Why does everyone here say not to o/o?

Your husbands situation is a bit different.

He has a reasonable payment. He has a good rate. And he's making money.

Many of the guys that ask about going O/O are clueless. They'll buy a new truck, have a $2K + a month payment. Then lease it on to a company paying .87 a mile, plus FSC. And wonder why they can't make it.

Others will buy a POS, because they lack the knowledge to select a good truck. Or they're buying a "cool" truck. They've never dealt with brokers. And they're not familiar with the freight lanes. OH, they've hauled it as a company driver. But they never asked what the load paid, in or out. They get good rates going out. They lose money coming back.

There are those that are serious, knowledgeable, and will make it just fine. But it's a numbers game. Only 2 in 10 will make it successfully.

Me... I can't sleep at night. Knowing I owe that kind of money. I'll stick with company.

 

With that low of a truck payment I assume it's an older truck so what you are not taking into account is the maintenance and repairs when you give that figure. 80% is good if it's a good rate to begin with and that you didn't say. You are also not allowing for taxes, have you been through a tax cycle yet? if not then hold on to your hat.
So after you tax taxes and repairs out of it what's left? shop rates are runing 85 to 100 bucks an hour and parts for some reason have gone through the roof and still climbing(I think it's because people are keeping there old trucks rather then trading up on new equipment right now)

 

First don't forget uncle sam cause he ALWAYS get's his cut !! To be on the safe side figure about 30% if you owe less apply it to the next year that will keep you out of trouble. IRS looovessss to audit truckers. Now he's doing 1800.00 a week now but what about the slow times, and yes there will be slow weeks, so you need to save for that. By the time you add these up you start getting close to what a good company driver can make. And as a side bar what are you saving for your next truck?? In a perfect situation you should be saving as much per month as your current payment, but in twenty years I have always found that hard to do at times. Best of luck to you and your husband, just remeber it's not how much you make but what you've got left in your pocket that counts!!!!

 

What company is he with to where they only take 20%?? Let us in on the help lol

 

O/O is a lot of work. $4,000 a month is good money if he worked somewhere and not trucking. IF you all are making the $6,000, then you all should be proud b/c lots of owner ops aren't coming close to that.
It is different for everyone. If you all are happy and making more than ends meet, then all the power to you. I think as fellow truckers we appreciate others out there that are making it work. Drive on!!!!!!

 

There is alot to consider, old truck = low payments, high maintenance cost, old technology. New truck = higher payments, warranty, better truck and the best thing is that even though I pay a higher payment at the end of the year I make out better because I get to write off the depreciation. I used to have the outdated mindset about no or low payment on an old truck and actually got to keep less of my money due to maint, no depreciation.