I would to thank everyone for posting. It was nice to hear from those with similar goals and mindsets as me.
Live in the truck save $ and become financially independent???
Discussion in 'Experienced Truckers' Advice' started by nofreetime, Apr 4, 2014.
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Double post edit delete
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For me, getting out on the road is relaxing. Wife's good and the kids are grown. I'm out making money and seeing this great country.
Regarding pay scale I'm just starting out again, so yes my pay for the first year back was about $40K gross. Now's the time to play work up with that year's experience.
The premise of this thread was all about the concept of LIVING in a truck, without paying rent or mortgage, to save money. As noted by the OP you can save the MAJORITY of what you make living this way, even if you are on the low end of the income scale for OTR.
While the OP is looking to diversify income by investing in income rental properties, I'll be looking to save enough to purchase my own truck with cash and have enough in reserve for maintenance and operating accounts. After accelerating my income in this manner THEN I'll be looking for property. -
Ive wanted to become an o/o badly but given the nature of my game plan 10-12yrs i cant say not with certainty anyway that would be able to an o/o long enough to capitalize on the extra income. Doesnt mean i wont change my mind later on though i am doing well were i am. As for right now im certain rentals is something i want to do and im way too conservative to try starting two businesses at once. The housing market and interest rates are still pretty low and i believe its best to take advantage while i can.
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People who say this have no financial experience which is why they struggle to pay bills. Real Estate always goes up in value. Its the only thing that hedges against inflation. If you keep $250,000 in a bank account for many years, that would be worth a lot less when you are ready to buy a new home. If you got a mortgage on a $250,000 now, many years from now that house may be worth $300,000. So you just earned $50,000 in equity while living in a nice home instead of a truck. One of my best friends who is a multi millionaire buys a new mansion to live in every three years. She just takes all of the equity out of the current house and puts it into her new house when she wants to upgrade.
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NewNashGuy I understand your point, but real estate is anything but safe. Millions of folks across this country who thought this way now have no home, and their nest egg is gone.
Over 25+ year period, history tells us that homes generally go up in value. However, if your time frame is shorter than this, there are no guarantees.
Also, there are a lot of home expenses that people forget to add into their justification of home ownership. These expenses, if taken into account, would make renting a much better option for many.Lepton1 Thanks this. -
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Living in the truck is not too bad it is that you live in a lousy neighborhood.
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