Owner/Ops

Back to AZ?

I hate to hear that things in IL didn't work out. Best of luck with your future endeavors.

 

Joker, that didnt take long.

 

Yea back to az yea plat its not the job I don't like I was making good Money but I miss the road and I'm getting treated poorly so time to head home

 

Joker, if you are really going to go owner op, here's a few suggestions from me:

1. Start with at least $10,000 in a maintenance emergency fund and continue to add to it with every settlement payment you receive.

2. Pay yourself a modest weekly salary, maybe $600 a week based on what you stated about your personal living exenses.

3. Open a SEP IRA and contribute at least 10% of your anticipated gross salary after expenses before taxes.

4. Set aside at least 35% of your anticipated gross earnings after expenses into an account to cover your taxes on a quarterly basis. If you have anything left over at the end of the year, roll it over for the next year.

5. Join a health and dental cooperative and pay your premiums on time every month.

6. Purchase yourself a small gas generator and portable a.c. unit (Lowes or Home Depot) you can use in the truck. Both items run about $800 max total. This will save you a ton of money on idling expense. About $4.00 a night vs $40.00 a night idling in hot weather.

7. Set aside additional money into a savings account for an annual vacation, something like $1,000, so you can take a week off and enjoy yourself.

If you can truly do all this out of what you will make as a lease or owner op at May, or any other company, I would say you are ready to run your own business and be successful.

I have a couple friends of friends that are owner ops. Neither one of them have any significant $$$ in a maintenance fund, no retirement fund, no health or dental coverage, etc. Even though one of them insists he makes more money than me as a company driver, in reality, he doesn't, it's just hard for him to accept it.

Both of them have over 1,000,000 miles presently on their trucks. One major truck issue or health issue and they're sunk.

One huge difference as a company driver is I don't bear one concern about how I'm going to take care of a truck maintenance issue...

If I get sick, I have health insurance to cover me...

I receive 6 paid holidays a year...

One week paid vacation this year, up to 5 weeks after 5 years...

My boss contributes and will match up 10% of my gross on my contribution into a retirement fund... That's like $5,000 a year free money into my retirement account.

I have up to 40 days paid sick leave pay this year and 40 additional days next year...

So on and so forth. You catch my drift