out of pocket per year of $5000. After that insurance picks up 100% with no additional out of pocket. No matter what the medical condition, we will never pay more than $5000 in any year for medical. What doesn't get used in the HSA, rolls over and collects interest. When we reach age 65, we can continue to use the money we have built up in the HSA for medical with no taxation, or can withdraw for anything we want with normal income tax rate.

Since we barely use much of the HSA (we can fill wife's prescription at Wally World for $4 a fill), that money just builds up like a 401K retirement plan would. So, we get the best of both worlds... low monthly insurance premiums and money being stashed away, tax free or deferred. Now that we have the HSA built up, major medical issues won't ever cause loss of sleep over whether we can cover the expenses. We just plain don't need to worry over the cost anymore. But all that may change with the new ObamaCare legislation. Just like everyone, we don't know all the details yet.

 

There are a lot of O/Os out there that do only make the same as a company driver. But, being an O/O is important to them, if they can make at least the same money but operate independantly thats cool. I have to agree with Cowpie1, and his comments on health insurance. Shop around and don't just accept what you are told. State Farm, American Family, Farmers, all have decent policies for less than you would think.

 

EXCELLENT ADVISE!!!!!!!!!!!!

 

Why dont you try this

buy your truck and trailer cash price

and then their is alot less overhead

which will equal alot more profit for you

 

[QUOTE=" OPTIMUS PRIME ";1511240]Why dont you try this

buy your truck and trailer cash price

and then their is alot less overhead

which will equal alot more profit for you[/QUOTE]


If you paid cash you still have the overhead of the repayment to yourself, just not to the bank. That is money you pay to yourself and is deductable just as if you paid it to the bank. Also where are you going to get the money to replace the truck and trailer when the wheels fall off. Rember guys this is not trucking it is a business. Repaying a loan from a bank or yourself is business 101.

If you don't know, educate yourself or don't start.