Glad I had the Patience.

It's great you are doing it right, too many piss the money away as fast as it comes in and ignore the truck until something happens.

 

Congrats, glad to hear someone is succeeding as an O/O!! I’m on the fence on whether to replace my dad as an O/O but a government job might steer me otherwise. Big deciding factor is insurance atm. If it isn’t too much trouble to ask, how much are you approx paying in insurance for power only?

 

good luck to you. wish you the best.

 

Sound like your on a good path.
Stay on that path. As much as it may tempt you, do not skip putting the cash aside for service and tires.

 

Echo the 'Put money aside sentiment' from previous posters.

If you only need $600 (net or gross?) to live on, here's what I would do . . .

Take 12% of total 1099 revenue and set aside to a savings account for end of year taxes (Account 1) label=TAX

Take 30 cents per mile for ALL miles driven that week, set aside to checking account (Account 2) label=MAINTENANCE

Take 10 cents per mile (all miles driven) and set aside to a savings account (Account 3) label = EQUIPMENT RELPACEMENT

Pay yourself the $600-$700 weekly wage, and the remainder . . . .

Goes into (Account 4) label = BUSINESS PROFIT.

Tax account is there for the end of the year - do not touch.
Maintenance account - square your business credit card up with this for any maintenance item. Hopefully it will build.
Leave equipment replacement well alone, until you either need to inframe, or replace tractor/trailer.
Live on the wage prescribed.

Hopefully Account 4 will be "your cup over-runneth" at year end.

Advise LLC taxed as 'S'corp, but you can leave this till year end if you're knee deep in startup.

Good luck sir.

 

Music to my ears - keep the humble attitude and keep learning.

 

Amen.
Same reason I don't have kids. Lol.

 

It's always hard to respond to threads like these - branching out on your own is such a specific set of pre-cursors, none of which paths are exactly the same.

I do now realize that company drivers and owner operators language and mind-sets are a world apart, the prior cannot fully appreciate the latter, and the latter forgets quickly the former mind-set.

As for kids, I wish I had taken the opportunity/mistake earlier, until I hear of a "My child is an abhorrent disaster" story that reminds me sometimes it's a better position to be "Uncle" or "Grandfather", or simply mentor, without a lot of heart and soul investment.