Debt Free Owner Operators

ATeam · May 8, 2008

The January, 2008 issue of Overdrive cover story is Breaking loose. It discusses the characteristics of debt-free owner-operators. It is a worthy read for expediters in all financial situations.

Some people believe they will never be out of debt and thus never try to be. They think more about making their payments on time than about building their net worth. Others believe differently, take different actions, work their way out of debt and enjoy the freedom and security a debt-free lifestyle can provide.

Where do you fit in? Can you do it? Does it matter? I invite you to read the article and decide for yourself.

davekc · May 8, 2008

Actually a pretty good article. Using Ramsey's quote "Cash is King" is what we operate on. That philosophy has served us well for many years. No plans with regards to trucking that I would change that.
But....we are probably in the minority.

pelicn · May 8, 2008

Thanks for the link to the article Phil, it was a good read.
I known Andy for a few years and he has always been a good business man. Nice to see an article with him included.

Broompilot · May 9, 2008

The Doors of Opportunity are left unlocked.

One can make better decisions without the Slave dictating oneself.

Read between the lines. My wish for anyone wanting to do this, is Study the benefits. Once you do and really see the destruction of debt (even good debt) you just may want to really expierence the two paragraphs above.

Good Luck.

Vinnie T · May 9, 2008

Since the cost of fuel, equipment has gone up and with the current inflation in prices..wages are less then they were 10 years ago. I would say it is 3 times as difficult to pay off a truck then it was back then without a doubt! Who is affected by these cost increases? We are!

TeamCaffee · May 9, 2008

Good Article! At the CMC course the question was asked if you have been free for a long time but will not be able to purchase your next truck with cash you need to maintain a FICO score. Kevin suggested using a business credit card for most purchases and a personal credit card to keep your score from dropping while being debt free.

ATeam · May 9, 2008

TeamCaffee said:
Good Article! At the CMC course....

CMC course? Certified Master Contractor, right? Readers may be interested to know more.

TeamCaffee · May 9, 2008

http://www.expeditersonline.com/forum/layover-lounge/31256-cmc-seminar.html
This has been posted for a few days.

ATeam · May 9, 2008

Sorry for missing your post where you posted it. I generally do not read that deep into the Open Forum. Great post. Good information.

Broompilot · May 11, 2008

Want to know how to get more info on Debt Free? It is free, and can also be done while accomplishing two things at once. While you are driving.

Dave Ramsey on XM 165 between 3-7pm est.

Kevin Rutherford on XM 171 Midnight est and Saturday and Sunday 3-7pm. Keep a pen and paper handy as in time books on topics of intrest will be mentioned. Now Daves theory will work but using all 100% in this industry may be tuff although not impossible.

One post above said something about it being difficult with the conditions, you must change your business motto to respond to the times. And I do not mean to come accross mean or showing off, but having a paid for truck in these times is nothing short of a BLESSING. Now I will Bragg, I SAW THIS COMMING long ago and PREPARED. My point being hope for the best plan the worst always spend less than you make and pay off what you have overspent first, than begin to save.