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Stepping Out With My Own Numbers

Discussion in 'Ask An Owner Operator' started by Misesian, May 16, 2017.

Page 100 of 146
  1. Nov 25, 2019 #991
    RStewart

    RStewart Road Train Member

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    Norman, OK
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    You're a bigger man than me. Lol. I can't stand to run those lanes.
     
    RStewart, Nov 25, 2019
    RStewart, Nov 25, 2019
    #991
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  3. Dec 1, 2019 #992
    Thetrashnoob

    Thetrashnoob Light Load Member

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    May 30, 2019
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    I just read through the whole thread, filled with lots of info. If I may ask when you just stated out, how much did you have saved up to get started along with an emergency fund? How much did/does insurance run you a year
    Thanks
     
    Thetrashnoob, Dec 1, 2019
    Thetrashnoob, Dec 1, 2019
    #992
    Tug Toy Thanks this.
  4. Dec 2, 2019 #993
    Misesian

    Misesian Road Train Member

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    Nothwest Arkansas
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    When I leased on with a carrier I had around 10k in the bank after buying the truck. When Instarted my own authority I had around 30k after the start up costs. My insurance is 19k a year total.
     
    Misesian, Dec 2, 2019
    Misesian, Dec 2, 2019
    #993
    dwells40 Thanks this.
  5. Dec 2, 2019 #994
    The Biggest Dawg

    The Biggest Dawg Light Load Member

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    Oct 16, 2019
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    Do you think you couldve started your own authority with around 20k in the bank?
     
    The Biggest Dawg, Dec 2, 2019
    The Biggest Dawg, Dec 2, 2019
    #994
  7. Dec 2, 2019 #995
    Misesian

    Misesian Road Train Member

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    Nothwest Arkansas
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    I’d rather see closer to 30k. You’ll be waiting 30 or so days for your money and, if in that time you have some major repair bills, you could be down to the wire pretty easy. While you’re waiting on the money you’re still paying all your operating expenses. Running your own authority, truck and trailer, you’re probably looking at 16-17k a month in costs. Trucking is all about cash. It doesn’t matter how much revenue or your rate per mile, if you don’t have cash, you’re done.
    This current environment has demonstrated that. Some companies that were decades old have gone under. When rates are depressed for a long period, it’s war between who has the most cash that stays in business.
     
    Misesian, Dec 2, 2019
    Misesian, Dec 2, 2019
    #995
    Lite bug, Accidental Trucker, Midwest Trucker and 3 others Thank this.
  8. Dec 2, 2019 #997
    Thetrashnoob

    Thetrashnoob Light Load Member

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    Being that you started in 17 when the industry was up, over the past 2 years how bad has it dropped? Do you regret going on your own? Do you make more than a company driver or make about the same after all your expenses are paid?
     
    Thetrashnoob, Dec 2, 2019
    Thetrashnoob, Dec 2, 2019
    #997
  9. Dec 2, 2019 #997
    Misesian

    Misesian Road Train Member

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    Nothwest Arkansas
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    I’m doing fine. Just speaking in general. I could pay myself more than what I do and still have profit. I’m focused on building up a lot of cash for now. I could pay myself in the upper 70s and still have profit.
    I like running my own authority for the most part. I miss being leased on somewhere though. That was the sweet spot I think. Things were much more predictable and if something happened to the their trailer or the load, they’d handle it. Being able to drop and hook a lot was nice too. When a customer screws up on something, running your own authority, it’s all on you. Usually the solution sucks for you, while everyone else benefits. It’s only happened a couple times though.
     
    Misesian, Dec 2, 2019
    Misesian, Dec 2, 2019
    #997
    Tug Toy, dwells40 and Midwest Trucker Thank this.
  10. Dec 2, 2019 #998
    Midwest Trucker

    Midwest Trucker Road Train Member

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    Love reading your posts man, especially these last couple. You are SO right on the money. No pun intended. You’ll go as far as you have the desire to go in this business.
     
    Midwest Trucker, Dec 2, 2019
    Midwest Trucker, Dec 2, 2019
    #998
    TallJoe and dwells40 Thank this.
  11. Dec 3, 2019 #999
    TallJoe

    TallJoe Road Train Member

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    I also like the OPs analytical preparedness before he makes a move. So many others jump into the game without enough capital or a deeper thought of what equipment they will use and why.
    There has to be quite a commitment while executing his plan too. 19 k for insurance and also equipment loan payments surely make someone vested in the game and you still have to withstand tougher times when rates are lower and everybody is complaining.
    Running a new truck and reefer on the spot market even with some more or less established broker contacts is not something for someone who wants to stay home every weekend after 5 days of work or wanting to skip winter months being afraid of bad weather.
    I am myself, thanks to this thread, somewhat curious about the International LT and A26 setup as a possible future truck replacement. Also the new reefer upgrade, and how it does with fuel economy is quite interesting to follow too. This thread is one of the best for educational purposes.
     
    TallJoe, Dec 3, 2019
    TallJoe, Dec 3, 2019
    #999
    SoDel, njt1313, RStewart and 4 others Thank this.
  12. Dec 3, 2019 #1000
    XxdiggitxX

    XxdiggitxX Bobtail Member

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    Nov 17, 2019
    USA
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    @Misesian good luck! I am following your journey on here, as an aspiring O/O it's good to hear you're making it well
     
    XxdiggitxX, Dec 3, 2019
    XxdiggitxX, Dec 3, 2019
    #1000
    Tug Toy Thanks this.
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