I have 82,000 cash. What would you do?

I have spread our investments through various means - CD's (for me, anyway) are the 1st step and often the easiest. We also have the IRA's, ROTH's, high yield savings and a regular savings account (or emergency fund).

I have tried to be very frugal with our income and squirrel away every penny for the future. I don't go out and buy the latest & greatest iPhone for $600, I don't buy name brand groceries, I clip coupons, I do a garden every year and can/preserve a lot of our food, I make a lot of our food from scratch (including bread), we have basic cable, no land lines, no car loans, no credit cards, no "extras", etc.

The future is so uncertain right now - higher taxes, less jobs, ObamaCare, inflation - that even if you are "debt free" right now, you may not be in the very near future. I am comforted some knowing that we have a little money set aside for the unexpected. And in my case, that "unexpected" came in the form of ovarian & cervical cancer 5 years ago that cost me my job, my health insurance and ultimately bankrupted us.

The point I'm making is simple - just because you have it, doesn't mean you need to spend it all.

 

mutual funds with good track record and a chrome bowling ball to drop on your foot to help you with those urges to buy a truck...

 

I started out in the same situation. Still working on getting it all back lol. If your heart is in trucking go for it. Just be patient with it and manage the truck like you have your finances. You cannot rush, rush, expecting the world 5 minutes after getting a truck with your name on the door. There's going to be a learning curve. If you can at least break even that first year you've got a good shot at making it. Freedom is realitive to me it means no bill collectors (as in debts on boats, cars, vacations, etc) and no-one ever telling me I have to work or what to work. I have that. Of course some bills (utilities, groceries, etc) never go away and then there are situations where freedom don't seem so free $$$ anymore.

 

Give it to me.


Lol JK, kinda.
Invest, don't buy a truck.

 

ethos, if i were you, i wouldn't listen to joseph1135. You already paid alot of stuff, bike, etc... you have the right to be happy and buy what you want. If what makes you happy is buying your own rig, do it! pay and reward yourself! If i were you, i'll research the best owner operator in the country and i would buy me a truck at about $50,000 and the rest for emergency maintenance fund. Like you said before, you paid alot of bills, that money is for you to buy what makes you happy! It that's a truck, do it. With todays economy, you dont know if tommorow we will be Cyprus if you follow the news! So you have 7 years on the road, you know how this industry works. Good luck.

 

If you really want to buy a truck, then do it. Don't put the whole 82,000 in the truck but put about 20,000 towards the truck, another 10 towards towards maybe fix her up and so on... another 5 to 10K for start up funds (I.e. first couple of weeks fuel, Plates, Permits, Insurances, Authority) so 40,000 towards the start of your trucking company.... You still have 40,000 left over with no personal debt

Now, if your not really sure about buying the truck and your heart isn't all the way into trucking then don't do it. Don't blow 40 to 50K towards this if your just in it to be in and to earn a few bucks. If you still feel comfortable being a company driver then do that.

 

Wow. Your bills are paid and you have $82K. I own a truck and 2 trailers. I too have some nuggets put away in case things get bad(worse). It took a long time to get here. I am glad I have been able to experience the ups and downs of trucking. I'm a trucker, my wife is a trucker. Right now, today, if I was in your position, I would not buy a truck. Mr.PlumbCrazy has the right idea. Frankly, I'd bury it and use the stacks as gate posts. I hopped on when fuel was .82 per gallon. Look where we are @ now.

 

i would suggest recently updated low maintenance investment property. but first stop working for peanuts at schneider bulk. tank freight pays and you are not getting your fair share. most company drivers are not getting paid enough and thats a large part of why the rate are so bad. dumbed down people working for peanuts, but they just dont know any better.

if you must buy a truck go with a glider kit speced for mpg or a good used pre emmissions truck(if one can be found). I hear the guys pulling tanks for Heniff and Altom are doing well. do not run a tank for schneider for $1 per mile plus a too small fsc or you will regret it. I would recommend a small no satalite no eobr outfit

If you wind up owning a truck keep this in mind- you are a business owner and not a truck driver so treat it that way.
Invest in tools. often the tools are cheaper than paying a wallet rapist $100 per hour plus bs.
if you are not mechanical then dont buy a truck period or you will wind up regreting it.

 

Do what makes YOU happy , but use some common sense. You never know what tomorrow will bring, good or bad, but NEVER say, man I wish I would have tried ______
Sounds like you have a good opportunity. Good Luck !!

 

First thing to think about is 90% of the guys on here would pay off their trucks and keep running leisurely(?) With all their major debt now paid off and their trucks they could really have the freedom to do as they wanted. Ask yourself one question, Would any of these guys give up their freedom with a paid off truck and go back to being a company driver with a boss telling them when to work and not work? Answer is heck NO. If you enjoy trucking and have any business sense to you then You SHOULD buy a great reasonable truck and set yourself up running regional or local and reap the benefits of being a trucking business owner operator and all the off time while riding your harley. Alot of guys on here would give their left ### for the chance of paying off their trucks and running debt free. Just think about it. Good luck in whatever you decide.