$100k Club

Since your in SoCal your gonna need that 135k just to buy gasoline!!!

 

Hey there coworker. I forgot the name of our company. Could you tell me it and also the bosses name and phone number. Man I got a bad memory.

Congratulations it sounds like you have a good thing going.

 

No I'm not, I actually live in a cheap area, rent a 4bed 2 bath house with double heated garage all to myself for $1000 a month. Only spend about $150 a month on gas, the yard is only 2 miles away from home and only drive back in forth once a week, park the truck walking distance from my house during the week. Only spend on gas when I drive to the city to see my sugar baby lol.

 

Sooo you're saying you're broke as a joke

 

I would rather have $70k and be in Southern Illinois.

 

LOL. I'll take 70K any day in Tennessee. (Before these prices get even more out of control.)

 

Made 256 K this year.

I own my own truck and have no payments, so I'm lucky here, and if you can get to this point, this is where you can actually be somewhat rich in trucking.

I'm an O/O with my own Authority.
Starting from Nov 1, 2020 through Oct 31, 2021, here is the breakdown

125K miles with 15K Dead Head, so 140 K Total Miles, but paid for 125.
125x.2.75 dollars per mile was 343,000 dollars paid to me.

My costs
20,000 gallons of fuel with 3 active fuel cards totaled 60,000 in fuel
17,000 in tires, maintenance plan, all maintenance
21,000 in insurance
4,000 for all tags, permits, memberships, fuel cards, etc
25,000 put back to get a new truck every 4 years, and I sell the previous one at 500,000 miles
My Costs Totaled 87,000

So, Money Made is 343,000
Total Costs Including saving for the next Truck is 87,000
Total Money in My Pocket that I have to Pay Taxes on Was 256,000 dollars
If you figure my total Federal Taxes and State Taxes I will pay at a rate of 28 percent total, I will put in my pocket, 187,000 dollars after all taxes, everything paid, 187K bring home or per month, it's 15,500 dollars pay check per month.

Guys, do whatever you possibly can to be an owner operator. It's easy to write and I understand it's tough to do, but when I write owner operator, not a lease, not a contract, your OWN authority. Completely on your own, and run the load boards. You can actually BE WEALTHY in trucking.

Lets say you had to make a truck payment and your truck isn't paid for, and you had a truck payment of 7,000 dollars per month. Based on the above, you are STILL bringing home 170,000 thousand per year that is then taxable, and that is with putting back 25 saving per year for the next truck.

I did all of the above in exactly 42 weeks. 10 weeks off or 2.5 months per year.

 

I've been doing the above for many years. Does it fluctuate? Of course. When gas prices are up, it hurts. When mileage rates are down, it hurts, but I have always come out way, way, way ahead and have never had a bad year in trucking as an OO. Critical!!!! Purchase an all inclusive maintenance plan.

Check out what I make if the total mileage rates only averaged 2.00 dollars per mile for the entire year. This is incredibly rare, year before last as bad as it was still was 2.18 per mile. But, lets say 2.00 per mile. I ALWAYS do 125 K and QUIT. No time off for me. 125 K and stop. I often do this in barely over 9 months. I dead head no more than 15 K. I drive SLOW, and my truck averages 7 per gallon, so lets say it's God Awful and Gas averages 3.60 per gallon for one year and the mileage rates are only 2 dollars per mile for an entire year. You still make a killing!

125k x 2 dollars per mile is 250,000 paid to me
140,000 miles driven at 7 miles per gallon is 20,000 gallons of fuel x 3.50 is 70,000 in fuel
Maintenance and Tires, lets say 20,000. It's never that high because I get a new truck every 4 years at the 500K timeframe, but lets say 20,000
Insurance at 20,000
Tags, Fees, Permits, Fuel Cards, etc, 5000
25,000 put back for the next truck

So, my Total Costs are 140,000
Money Made is 250,000
This means I have in my pocket 110,000 that I have to then pay taxes on, but again, this is an absolute rock bottom scenario in trucking conditions and still, barely over 9 months per year worked with easily about 2.5 months off. Remember though, this is rock bottom. Your thinking Gas will go higher than 3.50 and already is. Well, utilize fuel cards, and keep in mind, when Gas is UP, the mileage rates are NEVER way down, so if Gas Stays 3.80, it will be EASY to get mileage rates at 2.50. You will NOT see Gas this high, and mileage rates dipping to 2 buck per mile, not going to happen and never has, but I just gave you the worst case scenario and still, 110 K made. The worst I have ever done in the last 10 years was 147 K.

 

Last thing. When I write O/O, I am referring directly to your own authority and nothing else. I would remain a company driver doing tanker/hazmat in teams where you can make 100 K comfortably with a good 6 weeks off per year INSTEAD of being an owner operator with a lease. That's one of the biggest frauds in trucking and that's an O/O who is leased. Leasing the truck, paying a #### ton for the trailer and insurance, etc. You are getting ripped off. And many people when they here owner operator, this is what deters them because most people in trucking when talking about O/O, they are almost always referring to a leased O/O. Never go this route. There is only 2 ways to go in trucking in my opinion only. Company Driver or O/O with own authority where you book your loads and you run the load boards.

 

I have a buddy that bought his own truck for about 60K working with Landstar. So he's getting it with no Vaseline?

He's been trying to get me over there, but I told him no. I have one major purchase to pay off, (car) and I'm doing my own thing outright. That's the plan anyways. I will do all this before 35. (30 now) Well, that's the plan.