Financial Advice for those wanting to be an O/O

Precisely!!.. its a huge Scam. No accountability what so ever really. For those who have direct customers is Great but thats not the majority of o/o's have Direct customers to be paid. If you have direct customers in this recession (soon I believe might be a depression by this time next year..hopefully I am wrong) is the best thing to have during the financial storm ahead. I'm debating changing carriers & signing on with one that pays reasonable mileage rates so I can determine my weekly budget margins.

 

Everything you describe is evidently happening, for example,

Iowa trucking company sued over alleged effort to 'steal money' from drivers - Iowa Capital Dispatch

but is it systemic? Most likely not, but the entire saga of what happened with price fixing of broiler chicken prices by the big boys then Tyson turning states evidence is a discomforting example to say that yes it's entirely possible. Although the poultry market is much much more concentrated than the carrier market.

Even with all of that being said, no matter how much they are stealing at the end of the day one method pays more than the other and until that changes have fun staying poor, haha, jk. I get it everyone has a different risk tolerance and long term in this environment it may be the best decision to sign on for a set rate but that's not the situation at hand yet.

 

No doubt. Mileage pay has it's issues too but at least you know you're not getting screwed. Of course mileag is no good if you're not moving. There is the Truth in Leasing law to get the true rate documents from the Carrier if one was so inclined though.

 

Advice,
Never take financial advice from someone that isn’t financially strong.
Never take advice from someone that isn’t the top on their field/craft/etc
Always try to learn from other peoples mistakes before making your own. As a former bomb tech, I took heed to that one.

 

I honestly don’t think it’s hard if you have a good work ethic. I know people who succeed and they run their business opposite of each other. One guy buys good trucks and finances, another one buys 2000 and older. The 2000 and older one keeps trucks until it’s impossible to fix it. The guy who finances just sells and rebuys soon as it hits x miles.

I bought my first truck for $9k, a 2007 century. Then a w900, cascadia, T680, Pete 379. I always paid cash and I never financed. I did finance a trailer for the first time but the payments were less then renting and used ones were crazy.

I took that $9k truck and leased on with a guy with 18 trucks paying 85%. Made a killing. Everyone on this website is against small companies that pay 1099. Not every company is bad.

 

Haha, so you're an expert on the topic of advice? And if not, then we shouldn't take your advice about advice? Jk

 

Round and round we go
Always take all advice with caution. Including last statement.

 

What really made me see reality on this forum is when I read the thread about what a “no thru trucks” sign means. By page 2-3 you come to realize no one knows anything on here and common sense is a premium.

 

What did you say? Sorry, I was trying to figure out how I can lick the window while eating crayons. Ok, we were talking IFTA and split “birth.”