how realistic is it to expect to make $1000 to $1200 monthly truck payment, and associated costs, and still pay myself $600 to $650 per week? Associated costs being fuel, ins., maintenance fund, taxes, etc. The money that I would pay to myself will stay the same no matter what the truck makes. If I have a good week, then the maintenance fund will get a bigger share. Is this how alot of the o/o do it? Yes I will lease on to a company for now.

 

shouldnt be a problem if you get on with a good company I financed my truck short term so my payment is 2400 a month and I take 500 a week salary and it works out fine.
I even have some money left over after all my bills are paid

 

Very realistic if with a good company that has a good customer base. I have a $1335 a month payment on a tractor and even taking out all expenses, maintenance, medical ins, taxes, etc, I take home more than what you are looking at. Even with all my expenses and taxes, and even a purchase of a 55 gallon drum of synthetic motor oil, my net for March was over $4K. But I am set for engine oil for the year. February was a little worse only because I purchased a new desktop computer system and accessories to replace the old system. For a maintenance fund, you might do well to set aside about .08 a mile to the fund. Should be a decent ballpark amount to cover the maintenance barring a major repair right out of the gate. It all depends on the year and condition of the truck you have. What you don't use out of the fund... leave it there for a rainy day. You will need it in reserve. If you can do it, it wouldn't hurt to stash a little more in your rainy day fund.

If you are lean and mean business person who watches the numbers like a hawk, you should do just fine. Things will be a little tight anyway due to the economy now, but if you keep your ducks in a row, when the economy bounces back, you will be in a good position.

 

Yes, it is possible, but why? When you could make twice that amount of money as a company driver and have NO headaches...i.e. breakdowns, etc.
Remember, paying yourself $600 per week equates to about $450 per week after taxes. If that trips your trigger go for it. For me I would rather let the company take ALL the risk and have ALL the headaches. I will continue to take my $55,000/ year and laugh all the way to the bank while I sit back and listen to all the story tellers saying how they are making the big bucks as a O/O.

 

I was doing great as a company driver until things got slow and the boss decided he had enough money and didnt need to pursue any more business.
I will continue to take my $190,000 a year and take all of the risk while I listen to the story tellers say how they are making so much money as a company driver.

 

I guess that I am confused, most of what I hear about trucking and the economy are "Its going to Hell". But from the replys so far, it seems that it is still a doable option. My current job pays me 50+ per year. If you are not happy at what you are doing though is it worth it? Yes I keep a very close eye on expenses. My wife makes good money so I will pay myself less just getting started and , increse my pay as the business grows. I would rather pull a bucket. Pulling a tank would be even better but my experience with that is nil.

 

Good for you..Your are one of the lucky ones. Just one question. Out of the $190,000 how much do you put in the bank?

I used to make well over $200,000 a year but after all the bills were paid you could knock off a couple of those zeros.

 

well for last year, I had about 35 left over, so i am happy. my point is that if something works for you, that doesnt make it right for everyone else, the answer to the question he originally answered is yes it is doable, my bottom line is probably close to a company driver but I enjoy this way better, you enjoy that way better, to each his own.

 

If you don't mind me asking, is this 4k after taking into account what you pay yourself as a driver, or is this 4k actually what you pay yourself ?

 

Uh oh. Here comes the "driver wages" debate again.