Would you really Recommend entering into this Insd

Broompilot · Jan 7, 2007

Just say someone needs to make a min of 50K take home. Is that a fiar $ amount for someone investing into there own vehicle? Whats it gona take to accomplish that?

I have my theory but would like for Newbees to hear from some of the Expierenced people here.

Crazynuff · Jan 7, 2007

RE: Would you really Recommend entering into this

I consider take home after all expenses - what you would show as net income on your tax return . 50K . How many trucks does that fleet owner have ?

jaminjim · Jan 7, 2007

RE: Would you really Recommend entering into this

In order to answer that question I think you have to set some ground rules. Does this mean after health insurance, taxes, and retirement fund? Does that mean as a single or a team? Does that include funding for a next truck, or repair funds for the one that you have?

If it is for a single driver, it might be a fair amount of pay, but hard to reach that amount year after year. I think it could be done every once in awhile, but would be hard to sustain.

Crazynuff · Jan 7, 2007

RE: Would you really Recommend entering into this

Thanks for the pm Broompilot . Maybe 50K is possible but it takes business savvy and hard work , not running home every time you get within 100 miles of the house . Come to think of it there was recently a topic regarding income for teams vs solo . I don't recall the exact earnings shown but they didn't seem to indicate 50k net . "Solo or Team " topic 5038 in General Expeditor Forum . Check it out . There has been plenty discussed on earnings . A van driver can get by with his own van , not driving for someone else . Husband and wife teams do quite well in C or D units but team drivers trying to support 2 households running for a fleet owner find the income disappointing to say the least . I still don't hear many reports of reportable income here . Some say " Well , you know a good accountant can keep your taxable income low . " Fine and dandy until you need money and go to the bank . First thing they ask for is at least 2 years' tax returns . Trying telling them you really made more than that . And if you've only been at it a year - they don't care what your previous income was . A little off topic but something that needs to be considered going in . You need a good reserve for emergencies because loans won't be available . I know there are others that can give a better response than I have . The industry seems to be slowing and new people are coming in after hearing how things were , not as they are . There are more companies and less freight .

highway star · Jan 7, 2007

RE: Would you really Recommend entering into this

A "good" accountant is limited in what he can do to keep your taxable income low. That is assuming you made some money and want to play by the rules. My definition of a good accountant is one that will use the rules to my advantage but will keep me out of trouble. Others have a different view of that.

jaminjim · Jan 8, 2007

RE: Would you really Recommend entering into this

I would recommend this to the very young couple as well as the empty nesters. The very young couple who owned nothing, could in five short years have a modest house paid for. The only investment they would need to invest in would be two forms of birth control for those long layovers.:9