Just wondering what to do with my life now

guest · Aug 30, 2005

Hello, I am John. I live in Erie,PA I just got a $30,000 settlement from a workmans comp thing two years ago. I have my class A CDL with only 3 months exp. But I have a very good record. now I need some advice. I dont want to make anyone else rich by driving their truck. I was wondering what kind of truck I should buy. Class A truck or straight truck? I want to use this money to make money. My wife wants to put that on a new house. I told her if we do that I will just be working for the man all my life. What kind of truck can I get for that kind of money and what company should I sign on with? should I buy a cargo van? Sprinter? I'm just so new to this I could use some input from you people. thanks

bryan · Aug 30, 2005

HI
I agree with the wife. A house that went for $100,000 5 years ago is now selling for $250,000. Thats $150,000 profit and a tax write-off and if you rented it out for the five years at $500.00 per month thats $30,000.Plus women are always right, period, no question asked!

davekc · Aug 30, 2005

Bryan has a good point.

Seriously, $30,000 in my opinion is too short to enter the field unless you are financing something. I am never a fan of financing truck purchases as they are a depreciating asset.

That as it is, $30,000 available cash translates into a $15,000 truck. That doesn't buy much.
How do I figure that?
Because you will need start up capital.
$5,000 to carry you through until you get your first check and to cover expenses such as physicals, drug tests, fuel, food, insurance, transportation to company, bills at home because your income may have stopped. You get the picture.

The other $10,000 is a maintenance fund. If buying used, what happens if a transmission or engine needs replaced. Don't assume too much. Not only in that case if your truck down, but you may not have any sources of income through that period. Same senerio if a accident occurred.A blown cat engne takes $15,000 to replace with a new one. A used may be $10,000. Replacing a tranny could be $6,000 to 7,000

Make sure you really think this through. Many don't and get into big trouble. I am not trying to scare you but one should account for as much as they can before jumping in.

Davekc

RichM · Aug 30, 2005

I agrre with your wife,if not a house a guaranteed investment such as a CD or US Bonds, maybe a good Mutual Fund that deals with a mix of stocks and bonds.
In expediting there are no guarantee's about income,also the new HOS rules coming down could severely impact your income.

LDB · Aug 30, 2005

Unfortunately not what you want to hear but I've got to go along with the others adding in that if your wife isn't 100% behind you expediting it's going to be a major problem even if all else is good. I see the following problems. Your wife isn't behind it. You don't have enough capital for a good truck. If you do buy a good truck all your money is gone and you have no working capital or emergency fund. I'm sorry I can't see a different answer for you but that's what I see in the cards currently on the table. Good luck to you.

Leo Bricker
OOIDA 677319
truck 4958
73's K5LDB
Support the entire Constitution, not just the parts you like.

guest · Aug 30, 2005

thanks for all the input. I think I will just go work for the man for now untill I get at least 50K to start up. After talking to my wife we both agree with all of you guys. Plus I have a 14 yr old going in high school. It would be very hard. I will find a local job here in town and drive a CDL truck. at least I can get benifits and 401K. Thanks guys for all the E-mails and input. You saved me from making a grave mistake. I really enjoy reading the forums. I will keep you guys informed on what I do in the future. Have a great day

John in Erie

RichM · Aug 30, 2005

Good luck and stay in touch,benefits such as health insurance are a big reason to stay with the man.

Mrand Mrs · Aug 30, 2005

Oh, thank the dear Lord....good luck!!

romoore245 · Sep 12, 2005

Well if you want to buy property as an investment go to your local court house ask about the tax sales and bank forclosures sales. They have these usually once a month. I have seen three bedroom brick homes go for as little as $6000, house lots in town $250...
The listings are posted a month in advance to give you time to look at each one and decide which are worth investing in. Any venture is a gamble just hedge your bet best you can, good luck.

fastman_1 · Nov 10, 2005

I found that in order to make a Small Fortune In Expediting there is One Rule.....Start with a Large Fortune. But since you live in Erie give TK Kourier a call his trucks seem to be busy. And yes I know its Spelled wrong But thats the way he spells it.

Owner/Operator since 1979
Expediter since 1997
B Unit Semi Retired
Somedays are Diamonds and Somedays are Stones