Money - Looking to earn $5k and up per wk as O/O

No problem, I'll correct you!! Insurance, tags, IFTA, KYU, NM, OR, HVUT, Property tax, AR Ad Vol, TOLLS-unless you have a free rider card. Repairs, cause trucks break down. Maintenance, cause you gotta grease it. Meals. I'm know there is a couple other ones.........................................













TRUCK PAYMENT & TRAILER PAYMENT!!!!!!!!!!!!!!! Still think it's good money?

 

Insurance, maintenance, base plate, etc. (didn't see van g's post).

Flat tire, middle of nowhere/middle of night? $5-600. 5% no-recourse factoring? 7MPG? 60MPH and a tailwind, no climbing. $4.9 a gallon is the high side - I guess it balances the 7MPG part of the equation somewhat.

For a "rough idea" of cost per mile to operate - try this out: http://www.milestomoney.com/

Once you figure out what your COSTS are (even guestimating) you can figure out what your NET AFTER OPERATING EXPENSES are.

Your 30% tax, comes out of your net AFTER ALL EXPENSES/DEDUCTIONS.

Not saying your numbers are that far off - or this kind of gross revenue isn't do-able. Just need to have a better picture of the true cost of operating - before how much "disposable income" you're truly going to end up with.

Rick

 

I thought all expenses shall be covered in the higher fuel prices taken.

it seems that expenses are much more than I expected.

 

You forgot to add and Weekends at the beach

 

Lets say $3500/month truck, trailer & insurance, nothing else. At your miles that's $.29/mile, unless your getting fuel for $2.87/gallon your going to be stuck on the side of the road or you are going to have to dip into your profit that you calculated. It sounds good when someone throws around those $5-6K/week numbers for gross, but the reality is at those rates you will never be upgrading your equipment. Also your tax rate may be off a bit because being self employed you are now going to get hit with the "self employment tax", see a tax man about that though. Then medical insurance is a added cost. Costs to operate are going to fluctuate with miles that you run, so there is no real set costs to operate. Lets say you have a bad week for what ever reason and you only run 1500 miles, then that week your costs are $.58/mile. It can be done, I don't want to discourage you, but get some numbers from guys that own trucks in the industry you are getting into, and not a site where you just plug in numbers, especially if you are thinking of getting your own authority. For unexpected things such as a blow out, call the TA and find out how much it would be, that $500-$600 depends allot on how far away you may be, road service isn't cheap, and now a days you might not want to take the chance limping to a truckstop.

 

I don't have any of those letters after my name and Net alot more then that.....( not in the trucking industry)

 

So why would you look to get into trucking ...?? Thought you wanted to get own truck and authority (from another thread)

 

Losts of stuff listed is also tax deductible.

 

It's all tax deductible as business expenses, but it's not free. If you gross $150K and spend $100K then your taxable income after business expenses is $50K, that $50K is all you got left. Good ole Uncle Sam won't write you a check, he's going to dip into that $50K as well unless you have more deductibles.

 

As usual I have a little different take on things. My question would be if you trucked from 72 to 2000 where is your list of contacts and phone numbers ? I started trucking in 97 ans worked as a company driver up until last year. It's my list of contacts, good brokers, trucking company owners, shippers, friends in high places that allow me to operate how I do. Didn't it ever occur to you to stick out your hand and introduce yourself when delivering or picking up a load ? Asking a few questions or writing down someone's name and number ? I mean, I realize 10 years is a long time out and some people probably vanished but you have to know some people that can point you in the right direction or help you get some contracts going.