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Minimum amount of cash in the bank to start O/O

Discussion in 'Ask An Owner Operator' started by Midnightrider909, Jul 15, 2017.

Page 2 of 16
  1. Jul 15, 2017 #11
    Midnightrider909

    Midnightrider909 Road Train Member

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    Id rather not wait that long to save up 100K. We have about 200K in our IRA if the worst happed. Id rather not dip into that because of the tax penalties. Sounds like 40,000 should suffice. We should have more than that next spring.
     
    Midnightrider909, Jul 15, 2017
    Midnightrider909, Jul 15, 2017
    #11
    dca Thanks this.
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  3. Jul 15, 2017 #12
    striker

    striker Road Train Member

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    How mechanically inclined are you? I know about what our O/O's make per week to the truck, they do as much of their own work as humanly possible to save money.
     
    striker, Jul 15, 2017
    striker, Jul 15, 2017
    #12
    OLDSKOOLERnWV Thanks this.
  4. Jul 15, 2017 #13
    Midnightrider909

    Midnightrider909 Road Train Member

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    I can do little things like change lights and air hoses. my first 20 cars were 1970s Fiats so I know how to turn a wrench. The thing is when something breaks on our road you only have a small toolkit in a parking lot to work with. I'm guessing most large repairs would be at the shop.
     
    Midnightrider909, Jul 15, 2017
    Midnightrider909, Jul 15, 2017
    #13
    elamigowapo and OLDSKOOLERnWV Thank this.
  5. Jul 15, 2017 #14
    gokiddogo

    gokiddogo Road Train Member

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    I don't see a need in keeping such large reserves in the business or personal account. I make about 7-8% over the long run and I can borrow money at a moment's notice from home equity line of credit, unsecured line of credit, and 3 credit cards. I have plenty enough to draw on if needed and I could sell investments and have the money in 3 business days if absolutely necessary. The lines of credit are both lower than my average gains and are always paid off and at the ready. Same for credit cards but I do use those every month to pay for food and other misc junk.. payoff every last day of month same as the rest of the bills
     
    gokiddogo, Jul 15, 2017
    gokiddogo, Jul 15, 2017
    #14
    DDlighttruck, Danny N Angel, LoudOne and 1 other person Thank this.
  7. Jul 15, 2017 #15
    striker

    striker Road Train Member

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    Denver, Co
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    Better get a bigger toolkit. Few years back I ran a truck/trailer for the gov't from Colorado Springs to Miami. In Tenn., there was an OS driver in the rest area replacing a wheel seal on his rear "jeep" set. He had all the tools needed laid out beside him, IIRC, he was out of Ohio, I laughed at it, but he had to do what he had to do.
     
    striker, Jul 15, 2017
    striker, Jul 15, 2017
    #15
  8. Jul 15, 2017 #16
    Midnightrider909

    Midnightrider909 Road Train Member

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    Never thought of that. Between my Amex card and the Costco Visa I have $100,000 if I really needed it. The interest rates on those cards are super high but probably less than the penalties I would pay if I withdrew from the IRAs. Anybody know what a brand-new Crapcadia goes for? I called the local freightliner dealer about six months ago and they told me to wait another six months. I currently drive T680 and it is a POS so I'm not going to get a Kenworth.
     
    Midnightrider909, Jul 15, 2017
    Midnightrider909, Jul 15, 2017
    #16
  9. Jul 15, 2017 #17
    gokiddogo

    gokiddogo Road Train Member

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    If you at least partially own a house you should use that line of credit first
    I pay prime +1% Or 3.95%..if I use it
     
    gokiddogo, Jul 15, 2017
    gokiddogo, Jul 15, 2017
    #17
    DDlighttruck and Danny N Angel Thank this.
  10. Jul 15, 2017 #18
    AModelCat

    AModelCat Road Train Member

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    Seen a guy pull the transmission on the side of the highway once.
     
    AModelCat, Jul 15, 2017
    AModelCat, Jul 15, 2017
    #18
    Dye Guardian, OLDSKOOLERnWV, LoudOne and 1 other person Thank this.
  11. Jul 15, 2017 #19
    Midnightrider909

    Midnightrider909 Road Train Member

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    My Heloc is maxed out and soon to be replaced with a 30 year fixed. We plan on putting 50000 down so there will be about 70,000 in equity if the are willing to do a Heloc 2nd mortgage on it. My wife needs a little more time to up her credit score.
     
    Midnightrider909, Jul 15, 2017
    Midnightrider909, Jul 15, 2017
    #19
  12. Jul 15, 2017 #20
    Midnightrider909

    Midnightrider909 Road Train Member

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    No thanks. I don't even like the chain up which is why I picked a company that hauls explosives.
     
    Midnightrider909, Jul 15, 2017
    Midnightrider909, Jul 15, 2017
    #20
    OLDSKOOLERnWV Thanks this.
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