Hey! Had a few questions for the veterans out there. My husband and I got our B permits-fixing to do our driving test Saturday. We thought we might enjoy doing this, but we are looking at a practical view now. We both have established jobs making apx $70,000 a year now. With health and dental insurance, contributing 401, disability, and life insurance. How do you acquire these things as a trucker? Financially would we be better off staying at our current jobs? We are just living paycheck to paycheck and love to travel and spend time together, so we thought this career would be a wonderful option. But, I've had a complete knee replacement (actually had 4 knee surgeries) and I'm only 36, so I am starting to really realize I need health insurance for sure. But, we thought if we gave up our rental home and lived on the road, we could save some serious money. What would be best?
Thinking of trucking
- Thread starter angmac97
- Start date
greg334
Veteran Expediter
I will be frank and honest - stay where you are at.
If you are in a position where you can tolerate your job, have heath care and a retirement program, stay there. I would budget your household, bring down your expenses and try hard to hold on.
The way it works is you will become a contractor or sub-contractor (which means as a sub-contractor, you will drive for someone who owns the truck and they are leased to the carrier). This all means you are on your own with taxes, health care, retirement and so on and it can get expensive.
I know others will tell you I am wrong but I just went through this with a driver and his wife who quite a 6 digit job, went to trucking school and then found out that no one will provide health care for them at the amount of money they expected to spend.
If you are in a position where you can tolerate your job, have heath care and a retirement program, stay there. I would budget your household, bring down your expenses and try hard to hold on.
The way it works is you will become a contractor or sub-contractor (which means as a sub-contractor, you will drive for someone who owns the truck and they are leased to the carrier). This all means you are on your own with taxes, health care, retirement and so on and it can get expensive.
I know others will tell you I am wrong but I just went through this with a driver and his wife who quite a 6 digit job, went to trucking school and then found out that no one will provide health care for them at the amount of money they expected to spend.
ebsprintin
Veteran Expediter
I second the motion.
If you are like others who still insist on going against advice, I would advise that only one of you start driving while the one with the best pay and benefits keeps their day job. See how that works before taking the ultimate plunge. The route you appear to be contemplating leaves you without a lifeline.
eb
If you are like others who still insist on going against advice, I would advise that only one of you start driving while the one with the best pay and benefits keeps their day job. See how that works before taking the ultimate plunge. The route you appear to be contemplating leaves you without a lifeline.
eb
Thanks so much for your honest answer. That's what I need. I feel torn. I'm kinda being pushed by an owner to get out and get going. But, my house is not in order and I only have $250 to my name. From what I've heard, you need more than that to get started. And, I have 2 friends who do this as a living and live on the road, but they make it out to be peaches and cream. They drive for Panther and that's who I'd be driving for. Should we go ahead and get our class B in case we need to fall back on it?
But, I've had a lot of health problems and including skin cancer, cervical cancer and 4 knee surgeries. My husband and I just work opposite shifts and miss each other-and living paycheck to paycheck we don't get to travel much anymore. I had thought this was a great option. But gosh, he has wonderful health and dental through Blue Cross-paying $120 premium every 2 weeks, $300,000 life insurance is $7 every 2 weeks, and disability in case something happens, etc..
I need everyone's honest opinion.
But, I've had a lot of health problems and including skin cancer, cervical cancer and 4 knee surgeries. My husband and I just work opposite shifts and miss each other-and living paycheck to paycheck we don't get to travel much anymore. I had thought this was a great option. But gosh, he has wonderful health and dental through Blue Cross-paying $120 premium every 2 weeks, $300,000 life insurance is $7 every 2 weeks, and disability in case something happens, etc..
I need everyone's honest opinion.
greg334
Veteran Expediter
First what works for one, doesn't work for another. I have friends who are making a killing at FedEx but I didn't. It all depends.
Second, at $60 a week for health care, don't quit. That's rather cheap for BCBS. I think we are paying more and this is with a large group discount. Just your ailments alone should have you thinking hard about it.
Third, $250 isn't bad but yes you will need at least $750 a person. I would get your house in order for two reasons, it will help you reduce your obligations so you can make a move without the baggage but more importantly it will get you a step ahead managing the truck affairs. A lot of people who are lousy with money don't make near what they could if they managed the money in their other lives.
Forth, sure why not get the license. You may be able to pick up side work on the weekend doing local work to give you experience with the truck. This may lead you into something else or right into this work later on. Experience counts.
NOW with that said, here are a few other pieces of advice.
1 - get a lawyer. Just because you may be driving for someone else, does not mean that you will avoid being held accountable for things that are in your control.
2 - get an accountant if you are serious about this. I mean even if you enter into main stream trucking, it is a good idea to at least have the advice of a professional to guide you so you have a less tax burden and more money in your pocket.
3 - learn the truck. I mean don't just know how to check the oil but actually learn how it works, when something is wrong and how it gets fixed. It sounds stupid but it may save you money by knowing what to say to a mechanic or shop manager.
Second, at $60 a week for health care, don't quit. That's rather cheap for BCBS. I think we are paying more and this is with a large group discount. Just your ailments alone should have you thinking hard about it.
Third, $250 isn't bad but yes you will need at least $750 a person. I would get your house in order for two reasons, it will help you reduce your obligations so you can make a move without the baggage but more importantly it will get you a step ahead managing the truck affairs. A lot of people who are lousy with money don't make near what they could if they managed the money in their other lives.
Forth, sure why not get the license. You may be able to pick up side work on the weekend doing local work to give you experience with the truck. This may lead you into something else or right into this work later on. Experience counts.
NOW with that said, here are a few other pieces of advice.
1 - get a lawyer. Just because you may be driving for someone else, does not mean that you will avoid being held accountable for things that are in your control.
2 - get an accountant if you are serious about this. I mean even if you enter into main stream trucking, it is a good idea to at least have the advice of a professional to guide you so you have a less tax burden and more money in your pocket.
3 - learn the truck. I mean don't just know how to check the oil but actually learn how it works, when something is wrong and how it gets fixed. It sounds stupid but it may save you money by knowing what to say to a mechanic or shop manager.
Get the book The Total Money Makeover by Dave Ramsey, keep your current jobs with benefits, and use that book to make the changes that will satisfy you rather than getting into trucking which at best might match what you currently have and equally likely wouldn't.
chefdennis
Veteran Expediter
LOL, LEO... Dave Ramsey!!? While I have no isssue with him and have read a few of his books, including the one you mentioned, and I have been to one of his seminars...some here might not take well to his ..shall i say "style" or where he is coming from....
But yes the book Leo mentioned is well worth the read...and as has been said, stat where you are....
But yes the book Leo mentioned is well worth the read...and as has been said, stat where you are....
How about the goal of spending more time with ones partner? Hard to put a cost per mile (good or bad) on that side of the coin. Is $70,000 per year net to a team not the low side of the scale?
Bill
Bill
chefdennis
Veteran Expediter
I could be wrong, but I don' think a team is going to "net" $70 grand to the drivers while driving for someone.....
What do you think the low side of the scale might be, on average. Hard to figure but any info. would help.
I have to chime in on Dave Ramsey. Here's a guy who claims to be a Christian, and every day he's on the air he reccommends. If your buried in Credit Card debt STIFF the Credit Card Co. Don't pay for a year or two and settle for $.40-$.50 cents on the dollar. If anyone gets in Credit Card debt at the very least they owe what was fronted for them. Not screw the Company who covered your purchase's, and say here's half of what you gave me two years ago.