Here's a little secret:

When I bought my truck, I had $1500 to my name.

BUT, I was also living with my parents.

 

Having a cash reserve prior to becoming an owner operator or running your own authority is for the time when thing don't go as planned. There are those who have started with little or no capital and succeeded. There are also many who started with little or no capital and failed. If everything goes well, then you will be fine. The problem in business is that things don't always go as planned. The cash reserve is for something major, such as an engine, transmission or other major expense. Unless you have the resources to repair or replace something which breaks, then you could be out of business. Those of us who have been in business for many years know that we need to plan for contingencies. By planning for the worst we greatly enhance our chances of success. If you fail to plan for the worst, then you may be out of business before getting started good. When you have a good cash reserve you have a cushion. An overhaul can easily run $15,000 or more.

 

I used credit cards to start my business, and have continued to use them for my expenses on the road, fuel, etc.

matter of fact, today I will use one for way more $$ than I like. I am in Bend Oregon with a load on, and my clutch is out. Fortunately I limped it into the International dealer and they will be able to work on it today.

Credit used responsibly is a great tool. I have loans on credit cards as low as 1.99% FIXED RATE. Let's see you do that at your local banker. But I didn't GET good credit by not paying my bills. You have to be responsible, or yes, they can bury you. :?

 

Good luck with the clutch. How long will it take to put in and how much?

There is absolutely nothing wrong with using credit. I see way too much preaching and Holier than Thou on here and I would venture to say that there aren't too many who have a cash reserve but they sure hand out advise on everything under the sun even though they themselves don't follow it.

Sorry, pet peeve of mine about this forum.

Good luck there Flying Nun.

 

Ya, well LittlePinto, those who can make it, do it, those who can't just crab or go on to better things like setting up cubicles. Maybe you ought to hook up with what's his name, you two would make a great pair. :lol:

 

Been in it for a year and doing great. Don't need or want advise from you so go hump someone else's leg. Your just another flea in here who only wants to cause trouble. Time to hit that ignore button. :roll:

 

Easy Fellows!!

What works for the next guy might not work for the other! Everybody has their own way of doing it.

And my opinion of measuring success might be different from yours