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Creating passive income from trucking?

Discussion in 'Ask An Owner Operator' started by asphaltcowboy4x4, Jun 19, 2019.

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  1. Jun 19, 2019 #1
    asphaltcowboy4x4

    asphaltcowboy4x4 Medium Load Member

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    been trucking few years now and I just don’t know what I want the future to be like. Obviously I can’t be otr for the rest of my life. What’s it gonna take 3 trucks 5 trucks 10 trucks? To create an income stream of 100k a year to myself? Of course hiring some office person to run the company and dispatch the drivers. Paying the drivers good money so they will stick around. Anyone out here done this? What were your start up costs? Would it be best to start with one truck? Drive it myself? Or wait til I have said amount of money (unsure how much would be needed) then buy a few trucks or finance them idk. Thanks
     
    asphaltcowboy4x4, Jun 19, 2019
    asphaltcowboy4x4, Jun 19, 2019
    #1
    Opendeckin Thanks this.
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  3. Jun 19, 2019 #2
    Chinatown

    Chinatown Road Train Member

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    Aug 28, 2011
    Henderson, NV & Orient
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    Chinatown, Jun 19, 2019
    Chinatown, Jun 19, 2019
    #2
  4. Jun 19, 2019 #3
    Intothesunset

    Intothesunset Road Train Member

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    This is why people invest in mutual funds.
    Note on my list of things to do after I am debt free.
    No major loans to pay just bad credit.
    No home mortgage, no new car payment. Living on the cheap.

    "We will never get rich from our work. Making your money work is the key to wealth."
     
    Intothesunset, Jun 19, 2019
    Intothesunset, Jun 19, 2019
    #3
    Metallica88, Western flyer, jamespmack and 1 other person Thank this.
  5. Jun 19, 2019 #4
    uncleal13

    uncleal13 Road Train Member

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    Humboldt, Sk
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    Knew of a guy that won $250,000 in a lottery. Thought he’d do the same thing, bought two trucks and hired two drivers.
    After 6 years he had two worn out trucks and no money.
    Most fleets are only working on a 5% or less margin.
    You’ll do better putting your money in an indexed ETF and get 12% with no headaches.
     
    uncleal13, Jun 19, 2019
    uncleal13, Jun 19, 2019
    #4
    snowman_w900, Metallica88, JonJon78 and 6 others Thank this.
  7. Jun 19, 2019 #5
    VIDEODROME

    VIDEODROME Road Train Member

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    angola, in
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    I've been curious about this to.

    How about Dividend Stocks?

    Or just buy an Index Fund rather than a Mutual Fund?

    Only problem is it seems like it takes a lot of time and money before you see meaningful returns on it.
     
    VIDEODROME, Jun 19, 2019
    VIDEODROME, Jun 19, 2019
    #5
    Western flyer and Intothesunset Thank this.
  8. Jun 19, 2019 #6
    Intothesunset

    Intothesunset Road Train Member

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    Stocks work on the magic of compounded dividend return when you have enough money in it.
    This is all I know from Dave Ramsey.
    Not doing it yet myself.
    And start an IRA with about $20k a year put in after 40 years it's worth a few million.
    Also just what I've researched.
     
    Intothesunset, Jun 19, 2019
    Intothesunset, Jun 19, 2019
    #6
  9. Jun 19, 2019 #7
    asphaltcowboy4x4

    asphaltcowboy4x4 Medium Load Member

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    See what I did is I created my own etf get an account with m1 finance there is absolutely zero fees for trades and you can diversify I have 44 stocks in my portfolio you can get etf on there too pretty much anything with a regular broker you can get however there is no fees I created the best 40 stocks I could find not value stocks mostly growth and highly rated by Wall Street analysts and good financials and growth of revenue I out performing the market so far this year. And no fees it’s awesome been putting 500 bucks a week into it for over a year now it take a work tho I constantly change things and monitor stock news on my stocks I use tipranks.com it’s awesome you can create your portfolio there and it alerts you for news analyst downgrades etc all my stocks are rated strong buys
     
    asphaltcowboy4x4, Jun 19, 2019
    asphaltcowboy4x4, Jun 19, 2019
    #7
    JonJon78, D.Tibbitt and uncleal13 Thank this.
  10. Jun 19, 2019 #8
    TruckRunner

    TruckRunner Heavy Load Member

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    Such horrible Dave Ramsey advice. He makes millions of dollars teaching people to be mediocre. Keep putting all of your money in the stock market and when the wealthy decide to take their gains and crash the market I hope you are not retired during this time or you will greet me at Walmart.
     
    TruckRunner, Jun 19, 2019
    TruckRunner, Jun 19, 2019
    #8
    TallJoe, CorsairFanboy, JonJon78 and 6 others Thank this.
  11. Jun 19, 2019 #9
    adayrider

    adayrider Road Train Member

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    May 7, 2018
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    You don't need good credit to invest. Start now not later. Your credit is already bad so you can pile money up while fixing credit. All credit is good for is to make payments. The more payments you have the less you have to invest.
    You can't put $20k a year into an IRA. Only $6k a year that's why you have to start this year.
     
    adayrider, Jun 19, 2019
    adayrider, Jun 19, 2019
    #9
    Obcdablessed, ElijahJohn1, SavageMuffin and 3 others Thank this.
  12. Jun 19, 2019 #10
    asphaltcowboy4x4

    asphaltcowboy4x4 Medium Load Member

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    Dec 22, 2018
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    I have a 401k too on top of my personal portfolio downside I can’t choose individual stocks that I like have to get etf in 401k I’m signed up for it those that max is 19000 a year now for 401k plus you get an employer contribution like 50 bucks where I’m at a week and best part a 401k dosent really affect your take home pay it’s the best thing since wrestling still I like to have 3 investment accounts to hel diversify and be in more control nice thing I could always sell my etfs in 401k and buy precious metals with it if market is about to tank. I love healthcare right now and tech and real estate.
     
    asphaltcowboy4x4, Jun 19, 2019
    asphaltcowboy4x4, Jun 19, 2019
    #10
    adayrider Thanks this.
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