New To Trucking Trucking as a retirement option

TXShark

New Member
In the not too distant future, I'll be lucky enough to have the opportunity to retire at 50 years old from my current profession. I'm financially secure with good pension and retirement savings. However, I don't want to sit idle. If I could wave a magic wand, my goal would be to buy a decent used truck outright, chuck the wife in the passenger seat and hit the road, wherever I want to go, taking time off whenever we wanted. Now, I know that no such magic wand exists and there are many considerations to be made. I understand that jumping right into owner/operator isn't viable due to experience requirements by carriers and insurance, etc. I fully grasp the concept of "paying your dues" and the last thing I want to do is give the impression that I'm minimizing the hard work and years put in by those in the industry. From the research I've done it looks like the best thing to do will be to become a company driver to get some experience under my belt. With that said, because I'm not forced to drive to pay the bills, and I do have the financial backing to purchase a truck and drive with low overhead, AND I already have health/life insurance...after getting some company OTR experience under my belt, is this a viable goal? For example, drive for 6 months and take a couple months off, then pick up again when I'm ready to get back on the road. I appreciate any insight.
 

TXShark

New Member
Don't get me wrong, I still want to make some money. Just due to the possibility of low overhead, I wouldn't be REQUIRED to work non-stop to keep us fed. Living in a camper and doing seasonal work isn't what I had in mind.
 

BlueStingray

Time to relax and drink a cold beer
Supporter
You could buy a truck and trailer. Figure out your over head to just cover your basic needs for the truck. Contact a broker you trust, when you want to run a load do it.

it may take you 6 months or more to figure your expenses and overhead. Before you can settle into a simple run maybe 1 to 3 loads a month. just to fill your need.
 

BlueStingray

Time to relax and drink a cold beer
Supporter
You can find "direct" loads which is you going to a company directly and offering your services to haul for them. Alot of time these relationships have to be cultivated over time for you to have this direct load type of work.
The other option you have is finding a company that could fit your schedule of work. Like a company that ships say 12 times or less a year. Or some Limited amount of loads, where they only contact a Transportation company as needed or as they have loads available. making you sort of on-call.
 

mndriver

curmudgeon extraordinare
Supporter
Working part time isn't going to get you any breaks on insurance.

Leased on, you'd be a disservice to the motor carrier considering the costs associated with a truck.


Base plate is $1700-2000 annually.

Insurance as a new venture will be $16,000+. Probably closer to $20k+.

I wish you luck.

But due to expenses, this isn't a part time venture like your wishing it would be.

It'd be like running hot shot and wearing out a light duty rig doing part time rates for full time expenses
 

mndriver

curmudgeon extraordinare
Supporter
Beyond load boards, as an O/O is that generally the best way to find loads?...through brokers?
That's normally called "spot market".

Traditionally, spot market pays better than contract freight.
 

TXShark

New Member
Great info. Thanks for the feedback.
 

Wore Out

It ain't for the money....but for the ride
Supporter
Buying a truck is the fastest way to loose money in the trucking business. I'm not being smart or cute just stating a fact.


I'm not saying you cant make money owning your own I'm saying the deck is severely stacked against you is all. If you can find a niche work it
 

krelithous

Well-Known Member
Supporter
Learn the Tennant landlord laws for your state and buy an investment property for passive income. Then take mndrivers thought and go buy a camper and travel
 

Mike

Well-Known Member
Staff member
Adding my two cents on this.

Fixed costs are significant and must be covered every month. The biggest one here is insurance. It will depend on where you live, and experience, but it’s not uncommon to see quotes in some places as high as $30k/year for a startup.

Add a couple load board options and there is another monthly cost in the $2-300 range.

There are more costs, but those are the ones that immediately come to mind

An idle truck presents its own set of maintenance problems. Particularly, fuel system problems. One particular issue here is algae growth in the fuel tanks. Outside of that, it’s just my experience that problems have a tendency to develop when he truck doesn’t move for an extended period.

Not saying you won’t make any money, but probably wouldn’t be enough to make it worthwhile. Most likely, you could make enough to cover expenses and put a little money in your pocket until the first big repair hits.
 

BlackBart

Shorebilly
Supporter
In the not too distant future, I'll be lucky enough to have the opportunity to retire at 50 years old from my current profession. I'm financially secure with good pension and retirement savings. However, I don't want to sit idle. If I could wave a magic wand, my goal would be to buy a decent used truck outright, chuck the wife in the passenger seat and hit the road, wherever I want to go, taking time off whenever we wanted. Now, I know that no such magic wand exists and there are many considerations to be made. I understand that jumping right into owner/operator isn't viable due to experience requirements by carriers and insurance, etc. I fully grasp the concept of "paying your dues" and the last thing I want to do is give the impression that I'm minimizing the hard work and years put in by those in the industry. From the research I've done it looks like the best thing to do will be to become a company driver to get some experience under my belt. With that said, because I'm not forced to drive to pay the bills, and I do have the financial backing to purchase a truck and drive with low overhead, AND I already have health/life insurance...after getting some company OTR experience under my belt, is this a viable goal? For example, drive for 6 months and take a couple months off, then pick up again when I'm ready to get back on the road. I appreciate any insight.
How bout buy yerself a flat and run sticks n bricks? Nice and easy and theres always shingles movin. Aint the best payin freight but a load or two a week might be enuff to pad yer pension
 

Shogun Warrior

Not today, Drifter. I won't be a victim.
Supporter
Could run LTL freight somewhere like R&L carriers, decent money, no stress and they’ll hire any idiot.
I'd buy a heavy haul 8 axle set up. Then I would sit around bragging about phantom loads and saying how 10k isn't worth it to me on a local load.
 

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