My advice is for those of you who have money issues or have aspirations to buy your own truck.
Download the Ramsey Network app to your phone and start listening to the Ramsey show every day in the truck. Listen for 3-4 weeks before you do anything else. Then take Dave Ramseys Financial Peace University class and start doing the 7 Baby Steps. You can take it online or in person at a local church. The classes are 90-120 minutes, once a week for 9 weeks. The best $139 I have ever spent.
Get yourself on a budget, do the debt snowball and eliminate ALL of your debt quickly.
Then you can really start power saving for a truck.
Don’t get sucked into a Lease Purchase…Lease is code for FLEECE!
Be patient, work hard, save accordingly and then buy your own truck. I’d also make sure you have a BUSINESS EMERGENCY FUND of at least $50K saved up in addition to your down payment for your truck. The more cushion you have, the easier it will be for you to ride out the rough times, slow freight, economy dips and other down times from medical issues or family emergencies.
You should also have a separate Emergency Fund of 6 months for your personal expenses and regular bills (utilities, rent, mortgage, etc).
Never mix your business expenses with your personal expenses.
Thanks to his program it changed my life, I’m almost out of debt, I just paid over $50K in student loans off and I’m about to have a fully funded emergency fund for the first time ever. I’ll be buying land to build on in Colorado next fall and paying cash for it. Then I’m saving up to buy my own truck.
I found his program by accident one Saturday back in May of 2019 while driving to Wamsutter for a linehaul run. I learned more about money from Rawlins, WY to Wamsutter, WY (45 miles) than I had in 38 years of my life.
I also do financial coaching on the side, so if any if you need help, send me a message and I’ll be glad to help free of charge.
Financial Advice for those wanting to be an O/O
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figure out a way to make decent money ,
Spend less than you earn never borrow money for anything except real estate and save and invest what you don’t spend ,
it’s pretty basic , and logical . But listening to the number of people who buy cars that cost more than their annual income and north the money to do it , is confusing to me , can that many people people really be that financially dumb ?
i borrowed money for a car exactly once
And never again.
I did a lease purchase for my first truck but it was a walk away lease , bring the rig back and toss the keys and walk away if you want .
and his advice for people who don’t make much money is always : figure out a way to increase your income .
which is why I got into trucking in the late 80s
I was earning $950 a month before taxes working at my dream job at a state park .
I got tired of being broke.
decoded I wasn’t going to be dirt poor and penniless my whole life
I grew up in a beautiful rural Appalachian area, but in rural Appalachia 28 miles from the closest traffic light , in 1981 Carter America, when I graduated high school , which was kind of like the recession that’s fixing to hit , gasoline prices had just doubled , again , mortgage interest rates were high, inflation was high , Russians were invading neighboring countries , etc there were zero jobs.
And I wasn’t going to be penniless all my life like everyone who lived there .
i worked my butt off and earned $6000 before taxes the first month I was driving.Last edited: Oct 1, 2022
His teachings took me from struggling to keep ramen noodles in the pantry and my phone turned on to being debt-free with a fully-funded emergency fund, building a nest egg for retirement, and saving up a down payment to replace the house I lost in a divorce. His teachings work, but they don't work overnight.
Dave’s been around way longer than KR. It’s all basic common sense stuff, only some people need to follow a program to get everything done. Dave’s stuff is more for the people who have been borrowing their way through life and have grown tired of it and need advice finding their way out. If you’ve always been good with money then there’s not really a whole lot you’re going to take away from his teachings.
It really is simple.
Live a minimalistic life until you have your house and car paid for. Then save as much of your income as possible.
I see the Ramsey show as one long commercial to sell his baby step program and his books. If you listen to a handful of his episodes, you pretty much heard his entire pitch.
To the caller he says "eat beans and rice. No debt and Buy my book or buy my seminar".
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