Is O/O A Good Idea Soon...

For someone who is not an O/O - that is a very honest breakdown, and something I'm sure a lot of guys don't consider going in.

To answer the question - yes he could, whether he can or not solely depends on himself.

 

A few reasons. Remember we were a team. In ranking order -

1. We had paid almost all our debt off on house, vehicles and 4 rentals. We were financially ready.
2. We felt we were bringing more to the job than we were being compensated for.
3. Gretchen had reached the end of her rope after ten years driving.
4. I needed a challenge - simply driving was pretty boring.

@Banker is similar to me in the respect that we came from high paying jobs. That sets the benchmark. If I can't make what I was O/O as I did at the company job - then it was a sideways move or a step down.

I like these threads. They resemble the first 2 pages of my own - about a 70/30 ratio of yes/no.

You're in a different position - well, that's a moot statement really, we are ALL in different situations. I like the fact you've been on here for a few years, not just the regular one post wonder that asks the question.

If you want my advice, it would be to throw everything at the mortgage and the Vette - till it's gone. If you can't wait for that, sell the car and clear the mortgage. Your truck will become your new 'girlfriend in the driveway'.

Save up as much as you can. Plan on what you want to do. Ideally you want that first truck paid in cash, and finance a trailer. And that's about as risky as we were willing to go.

Ultimately $$ shouldn't be the primary motivator.

Hope the 3 cents helps.

 

A truck dealer/ salesman gave me some of the best advice ever......
"Ask yourself where you want to be 5 years from now and move towards it."

Frankly, right now is not a good time. As Blair said, get your financials straight first. That will give you enough time to prepare and you'll be grateful later.

Good luck.

 

OP - My opinion is that one should never become an OO to make more money. If you’re doing it for more money it’s just the wrong reason. Especially in your situation - you’re making great salary and great benefits, especially paying only $1,400 a year for health and getting a minimum $7,000 match on your 401k (I’m assuming you’re at least getting that match). Among other benefits.

The main reason for wanting the OO life should be the intangible - the freedom of your own business and not answering to anyone but yourself. The pride of knowing you’re running your own truck and delivering a great service.

If you’re wanting to make more money - I just don’t see it being worth it in your great situation. You even say you love Estes - it’s not like you hate it and need to get away. Every year is unpredictable with expenses and the rate you’ll be able to run. You might have a year running 100k miles and grossing $200k and only clearing $50k after expenses. Next year you might do 100k miles and gross $300k and clear $150k. There’s no consistency.

You have time to think on it, and lots of good advice here. Make sure the reason for wanting this is passion for independence and not higher income.

 

Agree completely.

 

Very well said.

 

You may not. That's the thing. We are going to go into a recession if not already there (*I think we are) and things are going to get rough, so it is better to wait for at least two years and save everything you can, reduce your debt load and see how it comes out in 24 months.

 

It’s never a good idea to go O/O, but we all still do it so….