Live in the truck save $ and become financially independent???

Discussion in 'Experienced Truckers' Advice' started by nofreetime, Apr 4, 2014.

  1. nofreetime

    nofreetime Road Train Member

    1,271
    1,308
    Oct 22, 2013
    0
    I would to thank everyone for posting. It was nice to hear from those with similar goals and mindsets as me.
     
    bergy Thanks this.
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. nofreetime

    nofreetime Road Train Member

    1,271
    1,308
    Oct 22, 2013
    0
  4. hawkjr

    hawkjr Road Train Member

    1,652
    636
    Feb 28, 2010
    Virginia
    0
    That's what im thinking, i know way to many regional jobs that pay 50K+ a year while being home either on weekends or during the week. Dont most of the irregular OTR guys spend weekends in truck stops? I just could never understand this and why guys was ok with it. But we're all different and what ever works for them
     
  5. Lepton1

    Lepton1 Road Train Member

    12,648
    25,472
    Nov 23, 2012
    Yukon, OK
    0
    Can't speak for other folks, but when I was solo OTR I rarely spent a weekend anywhere but working. Usually went 2-6 weeks at a time without having to take a break or do a 34 hour reset. Normally I'm out 4-6 weeks before taking home time.

    For me, getting out on the road is relaxing. Wife's good and the kids are grown. I'm out making money and seeing this great country.

    Regarding pay scale I'm just starting out again, so yes my pay for the first year back was about $40K gross. Now's the time to play work up with that year's experience.

    The premise of this thread was all about the concept of LIVING in a truck, without paying rent or mortgage, to save money. As noted by the OP you can save the MAJORITY of what you make living this way, even if you are on the low end of the income scale for OTR.

    While the OP is looking to diversify income by investing in income rental properties, I'll be looking to save enough to purchase my own truck with cash and have enough in reserve for maintenance and operating accounts. After accelerating my income in this manner THEN I'll be looking for property.
     
  6. nofreetime

    nofreetime Road Train Member

    1,271
    1,308
    Oct 22, 2013
    0
    Ive wanted to become an o/o badly but given the nature of my game plan 10-12yrs i cant say not with certainty anyway that would be able to an o/o long enough to capitalize on the extra income. Doesnt mean i wont change my mind later on though i am doing well were i am. As for right now im certain rentals is something i want to do and im way too conservative to try starting two businesses at once. The housing market and interest rates are still pretty low and i believe its best to take advantage while i can.
     
  7. bergy

    bergy Road Train Member

    1,189
    1,311
    Nov 1, 2013
    0
    I like to hear about those living out of the truck. That is my plan as well. I'm planning on bringing a motorcycle along. Without it, I think I'll feel a little stranded.
     
  8. NewNashGuy

    NewNashGuy Road Train Member

    1,615
    750
    Jul 27, 2011
    US and Canada
    0
    People who say this have no financial experience which is why they struggle to pay bills. Real Estate always goes up in value. Its the only thing that hedges against inflation. If you keep $250,000 in a bank account for many years, that would be worth a lot less when you are ready to buy a new home. If you got a mortgage on a $250,000 now, many years from now that house may be worth $300,000. So you just earned $50,000 in equity while living in a nice home instead of a truck. One of my best friends who is a multi millionaire buys a new mansion to live in every three years. She just takes all of the equity out of the current house and puts it into her new house when she wants to upgrade.
     
  9. bergy

    bergy Road Train Member

    1,189
    1,311
    Nov 1, 2013
    0
    NewNashGuy I understand your point, but real estate is anything but safe. Millions of folks across this country who thought this way now have no home, and their nest egg is gone.

    Over 25+ year period, history tells us that homes generally go up in value. However, if your time frame is shorter than this, there are no guarantees.

    Also, there are a lot of home expenses that people forget to add into their justification of home ownership. These expenses, if taken into account, would make renting a much better option for many.
     
    Lepton1 Thanks this.
  10. Derailed

    Derailed Road Train Member

    2,298
    2,406
    Dec 10, 2008
    Upstate NY
    0
    One would normally tend to agree with this but I really feel we are in different times now. While some real estate purchases may be a wise investment such as raw land or bankruptcy/tax auction pieces others may not. I have recently read more than one article supporting the fact that we(banks) are quickly setting ourselves up for another bubble burst like the one in 07. I think the OPs idea of saving a good chunk of money to put down on a place is a good idea right now. I dont personally know anyone in my area (others may be different) who bought a house within the last 8-10 years that is really worth more now than it was then unless it was a rehab and they put a boat load of money into it.
     
  11. thelushlarry

    thelushlarry Road Train Member

    3,023
    8,955
    Jan 9, 2012
    glasgow ky
    0
    Living in the truck is not too bad it is that you live in a lousy neighborhood.
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  • Draft saved Draft deleted