money question

I understand where you're coming from. My truck is making money every single day it moves. But, I've chosen to not take a paycheck yet. I have enough savings to live comfortably for quite awhile without a draw from my truck's earnings.

For now, I choose to let the truck build its own maintenance fund.

As far as how much I set aside- it's an 800,000 mile truck. It's been dyno'd and checked over and everything is in great working order. Heck, the radiator was fine until it wasn't. Being high mileage, it may need some major repairs in the coming months and I'd rather show the truck paying them then my savings accounts paying for them.

No PM in the world could've predicted my radiator failing. I caught it early and fixed it with money the truck made. I guess I could've used my personal funds but for tax reasons, it's better for me to do it this way.

Anyway, I have a large fund to cover repairs but I choose to use funds generated by the truck. It's just easier for the accountant and for me.

 

I glad you are doing this right, others are not which worries me. I used to do due diligence on used trucks like some do on houses, if the radiator has been on the truck for a while, it gets replaced, if the brakes haven't been touched in a while, they get replaced and so on.

 

1500 a week in fixed cost? New truck? New trailer? And

 

Payroll, trailer rent, % of monthly truck payment, tags, % of insurance. Yes, what you pay yourself should be salary to be calculated into your operations costs.

 

As a disclaimer this is just my opinion and my view. Owner operator or company driver you can make decent money out here. The trick is controlling your cost. Truck stops are expensive. So if your not lazy and shop at a regular store make your own food wash your stuff inside. Don't fall for buying anything in a truck stop. Use Amazon or Wal-Mart or online. You will do very well. It took me some time to realize this. I kept looking at my pay thinking dang I made 62k last year where did it go. Cracked down and I try not to buy anything in a truck stop maybe a drink here and there with my points that's it. This may be a little off topic but just a thought that came to mind as I read thread threw the post. Out here controlling cost is key. Now if someone finds a lot of gold company please pass it on to me lmao. Have a safe day drivers keep it sunny side up.