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

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

  1. Lepton1

    Lepton1 Road Train Member

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    I just finished rewatching the Oscar winning documentary about the financial crisis: The Inside Job

    I'd strongly recommend everyone watch this movie. It's available free online on Youtube and other web sites, about 108 minutes. Gives background on how the entire derivatives and credit default swap industries created the real estate bubble and following crash.

    Nothing has really been done to regulate the financial industry since the crash. Anyone thinking that real estate will be a safe haven for future investment should at least consider downsizing their rental properties toward more affordable units, it won't get rosy any time soon.
     
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  3. former yankee

    former yankee Light Load Member

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    Rent a car, much easier.
     
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  4. bergy

    bergy Road Train Member

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    That sounds like great advice - it never occurred to me.

    If a driver is only home a couple days a month, leave the maintenance etc to someone else.
     
  5. ironpony

    ironpony Road Train Member

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    That's what I do... bobtail when I can, rent a car when necessary. One can always take a night off and get a room between loads.
     
  6. double yellow

    double yellow Road Train Member

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    Dodd-Frank? Increased reserves, stringent stress tests, etc. Imperfect? Very, but enough to prevent the 2008-9 crisis from reoccurring. Will we still have more recessions and occasional crashes? Absolutely.

    And there is nothing wrong with "derivatives" -- they've been around forever. Corn futures are derivatives... The financial crisis stemmed from the improper handling of a very specific type of derivative -- the mortgage backed security. Even these are useful tools as long as the credit rating agencies, underwriter, originator, etc don't all have a vested interest in passing off garbage.

    Read (or listen to) "Too Big to Fail" by Andrew Ross Sorkin.
     
  7. fling-wing

    fling-wing Bobtail Member

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    @nofreetime
    i read your post and was wondering if you could share your budget with me? I am 26 and have similar goals. I have some student loan debt and a car loan right now that I will focus on paying off first, but I still plan on saving a little bit even while paying debt (seeing my balance go up little by little will motivate me). I haven't been on the road in about 2 years and I'm going back out in May with this new goal.

    I will not work for a major carrier either. I don't expect a ton of money, I know the reality. However, I am 26, single, no home, and my bills are the debt I mentioned above (about $20,000 in debt). I really want to fast track this, but I am not sure where to start. I want to save 80% or more of my income, but I cannot figure out how to budget for this as I don't know what average income I should use for a budget because of the fluctuation in weekly pay.

    Any suggestions that you have would be great. Such as what does your budget look like weekly and monthly, how can I maximize my income in my first year while avoiding burnout, what do you do each day to stay motivated, etc?

    Sorry for the long post, I just want to make sure I start out on the right foot.

    Thanks!
     
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  8. nofreetime

    nofreetime Road Train Member

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    Fling wing you can very easily live on $10000/yr(that doesnt include full coverage on your car) out here and if you do some homework you can place yourself at $50,000/yr or better especially since if you doing like me your going to work like 345 days a year. I would expect that on $50,000 you may pay roughly $9,000 in taxes. Leaves you $31,000 or so to pay your debt/save even if im optimistic by a few thousand, its still good. As time goes by youll get experience and can find a higher wage and youll get better at finding ways to live cheaper. That number can go up into the $40k's, and at that point with some smart investing you can begin working that number into the $50k's. Thats money that you keep I mean not make keep. Its not an overnight plan and isnt for those who seek one you will drop a chunck of a lifetime(14 or so years in my case) having known only work in that time if you do like me and plan to retire early solely from the money you save/invest from trucking. From some odd reason how difficult what im doing is to do makes it much more enjoyable and prideful for me someday I wish to be able to say with great pride that I am a blue collar self made millionaire who came from nothing, it is absolutely doable. If your sure your really up to this feel free to PM me anytime ill help you anyway I can. As for how do I stay motivated, just want it real bad bud thats all it takes. Good luck.
     
    Last edited: Apr 24, 2014
    bergy, fling-wing and Lepton1 Thank this.
  9. fling-wing

    fling-wing Bobtail Member

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    @nofreetime
    thanks so much for taking to time for that reply. My post count isn't up yet to PM, perhaps you could PM me your number sometime or I'll work on getting that number up. Thanks again!
     
  10. MOBee

    MOBee Road Train Member

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    If you don't have any responsibilities and don't need to maintain a home, yes you can save a lot of money that you can use in your next step of life. For those who are trying to turn the corner on their financial situation, yes you too can live in the truck, pay your bills and save money again.

    But it still doesn't hurt to buy a power ball ticket no matter what Dave Ramsey says! :biggrin_25525:
     
  11. AZS

    AZS Honk if anything falls off

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    subscribing to this thread, very interesting
     
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