24 no debt paid off Mobile home and paid off vehicles absolutely no expenses besides the basic utilities and such. should I do it after a year or 2 ?
Posted by bigdawg12342@reddit | Truckers | View on Reddit | 19 comments
Got my cdl 2-3 months ago I’m enjoying it so far. But being a company driver and getting paid chump change while having to share trucks with unclean people has kinda changed my perspective on being a company driver. My friends are owner op and make a decent living and seem to always be able to go on vacations, they’re not making as much money as they could but they’re living comfortable and living the life I want so I’m interested. I’m currently sitting at about 50k in the bank and I’m considering going after my own truck once I get some more experience and find out what type of hauling I enjoy doing. I figure in another year or so I’ll hopefully have about 70k put away which will put me at 50k for a truck and 20k for emergency/repairs. I know I could make a good living at certain companies but I like the idea of having a little more control of my schedule. Am I going down a good path here or should I just keep saving for something else
11hammer@reddit
Your best bet would be to get a job in the trades that needs a cdl and keep stacking paper. The game ain’t there right now for rookie owner ops.
bigdawg12342@reddit (OP)
I’m not saying I’d have the same luck but my friends got their cdl then instantly got a truck within 2 months they make about 8-10k a week
11hammer@reddit
Probably with 6-7k a week in expenses.
bigdawg12342@reddit (OP)
That’s actually what their take home is after expenses. 6-7k. One week they had a load/loads for 15k and cleared 9-10k on that
11hammer@reddit
Pretty impressive since average spot rate is getting 2.64 a mile. Your buddies must be making double that.
mistman23@reddit
You need more money and MORE CREDIT than you think to be an OO.
Aim for $50,000 in operating capital. $20k is nothing in 2026. Another $50k in credit lines or additional operating capital on top of that is advised. Liquidity issues kill small businesses.
bigdawg12342@reddit (OP)
You talking about credit as in for loans and stuff ? Cuz if you are I have a long line of credit and good history
DreamsServedSoft@reddit
you don’t have a long line at 24
i don’t understand his advice though you don’t need credit at all but it’s not bad for emergencies. If I were you I’d max your 401k and invest heavily until your 30s and try to learn from another O/O in the mean time. at least wait till you’re 25 so insurance companies don’t have a stroke looking at your applications
mistman23@reddit
Yes. You need liquidity for a rainy day. My FICO scores are all north of 800. I have around $200k total of credit limits across several credit cards that stays mainly unused. I have roughly that much in savings as well if you count my Roth IRAs and 401k. Nothing substitutes for liquidity when running a business. Nothing.
Undercaptalization is what costs most businesses to go under.
XboXandGlocks@reddit
I’d hold off on buying a tractor. I liked driving when I was new to it, not as enjoyable now after 12+ years. You’re young is there anything else that interests you? Want to go to trade school or anything? Or are you dead set on being a trucker?
bigdawg12342@reddit (OP)
Truthfully the only thing I’d be interested in would be a veterinarian however that’s way too much schooling for me to want to go after that dream. Office work doesn’t suit me well since I hate going to the same exact place every day. Trades are cool I thought that was my dream until I did oil and gas for about 4-5 years and got a little bit of several trades and realized I hated most of them. I also hated being in all the elements. I enjoy trucking because I can see a lot of things meet a lot of people(even if a lot of them are miserable bastards) and I CAN make good money
XboXandGlocks@reddit
That’s fair, hard to have social life especially if you plan on going OTR. Whatever down time you do have will be maintaining your equipment, to keep cost low. You will deal with them elements especially if you have to chain up. Not trying to be a downer, just want you to keep in mind all the challenges that come with this industry. I wish you the best in your endeavors.
Beautiful_Review_336@reddit
Why don’t you look for a company that doesn’t do slip seat?
threeglude@reddit
$200k. That's the current magic number you need to start, and start properly. Covers $50k down on truck, 10-20k on trailer, insurance (have to pay at least 6 months up front), 3 months of operational and living expenses, with enough left to cover most/all of a major repair, like an engine overhaul.
Here's a better idea, do what I did. Get specialized. I chose car hauling, cuz it helps keep you moving, and there's typically never any waiting. Arrive to pu location, start loading, same on drop location, 90% of the time.
There are a few new driver friendly companies. Pay is dog sh**, but it'll get your foot in the door and set you up for the future. After 1-2 years exp you could find a company paying well over $100k/yr (as a driver), with weekends off, and or, home nightly (depending on your location). I choose to work my full 70 and be partially OTR, and even with a few full months off each year, I'm still well over $100k.
I've crunched the numbers countless times, and I make the same +/- a few grand as our OOs do without the headaches.
JulianneElise@reddit
Learning how and where to pick your freight wisely, is important. Be ready for an average of $2k a month truck payment, plus fuel costs. Knowledge gained in being a driver for awhile plays a big part in being successful when truck payments. Goals are very achievable but getting to them is a process. IMO Good luck and stay safe
jmzstl@reddit
Being completely debt free is a good way to start, as long as you’re ok with the possibility of losing everything you put into this.
Not saying you will fail, but bad luck and catastrophic truck failures can happen to anyone.
Kkalemauser@reddit
Do it.
Having that much money saved up shows that you understand money.
Have $15K in the bank for breakdowns. Learn to do your own maintenance.
Good luck driver.
navlgazer9@reddit
Is your land paid for ?
bigdawg12342@reddit (OP)
On family land so I don’t have to pay for it. Just have to pay for taxes on the trailer