I've been owner operator for 10 years. Paid off cars, new house paid for in cash in 2019. I'm fixing to sell my rig and focus on investing and real estate. Trucking helped me go from $60k a year scraping by to a successful business man.
Sir you've made BAD decisions. I've hauled fuel and gas and chemicals for 36 yrs as owner op. You wasted and blew through your money keeping up a mirage of an appearance to people who do not matter. Then allowed yourself to become a slave to the industry. There's money to be made in fuel hauling and time off to be had. Consistent work life balance and better financial and business decisions and you can be comfortable when you're done working. Facts.
I echo your sentiment. It's tough. But you gotta be SMART. SAVE SAVE SAVE and live within your means. I've been an owner op pulling tanker for 36 yrs and I'm still here still goin still hanging in there and my finances could always be better but I'm not in horrible shape. Like you said make good sound business decisions. And work consistently and you'll be just fine.
Roth is good. I contribute to roth and regular ira. One huge advantage of a regular ira is less taxes now. So when you retire, you will be in a lower tax bracket, so when you draw that money, you pay less taxes.
This reminds me of an old trucking joke. This grizzled old driver won a million dollars in a lottery. When he went to pick up his winnings the press was there to interview him. One of the reporters asked him "How do think this million dollar windfall will change your life?" He thought for a minute and then answered - Aw, heck, it won't change nothin'. I'll just keep on driving truck 'til it's all gone".🤣🤣🤣
Make sure you take exceptional care of yourself so you can really enjoy that pension!!! Eat clean, no smoking, drinking or drugs, get regular exercise and good sleep! Just saying...what good is a pension if you die a few years after retirement?
@@timhoneycutt1367 I think that is the biggest myo of it. Although I mean I could buy a truck any day of the week and then either I’m flat broke or I have a big payment. Either one is not freedom. Either one means I have to go hard and take whatever loads I can find to keep money coming in doesn’t sound like a lot of freedom to me. I see what you mean though it is possible over a long enough time line you know, but that timeline seems too long.
@@harryknutts8428 it always drives me nuts when i see people say i want to buy a truck for the freedom and so i can work when i want . Except they forgot about having to do maintenance/ repairs and all the back office stuff once your home that you have to do in order to run a business . Then if you have a truck loan you have to work just to pay the loan
@@classicxl I think the time has passed, unless you’re very intelligent about business and even that is not enough you need to know people in the trucking business. Otherwise it’s just being a glorified. Company man are you gain from it is just being able to ego trip on a company driver that you are an owner operator when really you’re working for the same megacarriers as the company guy except you’re using your own truck
I'm company too. I really wanted my own truck. Found an owner that hired me to drive his truck. The deal he made with me was whatever I make we share it 50% all expenses he pays for except fuel where we split that. At first it was ok, the truck I drove kept breaking down. Every time that happened I would be down at least a week. That really screws up your pay cycle. Plus the companies we worked with. Both are out of business now but they were crooks. He offered to sell me the truck cheap he wanted out of the business. I wish now I bought it but just went company. I'm so glad I did.
3:25. Respect to that older gentleman with his honesty. I’m still young in this trucking game. I always say I wanna own my own Pete and being in the oil field I hear a lot of the older guys tell me to consider locking down with a good company. This motivates me to stick it out with a solid company 🙏🏽
200k over 30 years is only 6200 a year which is what you should put in an IRA every year and if you did that and kept it in the s&p 500 he would have about 600k-1m. Compounds interest is a real thing. Swift probably did that and kept the profit and gave him back the principal.
But when they see a big fat check….. they owe it to buy toys. I see it every time. Just get yourself into a salary or a budget. Simple….. ah, and have a Good wife that believes in God like You.
I've been investing in retirement (IRA, 401K) for about 16 years - I have about $450K just in retirement investments. I started around the time I started driving a truck. $300,000 after 30 years is low, but probably still more than a lot of Americans have.
@@connor_flaniganwhat would you say is the best way to know what to invest in? Should I talk with a cpa? Or just ask my bank to direct me? I have a credit union I’m looking to keep My 401k with. I appreciate any information you can share
I made it to 74 years old but barely making as much as in the 80’s. Miss it every day but to much BS without the money now. He’s right if the wheels don’t turn you don’t earn. Go company driver but not a carrier driver. Find a job with a company that hauls its own product if you can but the food industry isn’t the easiest. Dedicated routes are the best in my opinion. Didn’t think I would like them but it’s kinda nice to be able to plan a little bit. Walmart was the best back in the day. Old drivers were all millionaires when they retired 10 years ago if they had stayed married.
Being owner operator is definitely not worth it these days . Been there done that you eventually spend out more than you make no matter new truck or cash truck its all the same
It’s better to be a company driver and you don’t have to worry about breakdowns or tires just call the boss.hourly is better that way you’re not getting in a hurry by the load you are always in a hurry it’s better a drop in the bucket than a gully washer !!
I've been driving about 20 years, gas for the last 7. for the past 6 years, I've worked a 4 day work week (by choice - I could work 5 or more but enjoy having a life.) I plan on retiring in 5 years at age 55.
I use to be broke, broke being a company man. I am still broke being an owner operator working twice as hard haha difference is i am heavily buying stocks and land hopefully its a good strategy 😂😂😂
Retired at 53 from trucking after 29 years of city & p/d truck out in the rural California deserts- it was a great trucking job (no traffic-open roads- nice people). But it was time to retire
I think there’s too much electronic shit in the trucks and then when that shit haywire there’s no telling how long your truck will be in the shop so if your company guy you can just get another truck and go to work
Just because you’re an OO doesn’t mean you couldn’t have saved money and put it in a mutual fund or the S&P 500 just like they do with a 401k. You just didn’t do it for yourself. That’s doesn’t mean companies are the safer option.
I just put 20 grand in a in a rebuild. Never thought I’d be here this long. Never thought about Saving Money. Too broke to quit, and too dumb to get a real job. Same truck for 25 years and the next owner will have a jam up piece of equipment. I work for my truck. It doesn’t work for me. I’m old and worn out but still Trucking Up. Boop boop🎉
Im a diesel mechanic and we got driver's that ar 78 year's old and have no intention of retiring. It's just plain pathetic that people have to work this long.
No, i only had one job that was half union, and there was a waiting list to be in the union. Besides, being in a union only makes sense if you have the years to put in. I started driving at 48. Not enough years left.
Well guys listen. I started in 1980 on a union freight dock. Worked other docks when shift supervisor would allow. Great times back then. I made a killin. I went one to yard jockey then to city P N D. Linehaul in 90. I retired union pension in 2010. I bought a truck and went where a great friend was leased and made another killin running pepsi/Gatorade in Indiana. I'm retired now extremely comfortably. Pay for your truck up front. Most fuel efficient as possible. Must have apu n bunk heater. 2000 watt pure sinewave inverter. AIMS if possible. Do maintenance above an beyond. If you are one of those that has to go home every 3 weeks then real trucking is not for you. To be successful you gotta run that truck. Live in that truck. There is a rainbow at the end. It's all in how you set yourself up.
Every one has a different circumstances it’s not only in Trucking’ industry it’s many industries people fall on hardships of life . Industries change for the worst sometimes .
There's no guarantees in life. One minute we're here, the next we're gone. Trucking is no different. I had to retire due to health problems. Thankfully, I made my fortune in another career.
Keep w2 avg up 10 years before SSDI filing, and you'll be good your last years. That's what he's saying. He was sole proprietorship, so he can't get a good enough check
Trucking is not a good business, it never has been and it never will be. I wasn’t owner operator and I was a local driver for a huge company. I got out of that business years ago and I got into what I like to call America’s best kept secret. I make way more money than any owner operatorI work Monday through Friday during the day and my expenses are extremely low
@@user-dw3ys2vh4i HVAC is an amazing thing and it’s something I’m very close to, but it’s not the secret. I’ve got some HVAC buddies and when it comes to gross income and low overhead cost they don’t even come close
As an owner/op i live by this rule. 1/3 to the truck, 1/3 to long term savings, 1/3 to the house. End of the year ill take a bonus if theres any money left over.
@Oliver880-eg8sz jealous is all you'll ever be. Drove 40 yrs, retired and enjoying life w a full pocket of $$$. Not you. Something you'll only dream of going down the road wondering when not if it ends...
Career trucker' life span is so much shorter than that of your average work cog. Truckers worrying about retirement is totally hillarious considering that few of them will live long enough.
I’ve done trucking for about 25 yrs I did 10 yrs dry van and reefer but my health was declining so I was at the position of do I keep driving or I do carreer change so what I did I left dry van and went flatbed and by doing that I get the benefits of excercise and loose weight and better pay and by doing that I been able to work get my health and also get my 2 year medical DOT card
A few o/o at my company want to sell their trucks now they say it’s money in and money out and some of the repairs cost they had to pay $11000 one month and another guy had a $5000 repair i can’t get my head around having to pay those prices
That’s why it’s best to retired as a company driver. You get 41k the company will match you 50% You get health insurance, you get to save each time you get paid. You don’t have to worry about paying the maintenance on the truck, company does that. So when I retire as a company I will SS 41k and money that’s save up vs owner opp they only have one income the check they get every week that they have to depend on
Yes there there are plenty of trucking companies that pay well, then close the doors or sell their equipment to another company, and you're left standing . Personally, I didn't like the idea of staying on the road and not knowing what's going on at home. Only coming home when you have made enough money to do so.
Wise man said, do not retire from doing what you love. _“Till DEATH do us part”_ Workaholics, billionaires, entrepreneurs LIVE TO WORK because for them work doesn't feel like work anymore, but more like play. No matter how much money they have so they can retire without running out of funds, they just simply don't. I heard of drivers still driving at 100+ years old, driving for 70+ years with more than ten million miles on the clock.
Definitely is a sad story but don’t let his story fool you, he’s in the position he’s in because of “him” , nobody else , there’s no excuse especially as an owner operator why he didn’t have a Roth set up for his own retirement and to take that money and invest it in something else , I’m a company driver and had a Roth since I was 21 years old , literally no excuse
Drove trucks for 25 years and I was lucky to be able to retire. My advice to someone thinking about getting into the industry. Run as fast as you can, it's a horrible, under paid, no respect, stressful, looser career.
I don’t know this man’s finances, but if he has a paid for home or a small rent payment (and if he’s married he should have supplemental income from his spouse) he should be able to save $1,500/month. Hauling fuel is good money, so it’s a reasonable amount. $18,000 at 11% interest for eleven years yields nearly $400,000 dollars. Dave Ramsey suggests a 10% withdrawal rate, which is approximately the average annual interest rate. That’s 40k per year, plus Social Security benefits. He can still retire at 72. He might need a part-time job, but hey, you shouldn’t sit around doing nothing even when you’re retired.
I tried for years to get drivers to help rebuild the teamsters so they could retire by 60 like I did, but all people did was insult me and laugh at me. Ohh well
regardless if you drive for swift,jb hunt,whoever,you gotta have a mindset that's where you're gonna be and retire from,don't job hop, start early. i don't feel sorry for the one's who'll pay later in life for mistakes made early in life
I'm about to buy pay off my truck in less in 3 years. It takes discipline and taking care of your equipment. It's not rocket science. Alot of guys are just irresponsible. If you are, you need to stay a company guy because being a OO is rough, especially when you go down for a while while having to make a truck payment
If you heard of the Great Depression you know of the stock market and that it elevates in value thru the years I’m not taking that excuse from older people
I have 3 union pensions, and I will be set once I retire, but I wish I could have been in a better position to build an IRA years ago to supplement my retirement. When I finally do walk away I will be making just as much money as I did when I was working but I'd rather have the money in a lump sum rather than the monthly checks so that my family can inherit that too.
Folks, if SS is going to be your main source of income in retirement, you’ve already messed up! It says this on the SSA website. Please show your kids and all young people this video!
and no bucket under the loading head - just dumps diesel on the ground. I can deliver a whole lot of diesel, without even putting a bucket under it and not spill a drop. plus, he's using a heavy pump hose with an adapter to go in between heads and taking the loading heads off. I just got 2 20', 3" drop hoses with 4" ends. makes it a LOT easier to pick up and walk out product than 4" hoses and flows just as quick.
Owner operator that long that means he was around when things were good and should have retired already, I know alot if guys his age with multiple pensions and he could have even set up his own 401 or Ira this shit is sad I wouldn't drive after 60 and we have reason to, this dude was around when trucking was good he should have it better I don't care what nobody going to say he was making terrible decisions
Go to work for a teamsters union driving job. He is wrong about someone getting 200k unless it was in a 401k. Teamsters retiring today will get over 4000 a month from the union. Plus his 401k
This is just so sad. I retired earlier this year having been a Teamster Union represented driver for 30 years. I have my medical paid for as as drawing my pension. My wife is also a retired Teamster Union office worker. She also is collecting her pension as well as her medical benefits. Does anyone else see what is wrong with this picture?
I'm 67 too but I'm a bodybuilder( at least I think I am). Even though guys like him made much more money than I did while working I still say a government job is better when it comes to retirement. I worked 27 years and ended up with 2 million cash in a cash balance plan with $10,000 a month, no mortgage, I retired at 51. I always recommend to young guys, get a government job, fire-police and stack your money, stay out of debt. I know some guys up north retiring with much more money than I have....
U can do u own retirement. U dont need to be a company driver at a company like Swift to do so. Whatever.. I luv my freedom. This dude probably had child support, gambling problem or made financial decisions.
In America the opportunity opportunity to make money and save when money is good is there! There are only opportunities no guarantees. Nor should there be. If I make 250k and profit 165k and blow it all and continue to handle my money that way when I'm 60 I will be broke. Some people will have 1.5 million or more to relax with at age 60. But you have to tell the money what to do not let the money tell you what to do because you will lose it if thats the case.
Everything he makes goes into repairing his truck and putting down payment on another truck. Leases onto to some company gets 1.42 a mile average to which 90 cpm goes into fuel tank. Spends 60 dollars a day eating in truckstops. My man can’t even stand up for more than a few minutes
I think if u over 50 and not 60 yet u should be investing 25 percent of your check into retirement. If u under 40, u should invest 15 percent of your check
Don't feel sorry for owner operators, they would rather have their freedom and dealing with truck repairs then to have a camera watching them fart and a dispatcher micromanaging them, plus a lot of them are introverts nothing wrong with that
$60,000 for a bike when he was 32 .i would bet he went through handfuls of new cars and pickups also .now he wishing he could retire .blow your money 40 plus years die working. 😢😢
This guy could be a bot ,no one at swift especially a driver gets 200k bonus. And the roads are 10times more dangerous now then 25 years ago. Its September 3 months i80 in wyoming will prove me right
What this man is saying is spot on I have been an owner operator for 40 years and I'm still working.
I've been owner operator for 10 years. Paid off cars, new house paid for in cash in 2019. I'm fixing to sell my rig and focus on investing and real estate. Trucking helped me go from $60k a year scraping by to a successful business man.
Sir you've made BAD decisions. I've hauled fuel and gas and chemicals for 36 yrs as owner op. You wasted and blew through your money keeping up a mirage of an appearance to people who do not matter. Then allowed yourself to become a slave to the industry. There's money to be made in fuel hauling and time off to be had. Consistent work life balance and better financial and business decisions and you can be comfortable when you're done working. Facts.
As a owner operator for 42 years, I saved and have a Roth, he could’ve, but bad decisions cost him.
I echo your sentiment. It's tough. But you gotta be SMART. SAVE SAVE SAVE and live within your means. I've been an owner op pulling tanker for 36 yrs and I'm still here still goin still hanging in there and my finances could always be better but I'm not in horrible shape. Like you said make good sound business decisions. And work consistently and you'll be just fine.
Yep just another loser
Those roths r a scam. There's no way u made a bunch of money.
@@a87nomsirrah35 roths?
Roth is good. I contribute to roth and regular ira. One huge advantage of a regular ira is less taxes now. So when you retire, you will be in a lower tax bracket, so when you draw that money, you pay less taxes.
Not just truckers, but many people his age will only have Social Security .
But definetaly most truckers !
This reminds me of an old trucking joke. This grizzled old driver won a million dollars in a lottery. When he went to pick up his winnings the press was there to interview him. One of the reporters asked him "How do think this million dollar windfall will change your life?" He thought for a minute and then answered - Aw, heck, it won't change nothin'. I'll just keep on driving truck 'til it's all gone".🤣🤣🤣
😂
Iam a fuel hauler going on 47 yrs you got to love what you do
@@nightbird-yw9vg I tell people you become the job in alote of ways
57 yr old, 14 yrs delivering Food with this Teamster job. Its brutal back breaking work but the pension at 65 will be amazing.
Make sure you take exceptional care of yourself so you can really enjoy that pension!!! Eat clean, no smoking, drinking or drugs, get regular exercise and good sleep! Just saying...what good is a pension if you die a few years after retirement?
My brother drove 14yrs+ and died 1 month after quiting. He felt sick, and passed from cancer. Was 68.
🙏🏼
Sorry brother
I’m a company driver and I have not found the right reasons to buy a truck
Harry the biggest reason is freedom to do what you want when you want
@@timhoneycutt1367 I think that is the biggest myo of it. Although I mean I could buy a truck any day of the week and then either I’m flat broke or I have a big payment. Either one is not freedom. Either one means I have to go hard and take whatever loads I can find to keep money coming in doesn’t sound like a lot of freedom to me. I see what you mean though it is possible over a long enough time line you know, but that timeline seems too long.
@@harryknutts8428 it always drives me nuts when i see people say i want to buy a truck for the freedom and so i can work when i want . Except they forgot about having to do maintenance/ repairs and all the back office stuff once your home that you have to do in order to run a business . Then if you have a truck loan you have to work just to pay the loan
@@classicxl I think the time has passed, unless you’re very intelligent about business and even that is not enough you need to know people in the trucking business. Otherwise it’s just being a glorified. Company man are you gain from it is just being able to ego trip on a company driver that you are an owner operator when really you’re working for the same megacarriers as the company guy except you’re using your own truck
I'm company too. I really wanted my own truck. Found an owner that hired me to drive his truck. The deal he made with me was whatever I make we share it 50% all expenses he pays for except fuel where we split that. At first it was ok, the truck I drove kept breaking down. Every time that happened I would be down at least a week. That really screws up your pay cycle. Plus the companies we worked with. Both are out of business now but they were crooks. He offered to sell me the truck cheap he wanted out of the business. I wish now I bought it but just went company. I'm so glad I did.
This is the BEST Interview I've seen on TH-cam All this Year!!!
3:25. Respect to that older gentleman with his honesty. I’m still young in this trucking game. I always say I wanna own my own Pete and being in the oil field I hear a lot of the older guys tell me to consider locking down with a good company. This motivates me to stick it out with a solid company 🙏🏽
200k over 30 years is only 6200 a year which is what you should put in an IRA every year and if you did that and kept it in the s&p 500 he would have about 600k-1m. Compounds interest is a real thing. Swift probably did that and kept the profit and gave him back the principal.
But when they see a big fat check….. they owe it to buy toys. I see it every time. Just get yourself into a salary or a budget. Simple….. ah, and have a Good wife that believes in God like You.
I've been investing in retirement (IRA, 401K) for about 16 years - I have about $450K just in retirement investments. I started around the time I started driving a truck. $300,000 after 30 years is low, but probably still more than a lot of Americans have.
@@connor_flaniganwhat would you say is the best way to know what to invest in? Should I talk with a cpa? Or just ask my bank to direct me? I have a credit union I’m looking to keep
My 401k with. I appreciate any information you can share
It's not just the trucking industry. Almost all of us don't have a option to retire the way the politicians print and spend.
I made it to 74 years old but barely making as much as in the 80’s. Miss it every day but to much BS without the money now. He’s right if the wheels don’t turn you don’t earn. Go company driver but not a carrier driver. Find a job with a company that hauls its own product if you can but the food industry isn’t the easiest. Dedicated routes are the best in my opinion. Didn’t think I would like them but it’s kinda nice to be able to plan a little bit. Walmart was the best back in the day. Old drivers were all millionaires when they retired 10 years ago if they had stayed married.
Words of wisdom, find a company hauling there own products.
Being owner operator is definitely not worth it these days . Been there done that you eventually spend out more than you make no matter new truck or cash truck its all the same
It’s better to be a company driver and you don’t have to worry about breakdowns or tires just call the boss.hourly is better that way you’re not getting in a hurry by the load you are always in a hurry it’s better a drop in the bucket than a gully washer !!
He looks way older than 61 years old.
He said he was 67 , the clickbait is wrong
I've been driving about 20 years, gas for the last 7. for the past 6 years, I've worked a 4 day work week (by choice - I could work 5 or more but enjoy having a life.) I plan on retiring in 5 years at age 55.
If you’re buying a truck you can choose to be an over paid driver or you can be a business owner. The average person doesn’t understand this.
Makes perfect sense to me. I have been averaging 100k a year as an owner operator and it's working for me. And I have 4 kids
Lol !
I use to be broke, broke being a company man. I am still broke being an owner operator working twice as hard haha
difference is i am heavily buying stocks and land hopefully its a good strategy 😂😂😂
I’m 53 and love being a truck driver don’t plan on retiring anytime soon.
Retired at 53 from trucking after 29 years of city & p/d truck out in the rural California deserts- it was a great trucking job (no traffic-open roads- nice people). But it was time to retire
you don't retire from the road, the road retires you....
He’s 67 and says he will keep working and will have to rely solely on SS! Sad!! But at least he is saying don’t do what I did!!
True he giving good information so we can learn
This is well spoken man. Been out here as an owner operator since 1976.
Wow, I'm impressed .
I think there’s too much electronic shit in the trucks and then when that shit haywire there’s no telling how long your truck will be in the shop so if your company guy you can just get another truck and go to work
I really feel sorry for this man
Me to man I didn’t know what day
On point video 👍🏽
Just because you’re an OO doesn’t mean you couldn’t have saved money and put it in a mutual fund or the S&P 500 just like they do with a 401k. You just didn’t do it for yourself. That’s doesn’t mean companies are the safer option.
I just put 20 grand in a in a rebuild. Never thought I’d be here this long. Never thought about Saving Money. Too broke to quit, and too dumb to get a real job. Same truck for 25 years and the next owner will have a jam up piece of equipment. I work for my truck. It doesn’t work for me. I’m old and worn out but still Trucking Up. Boop boop🎉
He’s ahead of most of us.
He didn't get the memo ! We're buying campers- that's the plan.
Im a diesel mechanic and we got driver's that ar 78 year's old and have no intention of retiring. It's just plain pathetic that people have to work this long.
All drivers should be in the Teamsters then they could retire with a pension.
I wonder what Yellow drivers think of ur assessment
No, i only had one job that was half union, and there was a waiting list to be in the union.
Besides, being in a union only makes sense if you have the years to put in. I started driving at 48. Not enough years left.
Well guys listen. I started in 1980 on a union freight dock. Worked other docks when shift supervisor would allow. Great times back then. I made a killin. I went one to yard jockey then to city P N D. Linehaul in 90. I retired union pension in 2010. I bought a truck and went where a great friend was leased and made another killin running pepsi/Gatorade in Indiana. I'm retired now extremely comfortably. Pay for your truck up front. Most fuel efficient as possible. Must have apu n bunk heater. 2000 watt pure sinewave inverter. AIMS if possible. Do maintenance above an beyond. If you are one of those that has to go home every 3 weeks then real trucking is not for you. To be successful you gotta run that truck. Live in that truck. There is a rainbow at the end. It's all in how you set yourself up.
also dont sit next to the tank like that without a respirator or some protective gear. shortcut to cancer.
Every one has a different circumstances it’s not only in Trucking’ industry it’s many industries people fall on hardships of life . Industries change for the worst sometimes .
There's no guarantees in life. One minute we're here, the next we're gone. Trucking is no different. I had to retire due to health problems. Thankfully, I made my fortune in another career.
Keep w2 avg up 10 years before SSDI filing, and you'll be good your last years. That's what he's saying. He was sole proprietorship, so he can't get a good enough check
I'm surprised he can pass his DOT physical. I'm 61 just passed mine yesterday. Have no plans to drive past 65. Not CDL anyway
Trucking is not a good business, it never has been and it never will be. I wasn’t owner operator and I was a local driver for a huge company. I got out of that business years ago and I got into what I like to call America’s best kept secret. I make way more money than any owner operatorI work Monday through Friday during the day and my expenses are extremely low
Bet my life it's HVAC 😂 that's the secret
@@user-dw3ys2vh4i HVAC is an amazing thing and it’s something I’m very close to, but it’s not the secret. I’ve got some HVAC buddies and when it comes to gross income and low overhead cost they don’t even come close
Why does everyone wanna be home every night
@@user-dw3ys2vh4i nope
@@timhoneycutt1367 most guys are normal and they want to be home with their wife and kids and they have a house to take care of
This video should have 100k views
As an owner/op i live by this rule. 1/3 to the truck, 1/3 to long term savings, 1/3 to the house. End of the year ill take a bonus if theres any money left over.
I retired from roadway teamsters and w my 401k and teamsters retirement, I walked away w just under $1mil plus $72k a yr retirement.
NO CRAP!!!
Good for you
Teamsters aka greeseballs
They "Were" a good company
@Oliver880-eg8sz sadly you'll never retire, buddy. You'll be one poor sob all you're life
@Oliver880-eg8sz jealous is all you'll ever be.
Drove 40 yrs, retired and enjoying life w a full pocket of $$$. Not you. Something you'll only dream of going down the road wondering when not if it ends...
Career trucker' life span is so much shorter than that of your average work cog. Truckers worrying about retirement is totally hillarious considering that few of them will live long enough.
Company drivers get about 25-30% of what the company gets. O/o get about 75% plus. U gotta put some of the money into a retirement plan urself.
I’ve done trucking for about 25 yrs I did 10 yrs dry van and reefer but my health was declining so I was at the position of do I keep driving or I do carreer change so what I did I left dry van and went flatbed and by doing that I get the benefits of excercise and loose weight and better pay and by doing that I been able to work get my health and also get my 2 year medical DOT card
A few o/o at my company want to sell their trucks now they say it’s money in and money out and some of the repairs cost they had to pay $11000 one month and another guy had a $5000 repair i can’t get my head around having to pay those prices
Crazy
Great video 💪🏾
That’s why it’s best to retired as a company driver. You get 41k the company will match you 50% You get health insurance, you get to save each time you get paid. You don’t have to worry about paying the maintenance on the truck, company does that. So when I retire as a company I will SS 41k and money that’s save up vs owner opp they only have one income the check they get every week that they have to depend on
Yes there there are plenty of trucking companies that pay well, then close the doors or sell their equipment to another company, and you're left standing . Personally, I didn't like the idea of staying on the road and not knowing what's going on at home. Only coming home when you have made enough money to do so.
You know that is my biggest fear in buying a house or condo. Being gone for weeks or months anything can go wrong.
Trucking is addictive
He ran his O/O business like a company driver. Many ppl don’t change their mindset when they switch over to O/O. That’s the problem tbh
Wise man said, do not retire from doing what you love.
_“Till DEATH do us part”_
Workaholics, billionaires, entrepreneurs LIVE TO WORK because for them work doesn't feel like work anymore, but more like play. No matter how much money they have so they can retire without running out of funds, they just simply don't.
I heard of drivers still driving at 100+ years old, driving for 70+ years with more than ten million miles on the clock.
Definitely is a sad story but don’t let his story fool you, he’s in the position he’s in because of “him” , nobody else , there’s no excuse especially as an owner operator why he didn’t have a Roth set up for his own retirement and to take that money and invest it in something else , I’m a company driver and had a Roth since I was 21 years old , literally no excuse
Drove trucks for 25 years and I was lucky to be able to retire. My advice to someone thinking about getting into the industry. Run as fast as you can, it's a horrible, under paid, no respect, stressful, looser career.
I don’t know this man’s finances, but if he has a paid for home or a small rent payment (and if he’s married he should have supplemental income from his spouse) he should be able to save $1,500/month. Hauling fuel is good money, so it’s a reasonable amount. $18,000 at 11% interest for eleven years yields nearly $400,000 dollars. Dave Ramsey suggests a 10% withdrawal rate, which is approximately the average annual interest rate. That’s 40k per year, plus Social Security benefits. He can still retire at 72. He might need a part-time job, but hey, you shouldn’t sit around doing nothing even when you’re retired.
I tried for years to get drivers to help rebuild the teamsters so they could retire by 60 like I did, but all people did was insult me and laugh at me. Ohh well
regardless if you drive for swift,jb hunt,whoever,you gotta have a mindset that's where you're gonna be and retire from,don't job hop, start early. i don't feel sorry for the one's who'll pay later in life for mistakes made early in life
U go ahead with them folks
Have a plan and a back-up plan😊
I have the best job ever, retirement. Started driving at 19 retired at 56
Alot of over the road drivers can't retire because their broke
I'm about to buy pay off my truck in less in 3 years. It takes discipline and taking care of your equipment. It's not rocket science.
Alot of guys are just irresponsible. If you are, you need to stay a company guy because being a OO is rough, especially when you go down for a while while having to make a truck payment
It’s 2024, automatic withdrawal to brokerage accounts for ira and high yield savings accounts.
If you heard of the Great Depression you know of the stock market and that it elevates in value thru the years I’m not taking that excuse from older people
Should used a Roth IRA/Traditional IRA.
I heard you Sir. I am in same situation and don’t see myself retiring.
The driver obviously never heard of 401k and IRA!
I have 3 union pensions, and I will be set once I retire, but I wish I could have been in a better position to build an IRA years ago to supplement my retirement. When I finally do walk away I will be making just as much money as I did when I was working but I'd rather have the money in a lump sum rather than the monthly checks so that my family can inherit that too.
I have 2 ira accounts as a owner operator I worry about having enough to retire
You don't have to part of a fleet to have a retirement plan. It is simply lack of discipline.
What this driver said was spot on, they becomee slaves to their trucks and their brokers.
Folks, if SS is going to be your main source of income in retirement, you’ve already messed up! It says this on the SSA website. Please show your kids and all young people this video!
I’ve hauled fuel for many years. You can’t shut the flow off sitting your but on the curb. He is not a very responsible driver…
and no bucket under the loading head - just dumps diesel on the ground. I can deliver a whole lot of diesel, without even putting a bucket under it and not spill a drop. plus, he's using a heavy pump hose with an adapter to go in between heads and taking the loading heads off. I just got 2 20', 3" drop hoses with 4" ends. makes it a LOT easier to pick up and walk out product than 4" hoses and flows just as quick.
Owner operator that long that means he was around when things were good and should have retired already, I know alot if guys his age with multiple pensions and he could have even set up his own 401 or Ira this shit is sad I wouldn't drive after 60 and we have reason to, this dude was around when trucking was good he should have it better I don't care what nobody going to say he was making terrible decisions
Go to work for a teamsters union driving job. He is wrong about someone getting 200k unless it was in a 401k. Teamsters retiring today will get over 4000 a month from the union. Plus his 401k
Is it really worth it? How much does a local fuel hauler make annually?
I loose all my money Bing a owner operator. i have nothing now, I'm loose my home an now I'm a company driver.
This is just so sad. I retired earlier this year having been a Teamster Union represented driver for 30 years. I have my medical paid for as as drawing my pension. My wife is also a retired Teamster Union office worker. She also is collecting her pension as well as her medical benefits. Does anyone else see what is wrong with this picture?
Truck drivers always put down the teamsters. I think they're just envious. At least back in the day they were organized, Now look at this industry.
Swift paid some driver a 200,000 bonus when he retired,lol...
I drive for swift and i dont see that happening.
4:24 that’s a good one
Sitting down dumping fuel around gas storage tanks hope they ain’t no fumes coming out of the ground
Listen to that old man!
I'm 67 too but I'm a bodybuilder( at least I think I am). Even though guys like him made much more money than I did while working I still say a government job is better when it comes to retirement. I worked 27 years and ended up with 2 million cash in a cash balance plan with $10,000 a month, no mortgage, I retired at 51. I always recommend to young guys, get a government job, fire-police and stack your money, stay out of debt. I know some guys up north retiring with much more money than I have....
U can do u own retirement. U dont need to be a company driver at a company like Swift to do so. Whatever.. I luv my freedom. This dude probably had child support, gambling problem or made financial decisions.
In America the opportunity opportunity to make money and save when money is good is there! There are only opportunities no guarantees. Nor should there be. If I make 250k and profit 165k and blow it all and continue to handle my money that way when I'm 60 I will be broke. Some people will have 1.5 million or more to relax with at age 60. But you have to tell the money what to do not let the money tell you what to do because you will lose it if thats the case.
Owner operator pay IRA every month $500 that’s $125 a week and u won’t have to worry about retirement enjoy 😉
Your video title is WRONG. He's 67, NOT 61.
He could have started a Roth IRA. Sadly it’s his own fault.
Everything he makes goes into repairing his truck and putting down payment on another truck. Leases onto to some company gets 1.42 a mile average to which 90 cpm goes into fuel tank. Spends 60 dollars a day eating in truckstops. My man can’t even stand up for more than a few minutes
I think if u over 50 and not 60 yet u should be investing 25 percent of your check into retirement. If u under 40, u should invest 15 percent of your check
Don't feel sorry for owner operators, they would rather have their freedom and dealing with truck repairs then to have a camera watching them fart and a dispatcher micromanaging them, plus a lot of them are introverts nothing wrong with that
If you are an O/O; a portion of you income needs to go towards investments. You’re screwed if you don’t.
$60,000 for a bike when he was 32 .i would bet he went through handfuls of new cars and pickups also .now he wishing he could retire .blow your money 40 plus years die working. 😢😢
He’s not mentioning multiple divorces. Lol
He said he was 67
One short word of advice - don't. Look at that old guy. That can be you.
Sounds like he did not make the right financial decisions
His friend might have been doing trucker talk(lying).
Part ignorance part bad planning or lack thereof.
Because he screwed up he encourages others not to be a O/O, don’t be him.
No he saying you should invest your money early. He is not trying to discourage you from being a o/o
67-year-old
Financial successful so you can retire
Sorry to tell you,but eventually you going to be forced to retire…INSURANCE for instance.
He played with so much money and is getting scared now.
This guy could be a bot ,no one at swift especially a driver gets 200k bonus. And the roads are 10times more dangerous now then 25 years ago. Its September 3 months i80 in wyoming will prove me right
He's not lying.
That driver put into swift thirty years ago and it paid off
Love your videos, but I don’t like how you repeat everything they say 😂
I need you to understand lol
We're all working until we're dead.