What's wrong with per diem pay?

Discussion in 'Experienced Truckers' Advice' started by Gitana, Nov 27, 2013.

  1. joseph1135

    joseph1135 Papa Murphy

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    Ever hear of children?
     
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  3. NewNashGuy

    NewNashGuy Road Train Member

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    Listen to the Dave Ramsey podcast while you are out there.
     
  4. joseph1135

    joseph1135 Papa Murphy

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    Only talk radio I listen to is Howard Stern. After that its extreme metal or Rush. There's nothing wrong with having and using credit.
     
  5. rocknroll81

    rocknroll81 Road Train Member

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    Some people don't get it out here, you pay cash for everything you will end up with a lousy credit score, you have to use credit to get credit, a friend of mine pays cash for everything even a new pick up a few years ago and has a poor credit rating because of that.....
     
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  6. HappyHardCore

    HappyHardCore Light Load Member

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    Without credit, it can be difficult to buy a car or rent an apartment.

    I used to be 100% cash myself, but decided that I would eventually need credit.

    I use credit now for food/gas, but cash for everything else.

    Eventually, there might be no more cash, just RFID. Are you ready?
     
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  7. DirtyBob

    DirtyBob Road Train Member

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    And that would have absolutely nothing to do with credit. That is merely a new method for transaction.
     
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  8. Russjac

    Russjac Light Load Member

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    I don't know about other companies, but I decided to opt out of the per diem program, and my company (MAY) told me that I couldn't change back if I later wanted to because they are no longer offering it, only allowing people who are already on it to continue. I was in it for the short term to get paid more money upfront, but I always knew it was a screw-job.
    I guess they found a reason why it is not in their interest to take 2.5 cents/mile from their drivers anymore, because they don't do anything out of the goodness of their hearts here.
     
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  9. Gitana

    Gitana Light Load Member

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    You would still be able to get credit if part of your pay is per diem, you just won't be able to get in debt to the max that the bank would allow otherwise. And maybe you even would be able to, they will probably just make you jump through one more hoop and get a letter from your employer.
     
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  10. Gitana

    Gitana Light Load Member

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    The 2.5 cents per mile were their administrative fee? That's outrageous. At least it wasn't mandatory.
     
  11. Guntoter

    Guntoter Road Train Member

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    I always say "anyone who thinks the U.S. Government is going to invest their money better than the private sector will, should probably not be trusted with money". So yeah, if that driver would rather pay more in SSI to get a higher amount in SS payments in 30 years, do not trust him to make sensible choices for investments on his own. The ROI with SS is about the same as earning 2 to 2.5% over your lifetime. Investing the exact same amount in an average insured muni or corporate bond fund will net about 4 to 5% (yes its lower today but was much higher a few years ago and will be higher again in a few years…its an average). So using the same amounts I could let the Social Security Administration invest my money and retire with about $2500 a month or (assuming I retire at 65 and live to be 78, the average American male) I could invest in a bond fund and retire on about $3900 a month… I'll do it myself, thanks.
     
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