maximizing my odds need comments/criticisms

Discussion in 'Ask An Owner Operator' started by unholy7, Aug 8, 2014.

  1. unholy7

    unholy7 Light Load Member

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    I got my CDL back in Feb with a 5 year goal of owning my own truck. I would like some feed back to see if I'm doing it right or if there's anything you'd change...

    I'm pursuing an Associates in business management, and taking some tax courses. both online at my own pace.
    I've minimized my bills down to my car note, cellphone, internet, and food. which comes out to $890 a month.

    I also think I found a home with the company I'm starting with monday so I'm going to hope it works out better but I'm doing my math at .37cpm at 2000 miles a week with everything but the above mentioned going to the new company.

    Once I feel as if I'm ready to take the plunge I want to buy a truck/trailer with 300k-500k miles (reefer so I can haul reefer and dry van) maximizing the freight I can haul. I'm planning to buy 1 or 2 cheap 300k-500k mile used trucks until I can save up even more money to eventually buy a new truck outright in 1-2 years after I buy my 1st truck so that's pushing me to a 7 year road to my first new truck.

    not getting into tags, stickers, and registrations that's the easy part, but should I go ahead and register an LLC so it can be established while I'm working to OO?
     
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  3. ew2108

    ew2108 Road Train Member

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    people are gonna come in here and blow me up but schneider has a great program no money down you can dispatch yourself make north of 200k depending on where you live.

    But with your info im sorry but i feel like the business management course isn't as helpful as you'd like it to be. It wont teach you about trucking which is unlike any other business in my opinion. The tax course is a great idea write offs are beautiful. Your monthly costs are also great for buying a truck gotta live cheap at first. I think you are going the right direction because you do have a plan. How much do you plan to save before the plunge? Where do you plan to get your freight? There are a ton of questions to ask. I just went through that process.
     
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  4. unholy7

    unholy7 Light Load Member

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    the business management class is a back up in case something takes me out of the truck for good i can go ahead and work on a bachelors plus have a better understanding of how to run it in case i want to put drivers in other trucks but right now i would be happy OO'n for a carrier.

    as far as my nest egg for the truck if i can do 2000 miles a week at .37cpm at the end of 5 years i should be right at $92000
     
  5. Largecar359

    Largecar359 Road Train Member

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    Listen, I'm not trying to put you down. But 92,000$ in 5 yrs. running at .37 per mile is very unrealistic. Too many things are gonna go wrong before you ever reach that number in your bank account. Do you have any driving experience or is this your first go at it?
     
  6. noobdriver

    noobdriver Bobtail Member

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    Last edit: The only harm I can see in filing LLC status with your Secretary of State is that you will have to keep current for 5 years while you're trying to build your business plan. I imagine your plan/ownership may change over the next 60 months and you'd just have to re-write the whole thing. You would get no tax advantage as a company employee. So, I WOULDN'T DO IT YET. Not a good idea
     
    Last edited: Aug 9, 2014
  7. dannythetrucker

    dannythetrucker Road Train Member

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    You are doing it right. Perhaps the most important thing you're doing is asking questions here. Also, be sure to be friendly and talk to people when you make pick ups and deliveries, at the company you work for, when you work with brokers, etc... Keep a contact list. You can build a business network as a company driver that will serve you later on. Besides which, it's an opportunity to learn from industry professionals. Get that car paid off and build your bankroll faster.
     
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  8. unholy7

    unholy7 Light Load Member

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    Thanks for the input friends came over to see me off so I can't really sit down and type but I'll get back to it later tonight. Sorry.
     
  9. glockwise

    glockwise Light Load Member

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    Do you want to be an OO or an IO? OO's typically only need power.

    - the second fastest way to go broke is to buy an expensive reefer and haul cheap van freight in it.
    - 90k in five years will be tough with your plan. The only problem I have with your plan is why you don't have $200k in 5 years?
    -if I drove for someone else, I wouldn't get out of bed for 2000 miles a week. I don't even start my truck for $600 unless I can be back home before noon. I can't remember any recently?

    As for you taking business management classes. You should always be in a learning mode. Learn everything you can from anyone who will teach you something. First thing you need to know...get a CPA to do your taxes.

    Be nice and network. This isn't a business built on can you move something from point A to B. It all starts by meeting people. And people move up and around. A lot. The Vice President of Sales for Pilot started out as a dish washer at a Pilot where his mother was a waitress. I've been to Mark's condo, it's way nicer than mine.
     
    Last edited: Aug 9, 2014
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  10. noobdriver

    noobdriver Bobtail Member

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    2000 miles=lulz
     
    Last edited: Aug 9, 2014
  11. unholy7

    unholy7 Light Load Member

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    ok sorry for the delay like i said i had friends over. i got hired on making .38 cpm as a student, and this company has 150 units with the majority of MOTIVATED drivers doing at least 2500 a week. this income isnt taking into account fuel bonuses, or raises. even at .37cpm with my living conditions now my $92000 goal is completely obtainable considering the schooling is going to be paid for by the GI Bill and im only $4000 in debt with my truck.

    as for my 2000 mile a week goal i was trying to have a end of the year average not a hard set 2000 miles a week. which would bring me to 38480 a year before taxes. which, considering my financial situation would bring me to 192k at the end of 5 years. which gives me ample buffer room which i didnt catch unit i just sat down and did the math.

    thanks for letting me bounce this off you guys. this thread just showed me how many holes i had in my plan.
     
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