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Surviving A Possible Economic Crash with no Outside Debt

Discussion in 'Ask An Owner Operator' started by OhNoTerry, Mar 15, 2022.

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  1. Mar 15, 2022 #1
    OhNoTerry

    OhNoTerry Medium Load Member

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    Super broad question here.. I have 0 debt besides my truck, trailer, insurance, fuel, and miscellaneous costs related to food and the business itself. We can get into operating costs but to be broad the truck (long hood) and trailer (reefer) are new, questionable MPG with aerodynamics, insurance rate is pretty #### good for my experience and record. Am I in a decent position?

    Really, how hard would it be to make money and survive decently if we had anything similar to the '07-'08 crash happen? I was in the 5th grade when that happened so I don't have a LICK of perspective besides what I've read about it. So for those who survived it with debts outside of trucking, how well did you manage? Were you pretty close in turning over or did your debts or lack there of allow you to survive it fairly well? Just getting an idea and perspective from those of you who are still in the industry and have gone through to mud. I will be running under my pops' MC and he has a decade plus history with some of his brokers, so I'm not sure if bottom feeding would be something I would have to devil into just to make it. PERSPECTIVE! GIVE ME PERSPECTIVE BABY!!!
     
    OhNoTerry, Mar 15, 2022
    OhNoTerry, Mar 15, 2022
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    Phantom307 Thanks this.
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  3. Mar 15, 2022 #2
    kay_ray

    kay_ray Medium Load Member

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    If you have cash saved up you will be good . 50k good 100k even better. Thats the reason you always save when market is good .
     
    kay_ray, Mar 15, 2022
    kay_ray, Mar 15, 2022
    #2
    OhNoTerry and silverspur Thank this.
  4. Mar 15, 2022 #3
    silverspur

    silverspur Road Train Member

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    Truckers are good savers.
     
    silverspur, Mar 15, 2022
    silverspur, Mar 15, 2022
    #3
    kay_ray, Vampire and OhNoTerry Thank this.
  5. Mar 16, 2022 #4
    Cat sdp

    Cat sdp . .

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    The 8 mile per gallon crowd will say the hood will bury you…….but what do they know.

    Just don’t be afraid to say no . It takes longer to go broke at home then hauling for nothing
     
    Cat sdp, Mar 16, 2022
    Cat sdp, Mar 16, 2022
    #4
    Phantom307, spindrift, shooter19802003 and 7 others Thank this.
  7. Mar 16, 2022 #5
    OhNoTerry

    OhNoTerry Medium Load Member

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    I don’t have have as much saved up after putting money down on equipment, but that is the goal during this produce season. Just penny pinch outside of maintenance and repairs. Time to grind!
     
    OhNoTerry, Mar 16, 2022
    OhNoTerry, Mar 16, 2022
    #5
    Phantom307, Vampire and Sirscrapntruckalot Thank this.
  8. Mar 16, 2022 #6
    Midwest Trucker

    Midwest Trucker Road Train Member

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    Just act like every dollar is your last dollar. And every negotiation the future of you being in business is on the line. It’s things like this is why people who start in bad times make it in the long term and people who start when it’s easy many times don’t.

    Don’t be afraid to invest in the longevity of your business either though. Spending now saves later but just don’t over extend.

    The fact that you’re concerned I think is a good thing. Most of us are always concerned even if it’s the great times, because the bad times are around the corner. When it’s bad times it’s because it’s bad times! This all can and will make you cynical and jaded over time but also very successful. By the time you’ve “made it”.. these principles will be so engrained in you but you’ll never do any different.

    Edit: To add I was 23 in 2008 when I started. I’d guess your somewhere around there. It can be done!
     
    Midwest Trucker, Mar 16, 2022
    Midwest Trucker, Mar 16, 2022
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    Beaver9, Phantom307, shooter19802003 and 5 others Thank this.
  9. Mar 16, 2022 #7
    OhNoTerry

    OhNoTerry Medium Load Member

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    For sure.
    Very appreciative of your words and yes I’m around that age. I’m learning a lot as I hop into my truck and will continue to do so as time passes. Time to get err!
     
    OhNoTerry, Mar 16, 2022
    OhNoTerry, Mar 16, 2022
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    Midwest Trucker, Vampire and blairandgretchen Thank this.
  10. Mar 16, 2022 #8
    ProfessionalNoticer

    ProfessionalNoticer Road Train Member

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    I'd get a company job before I blew all my savings away waiting for a very long storm to pass.
     
    ProfessionalNoticer, Mar 16, 2022
    ProfessionalNoticer, Mar 16, 2022
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    LoneRanger, OhNoTerry and shooter19802003 Thank this.
  11. Mar 17, 2022 #9
    supergreatguy

    supergreatguy Road Train Member

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    Just keep 100m cash under your bed like me
     
    supergreatguy, Mar 17, 2022
    supergreatguy, Mar 17, 2022
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    OhNoTerry Thanks this.
  12. Mar 17, 2022 #10
    OhNoTerry

    OhNoTerry Medium Load Member

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    Time to haul some sketchy loads from the southern border.. economic crash? cheap rates? says who?! Haha
     
    OhNoTerry, Mar 17, 2022
    OhNoTerry, Mar 17, 2022
    #10
    supergreatguy Thanks this.
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