Saved income

In the 22 months that i have been driving I made a total of $44,000, not very much but I took some long vacations, Since i started I saved up $24,000, last year I made $20,000 in 9 months of work and saved up $11,000 that included a vacation in Florida and 3 week hunting expedition in Mt. I'm single, no rent or utility bills, shack at my buddy's place whenever I feel like going home. My bills are phone, internet for laptop, and insurance on my pickup, also carry food in the truck to eat. Truck stop food can add up really fast

 

well...a little depends on whether you are willing to change companies after 6 months to a year.
you can reasonably expect to make 35k in your first year with a "starter company". if you stayed, the pay would increase, but not terribly significantly, in the second year (lets say 38k). compare this to moving to a decent paying company and making 45-50k+.

so...if your goal is to save as much as possible, thats the first thing you have to prepare for. CHANGE COMPANIES somewhere between 6 months to 1 year.

you havent said whether or not you have a cdl. if you dont, you can go to a "company school" for no money up front or a private school either paying out of pocket or some will finance the cost. a company school will require that you sign a contract to drive for them for a period of time. the only one i can tell you is a decent financial deal by comparison to private is MILLIS. ive never driven for them, but driver told me the contract is 1 year, and the cost to the driver is $25 per week during that year. they credit you with a certain amount per week as well, so if you leave earlier than 1 year you owe only the balance of what you havent paid (after 6 months youd owe $650 PLUS 26 * the amount they credit you per week) i worked out the numbers and this FINANCIALLY is reasonably similar to what youd pay going to a private school, probably cheaper.

if a company school company wants you to sign a contract for MORE

 

well...a little depends on whether you are willing to change companies after 6 months to a year.
you can reasonably expect to make 35k in your first year with a "starter company". if you stayed, the pay would increase, but not terribly significantly, in the second year (lets say 38k). compare this to moving to a decent paying company and making 45-50k+.

so...if your goal is to save as much as possible, thats the first thing you have to prepare for. CHANGE COMPANIES somewhere between 6 months to 1 year.

you havent said whether or not you have a cdl. if you dont, you can go to a "company school" for no money up front or a private school either paying out of pocket or some will finance the cost. a company school will require that you sign a contract to drive for them for a period of time. the only one i can tell you is a decent financial deal by comparison to private is MILLIS. ive never driven for them, but driver told me the contract is 1 year, and the cost to the driver is $25 per week during that year. they credit you with a certain amount per week as well, so if you leave earlier than 1 year you owe only the balance of what you havent paid (after 6 months youd owe $650 PLUS 26 * the amount they credit you per week) i worked out the numbers and this FINANCIALLY is reasonably similar to what youd pay going to a private school, probably cheaper.

and you thought you were long winded.

dont know what the car payment is. you could sell it. but lets run the numbers with no bills, and no debt.

1st year you make 35k, 2nd year 47k. total 82k. after taxes lets call it 58k for 2 years. (i use 70% as rule of thumb)

expenses for stuff you will need to be a truck driver...1500. (cb,gps,inverter,tools,refrigerator,misc.)
cell phone 100 month = 2400.
wifi service 50 month = 1200.
xm service 15 month = 360.
food.....this is the killer for many. can be 50-100 per week, can be 250 per week. youre goal is saving money, so youre gonna go to walmart, have a frig in the truck, and budget 100 per week.
food 100 per week = 10400.
entrtnmnt 200 month = 4800.

total expenses = 20660.
total saved = 37340.

that does not include apartment expenses, previous debt expenses, or car payment. but with a car payment of 200 month its still 32540.

so yes, its VERY possible, if you make a budget and stick to it. especially the entertainment part. if you buy 3 dvds at the truck stop every time you stop, then maybe not. if you eat at mcdonalds 3 times a day, then your food budget goes up to 22k. if you eat at mcdonalds twice and the truckstop restaurant for dinner it goes to 29k. there are a million ways that drivers spend a lot of money without realizing it. if you stick to a budget, though, its quite easy to save 20-30k in 2 years. be super frugal and it could be closer to 40k.

 

This also applies to how much a married driver can send home. Hmm, something to think about when I'm going from a $74k career, living paycheck to paycheck, to a newbie driver.

 

You cannot get rid of your apartment as DOT regs require you to have an address to maintain a CDL, and PO boxes don't count.

 

Do you have a relative in the area, don't know how closely they check that out, but it has to do with the taxes you pay and you do have to have a home domicile.

 

Going from a 74K job to a newbie is not good, the 74k would be a lot more money without all the stress of being on the road. Also in trucking the pay goes according to the miles and how strapped the market is.

 

Can you please cite this regulation? All I could find was this:

http://www.fmcsa.dot.gov/rules-regulations/administration/fmcsr/fmcsrruletext.aspx?reg=383.153


(a) Commercial Driver's License. All CDLs must contain all of the following information:(1) The prominent statement that the license is a “Commercial Driver's License” or “CDL,” except as specified in paragraph (c) of this section.(2) The full name, signature, and mailing or residential address in the licensing State of the person to whom such license is issued.

 

PO boxes will work.... most po boxes have a physcal address now..