Eagle logistics / celadon

HVh

 

I looked at those settlements. Good of him to post.
I see 91cpm + 15 cpm FSC.
That looks pretty bad but hey, leases are complicated.
The net pay (before taxes and not counting all the expenses covered if one is company) looks a bit lower than for company drivers - not counting companies like Swift or England.
The obvious yet strangely controversial question is: why work for less money with more risk and more responsibility?

Am I missing something? Does he own the truck free and clear after a few years? That might make it worthwhile, but he doesn't say.
I'm just trying to understand what leases are about and if they are ever better than company jobs.

 

That's what I'm wondering myself. I think most of these guys fall for "be your own boss and work for yourself" line. There is a Youtube L/O who made a video bragging about how successful he is and how much he makes. After the chips of the numbers game fell into place he was bringing home between $700-$900 a week. I couldn't stop laughing.

 

Quality doesn't set up the fees just the truck and insurances. What fees are you'll talking about. For the last time I pay for fuel,truck payment , insurance nothing else. This isn't mega carrier make them money. Dam. One settlement a week pays the truck note and insurance . The other settlement s are mine. Isn't it obvious or do you need a how to guide. You don't need my operating costs bc it varies. I also have my tax guy go over my stuff every month. After taxes an everything I'm bringing in 1100- 1500 a week. Keep laughing though. I do all the way to success.

 

It's all the stuff not covered as an independent - I listed some of them in a previous post.
If you don't contribute to Social Security, you get very little at retirement.
If you don't have subsidized insurance, you pay about triple.
If you don't have 401k matching, you loose thousands each year
If you don't have vacation and holidays, you loose more thousands each year.
If you don't have unemployment insurance (paid 100% by employer) that can cost you big.
If you don't have worker's comp or disability insurance, that also can cost you big.

I don't know if anyone is laughing at you, as you imagine. Should we be?

 

Those are choices that ones making. Not every employer has 401 matching, and personally, if you put money into an IRA, theres no need for a 401k. Some states dont make it a requirement to have Workers comp or disability as a self employed individual. The amount you pay in for social security is paid for via your taxes. A seasoned tax professional should be able to tell you the correct amounts to take out.

In the end, if its not a good deal for you, then so be it, let others make the choice that they feel is the right one for them. It doesnt concern you.

 

Continuing education about my career possibilities does concern me - by definition.
But I don't want to be a jerk so here is something I think about that you may have some insight or opinion on:
Social Security - that is a BIG deduction from my paycheck and I am less than confident I will get it back when I retire.
Similarly, disability and worker's comp, etc are a form of gambling and since I am healthier and more careful than average, I am probably loosing on these.
Income taxes over all can be lower as an employee of a corporation one owns - deductions can be extensive and even creative.
So, I do sometimes think it could be better to just take the money up front and take my chances on the future.

See, I am not just a contrarian, I am accumulating data and testimony to try to figure this stuff out.

 

Just pointing out... if you think an employer is subsidizing anything, and that includes the employer half of SS, you're kidding yourself. All of it is calculated into "cost of labor" The employee is paying for all of it.

 

The point is to take what you are actually paid, then add all the extras like subsidized insurance, vacation and holidays, etc. and see if that number is more or less than than a lease or o/o. If it is considerably less, then the extra work and risk may be worth it.
It has been a slippery formula to pin down but how else can one make an informed choice?

I think a lot of people just throw the dice and cross their fingers but I am to old and conservative to want to do that.