What should I do?

Discussion in 'Ask An Owner Operator' started by Jardo87, Mar 11, 2021.

  1. Jardo87

    Jardo87 Bobtail Member

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    Even with all the scary stuff you guys say about owner operators I just have to ask, what should I do? I’ll share with you what I’m doing now and what my future goal is, and I would just like a 2nd opinion if you guys don’t mind.

    Me now:
    I lucked out and work for a small company (30 trucks) who hired me at my one year mark who required 2 years of experience and only needs team drivers to haul military freight. (My parents worked there, lol)... but since I’m solo I haul regular freight. Now I have 3 years (dry van) OTR, I got 75 mph truck, I make .52 a mile and gross $1300-$1700 a week. Incase I have a rough week (as long as I’m available to work) I get a guaranteed minimum of $1500 a week. I can ask my dispatcher to go anywhere in the US to take home time. What a perfect place to work, BUT... on the owner operator side this company only hauls freight that requires teams (one person has to have eyes on load entire time)

    I’m a very hard worker, I’m single, all my bills are paid off, and I’ve been saving money to buy a brand new truck out right, possibly considering financing and keeping big chunk to deal with a break down. I want to be 110% ready, with crossed T’s and dotted I’s to become owner operator.

    My goal:
    I want to be a long haul owner operator that leases his truck to a “small” company not a mega, that dispatches. Very simple, right? Lol

    My question is... should I stay where I’m at and invest the money I saved up in something else? Or go all in, buy a truck, and find a company to lease onto? And if any of you owner operators have company suggestions for me to look into please let me know. Thanks
     
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  3. ibcalm19

    ibcalm19 Road Train Member

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    If that is your dream & goal go make it happen for yourself. You will hear some say go do something else & some will say live your dream. You have to make up your own mind when it comes to your dream. We are here to help you achieve that goal with advice. You said you work with your parents at the same place. May I ask what advice have they given you? You are heading in the right direction if this is your dream building your resources and educating yourself on the business side. It will help you a lot to have a mentor.
    There is a difference between being leased onto company as an owner operator & having your own authority being a trucking company. Follow your dream & learn what you need to make it happen. All the best to you on your journey
     
  4. JonJon78

    JonJon78 Road Train Member

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    Sounds like you have a good thing going where you currently are. Stay there, and invest the money into something else.
     
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  5. Jardo87

    Jardo87 Bobtail Member

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    My parents started as o/o in 1997 and went out of business in 2010. The only advice my dad gives is to not be a O/o. Lol... and most videos and posts I see say scary things about o/o... my parents quit a lot of jobs and spend a lot of money on unnecessary stuff so I don’t want advice from them. I was basically reaching out to see if there is any hope in being owner op or if it’s just not a good now in this day in age.
     
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  6. olddog_newtricks

    olddog_newtricks Medium Load Member

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    It's your life ... live it the way you want. You could invest in the stock market and lose your money. You could invest in a truck and lose your money. Do whatever makes you happy. All I can say for certain is .. it sure is nice to be the one calling the shots and not just the monkey behind the wheel.
     
  7. Dino soar

    Dino soar Road Train Member

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    First of all here's the deal with being an owner operator. It isn't that you can't do it. If that's what you want to do you can. The real problem with being an owner operator is most people go broke they do it too soon they don't have enough money. If you have enough money that you can weather whatever storm and as long as you're not someone that makes a little bit of money and go by as a Corvette and you make a little bit more money and you buy your girlfriend diamonds and you make a little more money and you decide you need a Harley Davidson... As long as you're not that guy you'll be fine.

    The next thing is to realize that being an owner operator is not necessarily going to make you more money than having a really good job. Money itself is the wrong motivator. It's not like if you drive somewhere you make $30,000 a year and if you have your own truck you make 300,000 a year.

    There are people that have really good jobs that make more money than some owner-operators. With jobs you get benefits, you get paid vacations. As an owner-operator those types of things you don't have or you have to pay for at least let's say. And if you are really good there are jobs out there that pay $100,000 a year or maybe more.

    So now with that out of the way, what do you do?

    The first question is do you hate your job? Are you in a situation that you have knots in your stomach and you hate going to work and you're just a number and no matter what you say and do it's wrong and there's problems everywhere and you can't stand being micromanaged and it's just a complete and total mess.

    It doesn't sound that way from your post so I'm going to assume that's not the case. I also assume that you're on the younger side single and not married and all of your bills paid and you're saving money. That's excellent.

    We don't know how much money you actually have saved but if you can keep working and saving and working and saving and your job isn't a problem you can literally save hundreds of thousands of dollars.

    Now you either take the money that you're saving and go by real estate or even invest in stocks or whatever and watch it grow as you keep working, or you buy truck.

    It depends on what your goals are and what you really want. You could buy a home in cash and never have to worry about making a mortgage payment. If you had that and your cars were paid for and you had a lot of money in the bank that's a good time to become an owner operator.

    Then again if having a home doesn't matter you're not home much you want to run OTR and you're happy doing it my own personal opinion is if you're going to buy a brand new truck you need several hundred thousand dollars. Some will tell you to finance maybe that's better I don't know but if you had enough money to pay off a brand new truck and a brand new trailer and you had like $200,000 left in the bank that's the best of everything because you have no payments. If the truck breaks down for a month you have plenty of money to be able to afford your insurance and your living expenses and whatever the repairs are. And even if that happened a few times if you were unfortunate, you'd be able to weather that storm without problem.

    You could Finance or pay a chunk of it and finance the rest I suppose you could do that but payments make it much harder to make money and if the economy turns down which with all of the recent things that have happened it's hard to imagine that it won't, paying 2500 or 3500 a month or whatever it is it will be difficult to make money. You want to set yourself up so that no matter what you do you always make money.

    Other than that you have to figure the rest out. Keep asking questions and there are a lot of good people on this site that will try to help you.
     
  8. ibcalm19

    ibcalm19 Road Train Member

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    Freight still has to be moved. The Tesla self-driving having taken over let. Everybody is not doing bad. I enjoy my freedom as an owner operator & the money ain't bad neither. Enjoy what your doing whatever you decide to do. Even though your parents made some mistakes you learned what to do & not to do. As a parent I truly understand
     
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  9. Midnightrider909

    Midnightrider909 Road Train Member

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    Find yourself a partner and get a truck and lease on to your current company unless you are with TSMT.
     
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  10. pavrom

    pavrom Road Train Member

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    Go for it . Dont listen to naysayers . You know yourself best and what you capable of . If your dad said never become an o/o - its his opinion , maybe he failed becoming one , my dad always wished me be better than him otherwise he said his life is worthless!
     
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  11. BuckeyeState

    BuckeyeState Bobtail Member

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    If in fact it's true what you say here you can do whatever you want! Why? Because you are smart and you are hard worker. You will never be hungry or without money if you work hard and make smart decisions. At this point all you can say is god give me health and I will be fine.
     
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