Money Talk, Bad credit & being on the road

I like when Dave tells people to sell their newer car at a loss and buy a used Honda for $3000.Now the guy has a car that’s probably gonna need emergency repairs and maybe be late for work lose job etc.Total cost of Used Honda Just doubled

 

Problem is the 140 k house will probably be at least 190k if not 210k in 10 yrs under normal market circumstances

 

Who says I'm paying 17%?

I pay off the cedit cards every Sunday morning. There is no annual fee, or any other kind of fee. The only downside is data collection.

Here's another thought for you - leverage.

Say there is a 14 unit apartment building going dor $450 k. I take the $140k that I saved from my median income, and instead of buying a median house, I put 20% down on the apartment building, witha 10 year 3.5% fixed. Monthly rental income at $400 per unit is $5,600. Subtract $2,500 for the mortgage, $500 for taxes, and $2,000 in other costs and I'm left with $600 a month in income, or if I live in one of the units, $200.

After 10 years I owe roughly $200k. I have no living expenses and save at least $2,000 a year on top of what I was saving before so I have $160,000 in cash plus a properrt worth $450,000. So net worth of $410,000.

Had I just bought the house I would have the house of $140,000, plus the $140,000 I saved, or $280,000.

I paid intrest, but I made money off of it. Thats using leverage.

Credit is a tool. If you use properly then it is useful . If you abuse it, bad things happen.

 

“Credit is a tool. If you use properly then it is useful . If you abuse it, bad things happen.”
Well said.
Nothing wrong with using credit. The problem is that many go over their heads.
Just bought a refrigerator from HD no interest for 6 months if paid in full. Could have paid cash, but paying it over 6 months keeps my credit score over 800. Have no car payment or mortgage. My credit report says not having installment payments hurts my score.

 

The way we did our loads, for clarity if we had a 1250 mile haul to Harrisburg PA from say Jackson MS Deadhead is about 150 miles. Total will be 1300 miles. Times .50 a mile. 650 gross. 40% goes to taxes, withholding etc that leaves around 260. I'll put the 200 into the vault and run on the 60. When empty and assigned the next load the system is repeated.

I actually spent 6 months learning about banking in highschool 9th grade. It was for essentially all the other students so boring etc. But I was the dweeb participating in that class. (Had to fight for it where there was no staff around several times, boy did I like to fight back then)

No matter what you build savings off each load. By the end of your first month you should feel like you are getting somewhere with it. Feast and famine.

9-11 was the ultimate financial destruction. The payroll and the people in that company (Third party) were essentially destroyed. So it will be unknown when a new payroll will catch up and be back on track. We had I think that morning 13700 savings give or take a few hundred cash, 9000 of which went to the contractor replacing a storm damaged bathroom. That left around 4K

That 4K got us through the next 6 to 8 weeks as a team rolling medicine without actual pay and kept that truck moving. Otherwise it will have been a unemployment sit home and wait for the boss man to arrange payroll.

Long ago we had so much money from time to time that we literally did not care. Too tired to spend it all. Went to bed in order to rest up for the weekend loading to Ohio or some place for monday am. And by the same token ran into a few companies that did not pay much at all. Those are the ones that got dumped so fast for better employers.

You will want to learn how to eat a little bit, more correct in nutrition rather than going crazy on comfort food or some other crap that will cause you trouble down the road. Once a week we have a meal, a proper meal with all the trimmings, particularly salad. That way it's a little bit of a morale boost and a chance to not get sick being working hard on a bowl of chili or something.

That's the other thing. You have to eat regularly. If you do not and run a full day without anything at all it's going to cause you problems in the mind after it has done everything to sustain itself on no food at all. Down you go.

One month at a time. Eventually after your first year you should have a pretty good nest saving.

 

well, somehow, this trucking forum has turned into a credit forum.

 

Sure are a lot of people claiming that making 60,000 a year is easy to do

 

Can’t take it with you

 

Spot on, rings the bell, dead ringer.
This advice will get you through a broken left leg and shattered left wrist with a new truck payment $2100, new trailer $550 and mortgage $1100 and a stay at home wife/mom.
And never miss or late on a payment.
Ask me how I know.
Credit cards, car payments, refrigerator payments, furniture payments will not.
I have not and will not finance another truck or trailer or auto since then.

 

Just try to check into a hotel without a debit or credit card