Finally got my own truck

Discussion in 'Ask An Owner Operator' started by BoyWander, Jan 1, 2017.

  1. Liquidforce

    Liquidforce Light Load Member

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    44 weeks of pay as per BW post. 52 weeks in a year, people are making the mental leap the other 8 weeks are ping pong.
     
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  3. Lepton1

    Lepton1 Road Train Member

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    Sounds a bit like the owner of the truck I bought, working just enough to kick back and enjoy life, then doing a burst of driving to get another positive settlement check so he could kick back again. In his case the truck was paid for, but the truck suffered from lack of maintenance.
     
  4. cnsper

    cnsper Road Train Member

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    You cannot automatically pocket you former payment. That truck will need to be repaired and/or replaced.
     
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  5. rollin coal

    rollin coal Road Train Member

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    When its paid off keep stacking that payment up until there's a $20,000+/- maintenence fund for the truck. That money belongs to the truck and is only for the truck. It's not for a new rzr or fishing boat or new furniture for the house. After that fund is established pocket the extra or buy toys or whatever.
     
  6. BoyWander

    BoyWander Road Train Member

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    I may me drawing salary, sure, I have to live...But as far as I'm concerned, until my truck is paid off and I have that $20,000 in the maintenance fund, the business is still technically in the red.

    This is an all or nothing type situation. You HAVE to have the self discipline and able to be responsible with the money and truck or you'll find yourself out of biz real quick.

    The 44 weeks in a year is what I figured I'd be running, just so I'm not counting on 52 weeks of revenue. That's absurd. The first week of the year I had just got my truck and was getting myself set up and ready. Went out for 3 weeks and came home for a week. Then now I've been out 7 weeks. 2 of those weeks were really crappy weeks - like only $200 profit. So I'll consider that combined a week off. I'll be going home at the end of next week for table tennis - taking one week off. I might try looking for a couple of local small runs on Wed or Thu If I can find anything. But I have a lot of stuff to do. I need to detail my truck. I'm not a slob by any means, but living in this for 8 weeks in a row, it needs a cleaning. I need to get my CDL renewed by June so I'll do it this week instead. I'll also study and get my tanker endorsement so I can haul them loads that need tanker.

    I'll spend a half day pre tripping my truck real good and checking everything over. I'll visit with family. And practice before the tournament a bunch.

    So when I go out again April 10th I'll have 5 weeks left to take off again for the year. I'll probably take them in half weeks.

    I'm at this large receiver and it's real tight back here. Another driver shows up to go into the only other dock and he can't get in it. The guy don't speak a lick of English except yes and no. He was instructed to put his metal seal in the back of the trailer but of course he didn't understand and he took the seal off and threw it across the lot onto the ground so someone can ruin their tires on it. When he wasn't looking I picked it up. I called the main office and they're gonna send their yard spotter over here so my truck don't get ruined.

    About the things I've learned, I'll get to that next week.

    Edit: I helped this fella get backed in and now were chatting through an English Russian translator on Google.

    He's paying $1500/week for his truck, with trailer and insurance lease through his boss. Probably same as it costs me. But not sure what he's getting paid. He took the same exact load I did for $200 less. But still not that bad of a rate from Macon to Iowa.
     
    Last edited: Mar 25, 2017
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  7. Drake.r

    Drake.r Light Load Member

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    Don't forget about jumping up another tax bracket when you don't have the lease payment to write off anymore
     
  8. nax

    nax Road Train Member

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    That can be mininized too by opening an IRA and maximizing pre-tax contributions...
     
  9. Western flyer

    Western flyer Road Train Member

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    So at what point does the driver actually get to
    Put all they money in his pocket.
    When does he start putting 2000 dollar Paycheck's
    After all expenses and taxes in his pocket every week.
    6,7,8 years from now.
     
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  10. Lepton1

    Lepton1 Road Train Member

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    I will start putting that kind of money in my pocket only after my truck and trailer are paid off and I have at least $20K in a maintenance account. Until then the goals are to make ###### sure the truck and trailer are well maintained and the owners are paid off.

    I bought a 10 year old truck and trailer four months ago. Approaching $20K in maintenance. No regrets. Plenty more to do/spend, but on track to have the truck paid off this year and the trailer next year.

    OP went the new truck route. Less maintenance, but a longer path to get through to having the title in his name.

    The rich rules over the poor, and the borrower is slave to the lender. Proverbs 22:7
     
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  11. BoostedTeg

    BoostedTeg Road Train Member

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    Depends what kind of work you have. I'm doing that now with a brand new truck
     
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