I inherited over 100 grand...what would you do

Regardless of what you hear,


1. 100K is NOT alot of money


2. Blow $50.00 on a really nice dinner


3. Save/safely invest the rest of it

 

If I lived in Houston and wanted to become an owner operator, I would look at contracting with the oilfields. Even company drivers can earn $100M/year. I know that they were hiring around San Antonio a few months ago. If you insist on buying a truck and trailer, you can buy something dependable for about $25-30.000 (truck and trailer). I would suggest that you invest the rest and let your money work for you. You may be able to stay in the state and be home most nights. I have known some who run the triangle from Houston to San Antonio or Austin to Dallas and back and done well. There are opportunities for company drivers and owner operators in the oil fields. You could start as a company driver to see if you liked the work and then buy a truck later. It is difficult for an owner operator to find good paying freight where you are home every night. Oil field work is something rather unique, but you may work 7 days a week. As someone else mentioned, $100,000 isn't really all that much money. It is surprising how quickly money can slip through your fingers. Rather than not working and spending money, I would get back to work and save what you have left. Real estate or a good mutual fund would be a much better use of the majority of your new found money. A mutual fund would spread your risk over conservative and higher risk investments.

 

From what I've read, you can do better with Farm2Fleet. You pick your own loads. Call them and ask what is the best truck to use in their operation. Check their website.

 

There are several carriers who allow you to pick your own loads, if that is the way you want to go. Landstar and CRST Malone are a couple of carriers who allow you to pick your own loads. Both pay percentage and both have Texas freight. You could also check with other carriers, such as Lone Star, ATS, etc.,

 

Here's what, in my opinion, you should do. You and the girl friend take a vacation. Get out of your current environment, so you can be on the outside, looking in. This will put everything in better perspective. Examples : Ecuador - nice beaches, many American expats who have "been there,done that." Maybe 200,000 good ole Americans living the good life there.

Another destination: You and the girl friend go to the Philippines; get a cottage on the beach, little drink with the umbrella. They have massage girls that will give you both a great massage as the sea breeze helps relax you.

Another good destination : St. Martin - beautiful beaches and wonderful night life. Tell the travel agent you want the French administered portion of the island which is St. Martin. The other half is Sint Maarten, administered by the Dutch. Both are good, but the French have an eye opening night life.

Talk to a travel agent and get this done. You won't regret it and you will return with the cobwebs gone from the mind and a fresh outlook on life and which direction you want to take.

All truckers should do this!

 

st Martin was my favorite weekend spot back when I was single and in my 20's. an example of being stupid with money when young. id fly there 2 weekends a month.

op, just because mercer it's great for me, does not mean it will be for you. there is no one size fits all when it comes to trucking. You need to research as much as possible before deciding on a carrier.

 

160k is not that much. Put it in the bank in case of rainy days. Or use it to go to college or your kids college. Or downpayment on a nice house.

 

Find a stock broker you trust and invest in the stock market, you can make 10% interest or more if you invest wisely.

 

Luke if i was you first I will start listen Dave Ramsey with The Total Money Makover.Stay away of payments if you want to be free. dont buy anything, take it easy on vacations by the time will have a real plan for the money. save!!!To buy a house only if you gonna invest to flip it for profit.all of the financial advisors in Fidelity, Meril Linch ect will try to make you invest on their products to get your money. if you wanna drive truck - Cheap old fashion freightliner with detroit doing flatbed:Houston is like the capitol of the flatbeds, always you will be able to get loads and to be home over the weekend.be careful of what people suggest you to invest in other businesses - High risk of loosing what you have now because you dont know the field.also you can get a job in a hotel as a maintenance guy making 15-20$ hourly with all benefits - retirement, medical working regular hours. Enjoy vacation time with you girlfriend.Take your time to think and read. This is what i will do. Good luck! Keep us posted!

 

Do the numbers : Truck purchase $50,000
Trailer (flat) $15,000
Emergency breakdown fund $25,000
Set up costs (auth,ins etc) $10,000
Total $100,000
$130k minus $100k equals $30k still in your bank.
In the first 12 months i owned my truck ($37,000 2005 kw with 800kmiles) I spent close to $25k on repairs and maintenance. Older trucks will allways have a year of there life when they will cost money constantly, usually around the 700-900k mile range. At $50k you will be right in the range of a 2 to 4 year old truck that is going to need dollars spent. Or you will be able to pick up an older truck thats possibly had an overhaul and some dollars spent but may still cost big $ at any time. Either way when you lay down the BASIC numbers on starting up as an independant you straight away see that your $130k is not all that much and will be spent very quickly. Also if you go 100% independant you will be waiting up to 90 days for your first invoices to be paid (unless you factor but that is costing you percentage of a probably allready thin profit margin), you need to buy fuel and run the truck out of that $30k youve got left over until your revenue stream starts to see cash flow.
If you just buy a $50k truck, no trailer and power only lease onto a company then they will most likely cover the insurances etc, provide a trailer (could be a fee or not),you will get fuel on there cards at the discount they get, sounds good but might be starvation rate of pay. Looks good on paper but in reality the options of becoming an O/O with your money is probably a good way to be back working for a boss you dont like very soon. Also youve burnt the bridges with the companies that fired you and now have bad references.
Might be time for a fresh perspective on what to do with that money.
Remember the quickest way to become a millionaire in trucking is to start with two million!