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
Creating passive income from trucking?
Discussion in 'Ask An Owner Operator' started by asphaltcowboy4x4, Jun 19, 2019.
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www.OOIDA.com can answer most of those questions.
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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."Metallica88, Western flyer, jamespmack and 1 other person Thank this. -
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.snowman_w900, Metallica88, JonJon78 and 6 others Thank this. -
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.Western flyer and Intothesunset Thank this. -
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. -
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
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TallJoe, CorsairFanboy, JonJon78 and 6 others Thank this.
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You can't put $20k a year into an IRA. Only $6k a year that's why you have to start this year.Obcdablessed, ElijahJohn1, SavageMuffin and 3 others Thank this. -
adayrider Thanks this.
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