31N90W an update?

Hi, first, I apologize that I did not respond to your question earlier. I bumped into your question/message just today?

Anyway, here is the reply............. it has now been three (3) months that I have been working as a vacuum truck driver. I am out of training and working on my own. I elected to go on a 4-and-1 schedule where I work 4 days, then I am off 1 day. And, I am off one full weekend per month. On average I work some 65 plus hours per week (actually in 4 days), but with the hours comes the over time, and that is how you make bank.

I start at 6:30 am, and get off by 9 pm, then it is a rush to take a shower, eat dinner, fix lunch for the following day and get to bed. I am lucky if I get 7 hours of sleep. But, I am getting used to the grind. The payoff (literately) is ever other Friday or so when I get paid. Nice checks, and I am still the low man on the totem pole earnings wise. As I begin to get raises, my income will increase. I do have excellent benefits, health, dental, vision.

It is not a paradise. There were/are issues that I did not foresee. For example, life at the Man Camp is free, but not exactly easy. It is a Man Camp but there are some little boys in it. So, you have to pick and choose with whom you associate. There is one guy who I am convinced is on dope, and a few who I know are drunk any chance that they can. One guys specializes in stealing others food (the fridges are not locked). A few are down right pigs. Such is life. But, I keep reminding myself that I am living rent free after all.

And, I also recognize that I am a "newbie" in the purist sense of the word. I have no previous driving experience, and no oil field experience, so I am grateful that someone gave me a chance with no experience.

BTW, it seems that most of the outfits in the Midland-Odessa area are having a hiring frenzy at present. I am hearing commercials on the radio left-and-right mentioning openings, and job fair dates - most say that a CDL is needed. This is the time of year when things begin to pick up as the winter comes to an end.

OK, the following is a tad personal and certainly does not apply to everyone.......... and it ties into my master plan..... so keep reading.

Because I am single with no bills (I can live off of $400 per month) I put 40% (again FORTY PERCENT) of my salary in a 401K. Why? First, it really lowers the amount that I have to pay in Fed Taxes. And, the company contributes a percentage as well. So, between what I save in taxes, and with what the company contributes, I can bank some 55K PLUS this year! If I want to buy a house, the 401K will let me use the funds without any penalty or taxes. So, I am really saving money. I can make an extra $7500 this year between what I save in taxes, and what the company contributes to my 401K. In my last job as a paralegal, I made about what I do now, but I had cost of living so I could not SAVE 50K Plus a year.

And, that is what the whole point of being out here is TO MAKE AND SAVE MONEY! My master plan...........

After I get a year of experience, I plan to relocate to San Angelo, TX and get a gig driving/hauling crude oil, and get out of the vacuum truck. San Angelo is a great place with hills, a lake, and quality of life. I am currently in Crane, TX which is, well, depressing, and that is being kind. I am not used to driving half an hour just to get to a Baskin Robbins or a movie.

Don't get me wrong, this (my current situation) is not ideal, but it is a start. A part of my master plan is that in a few years I can buy a rig and lease an oil tanker. I am hearing that the guys and gals who are really making the big BIG bucks are the oil haulers who are OO's. Of course, you blow first gear in your truck and and that costs 9K to fix. With the risks come the rewards.

And I guess that sentiment about sums it up - I took a risk (getting a CDL and moving to the oil fields of TX) and I am reaping the rewards. Like I said, I can save 50K this year alone, being on the bottom of the pay scale!

 

You realize you can only contribute $17.5k a year into a 401k, right? Unless you are over 50 and can throw an extra few bucks. Not sure if you were saying you were going to be saving 50k in the 401k though. Be sure to max out your yearly Roth(or traditional if you prefer) IRA contribution as well.

 

I am over 50 and can contribute more because I am playing "catch up". But, you are right about IRA limits in general. When I max out my IRA I will simply put any funds in my Savings Account. Either way, I can save over 50K this year - my first year.
And, I became a resident of Texas, Republic of, so I do not pay State Taxes to Louisiana, where I am from.

 

With a 40% contribution rate just watch your contributions carefully to avoid going over the limit. Also do not neglect to put away a decent emergency fund outside the retirement account.

 

I worked in Crane my first year, but lived in Midland. I do not miss Crane, except for the breakfast combo burritos at Rudy's. They put Stripes burritos to shame. Have to admit I'm envious of your ability to save. I love my family, but hearing how much you're able to save almost brought a tear to my eye. Best of luck to you.

 

Way to go!

 

That's awesome you have a 401K at your company to shelter some of your earnings and congrats on having the discipline to save so much. We do not have that option where I work, just finished our taxes tonight and looks like we are handing the state and federal government about $32K this year in taxes! Not sure all this overtime pans out in the end when so much gets zapped up by taxes.

 

OK, and that's the thing................ "you are really nervous about packing up and........."; "the only thing we have to fear is fear itself" (plagiarized from FDR's speech).

I was in the same boat........... nervous, -fearful of the unknown - but I took a chance and so far, for the most part, it is working out for me. But, that is for me, your experience will undoubtedly be different.

Let me tell you what one of the challenges that I am encountering is.............. for some 23 years, I worked as a paralegal in a law firm, that is, Mon-Fri, 8 hrs a day, weekends and holidays off. Now, I work on average 13-15 hrs per day, 4 days on - 1 off, with one weekend off per month off. I do not have time for anything, I do not have much of a life. Period.

The up side is that I am 55 yrs old and have had a 401 for some time. So, if I hustle for the next 4 years, I can easily retire at 60. That is my plan. Well, I actually do not believe in retirement, but I can pursue other things that do not pay well but are fun. Seriously, I plan to become a Travel Guide and take groups on vacations. I speak Spanish and French. The pay is low, but one gets to travel for free. So the oil fields are a means to an end, not the end itself. Or, I do have the option of becoming an OO hauling oil. Time will tell.

Your experience will be unique to you............. but do take the risk, if it does not work out, then change what is broken. For me, I have to get out of this God forsaken pouf-dung town and move to a city - the town that I currently live in. And, I want to (in time) get out of the vacuum truck and haul oil. Note: in time. First I have to get some experience.

Back to you, get in, figure out what works and what does not, then fix what does not. Understand that you will be reinventing yourself. Usually, change is good, well, except for the citizens of Pompeii.

Best Wishes.