Im glad you folks care enough about the industry to make these videos.All your movies are really helpful and I refer to them often for good advice and inspiration
Amazingly informative. Definitely something to keep in perspective as I get into the industry. I love the idea of owning my own truck, but will have to wrestle with the numbers when the time comes and I can actually consider it. Over a $1 per mile is really attractive in a market that barely offers $0.50 per mile. Thank you for these great videos!
It is not hard to calculate this at all but it's amazing how many guys or gals can't comprehend or figure it out. I like watching just to compare and see what others figure. Good simple to the point video. Like watching you guys. Keep it up!
Very informative. Thank you very much. Im still learning to become a small fleet operator despite being a company driver for 18 years. I maybe don't have the money now but I'll be rich with knowledge and patients. All I need now is a signal of opportunity to put my education to work... We need people like yourself to show how a real professional truck driver should be instead of getting ripped off weather if your a company driver or a owner op. Keep up the good work and I will be checking in on you guys....
That is just SUPER! Thanks so much for the video. So many people on youtube should to learn from you how to make informative, interesting and so useful video. Thank you so much!
Thank you thank you thank you. I was so worried about wanting to become a owner operator. I had no clue how to do it. But this video right here, it just relieved SO much stress that I had about it. Thank for this amazing video.
Awsome tips, and yes the last things u mention being what you keep is def the key. I haul fuel for esso (not my own truck) and in the last 7months just putting myself on a fixed budget i can comfortably buy a rig. so if you can live on 500$ for 2weeks at a time (not including rent bills) food,fuel, ect... your savings account will fatten in zero time at all. Another good point to include in cost is def tires per mile. Here they cost about 500 a peice so having that available wont steer you wrong :)
Great video TKS. We hit about 10k miles a month here in so cal. Our biggest problem here in the land of fruits and nuts is the 55 mph limits and traffic.
Chris Helgerson Hey Chris, thanks for the support. We're trying to make those industry secrets available for truckers, to help them make more informed decisions.
Very informative, becoming the best source of factual information on TH-cam for Independant truckers. Next step as you mentioned would be to smooth the averages by giving the same per mile costs over the last 12 months, and also the percentage of 100% for each cost catagory under fixed and variable... I find its all about the fuel... fuel... fuel....costs.. you have to use all the tricks, all the time for best fuel consumption... Thanks
Mack(Pinnacle/Titan n Granite) trucks are great for newbies n beginner drivers learn the trade of trucking cause Mack handles like a normal Manual Pick up truck with air brakes n starts like a normal pick up trucks right hand ignition vs left hand , Mack are inexpensive n great as first beginner trucks n very fuel effiecent n durable
Thank you so much for the video I think this is the best explanation I've seen so far I'm driving at this time for a company and I'm planning on getting my own So are you videos the best. thank you
+Radu Blaga Dedicated freight is where it's at! If you find yourself hanging around truck stops/ rest areas waiting on loads I don't know how you can make it work. But then again, I never ran a business such as this. But I have driven and seen that's what's going on(often) All I know is you better do your homework before taking on this endeavor.
Hi @SmartTrucking, this is the video I have been looking for. I watch all your other videos and they are very interesting. I also live in Ontario and attend university for accounting. I drive in the summer months as a driver and make upwards of 6000-6500 per month depending on how hard I work. It's very sad too see that O/O are making roughly 7-10 per month after expenses and are not even factoring the depreciation cost of the truck. good video
Yes! Excellent Vid! This is what O/O really need to understand on the cost basis of this sort of business. This ,of course, would make some corporations nervous when they only offer a dollar and change for the gypo O/O. Cheers!
Guys, haul bulk commodities or tankers as a company driver. Those are the best jobs in trucking that pay $80k+ per year. Flat bed is ok too, if you dont mind standing outside for 1-2 hours strapping and tarping loads in all weather conditions. lol
Very good. Where are the grease / oil changes ? Or, does he change oil every 2 months ? Also, all filters, oil, air , water, maybe tranny and differential filters. Tire wear, per month, window washer fluid.
I think 8000 mile per month is very low considering an average weather for 8 to 9 in US months truckers drive on average of 10000 mile per month .However overall good video
this is something you need to do before getting into owning/leasing a truck. its all about the numbers in the end. can you make enough money. my job is feeding a concrete plant with gravel so we feel it right away when the economy goes up or down. 2009 we lost 30% income, but planed ahead for harder times so had the buffer to make it for better times. we even benifited by the slow marked to get a really good price for new equpment. you need to have cash when you get hit by crappy times or cost on fixing your truck.
I got $15.000 any suggestions about what kind of truck to get? Freightliner with s60 for less money? Or newest truck with higher payments? Which way to go please, thanks
Can you make a video on where to start when trying to find new loads ( brokers or load board) and how to determine if it will be profitable to take the load.
Thank you so much for taking the time to share your knowledge, I have been able to apply most of it by using this automated spreadsheet that I found here in "TH-cam", just search for "Easy bookkeeping software for owner operator" that enables me to know cost per mile, how many working days and off days I could take, let say quarterly, yearly, forecast, plan my loads, etc. This spreadsheet works perfectly for me, I hope it helps
I really liked this video. However, how would you calculate taxes for the final net amount? Do you recommend setting that $ aside to pay for taxes at end of year or?
first of thxs for the tutorial video... question..does is cost less to obtain insurance when u own the paid of truck then a finance truck that's isn't paid in full yet? thxs🖑
Greetings Ma'am! Let's say you substituted a new truck, making payments, with less initial maintenance costs. How much more would your monthly operating costs be?
That is very interesting. I'm thinking of going out trucking only for a few years and then finishing college and moving on. I've read a lot and looked around a lot. Is there something that you'd point me in the direction of? I'm looking for a trucking school near Tampa or Orlando or Miami to get my CDL. Is there something I need to know before going to get my CDL? (I'm going to get the permit before showing up to any school).
Thanks. Just making sure, you guys came out at .92 cents / mile NET? How many hours did it take for those miles to be covered, so us hourlies can work out $/hr. Thanks.
Great job on the video. You are right. Nobody wants to tell the bottom line. It's seems to be better driving for a company. $7000 profit and you were lucky that month. Imagine you need new tires. That's $10,000 out of pocket. You be in the negative zone.
hello thanks you for the video; how did you determine the 3272.8 fuel subsidy pay, I'm not fimiliar. currently doing research if you can elaborate that would be fantastic. thanks
What is WSIB (variable cost column) ? Great video on breakdown of monthly expenses. Lots of people get into trucking and don't realize all the number crunching needed. Do you run your business as a LLC ?
I've watched all your vids thank you! I'm buying first truck end of this month. was wondering if i could somehow have you look at my monthlies ? just wanna make sure i have not missed anything . keep making informative vids!
$428 for liability insurance? Can I have a reference please, I pay 3 times that amount. Also what about cargo insurance? What about physical damage on the truck? What about license plate and ifta?
Small company less then 50 trucks ,44c to start as a company driver and 17% if u finance yr tractor.Average 2,5$ on all miles.Those 7904 miles should be equal 19760 if you in usa(chicago)
Thanks Cathy, that was a great help. Because I've always been a Company driver, this give me just a basic understanding of what a broker must go through, each month. I understand the variable and each moth can change. thanks again. Stephen
What do you get for insurance on a truck.If I'm running my own authority what do I need for insurance?Other than calling an insurance co. I can't find any info.
$15000 per month gross? Thats quite a bit low unless you haul a dry van locally in florida. But none the less it is a great video with good tips. You did however forget to mention the cargo insurance. Also, don't forget that different companies pay their o/o differently... some pay per mile, some pay percentage which includes the trailer. My company pays 90%, but I rent my trailer from them for 650 per month, and I pay my own IFTA and cargo insurance.
Great video Cat very information of operating cost,etc , Mack Pinnacle is a very fuel efficient Highway Tractor so ill save money on fuel in the long run , I may save on downtime too with guarddog which detects faults n connects to the dealer n helps fixes the problem
Thank you very much for this very informative video. I benefited a lot from it. Very well done. How much do you think net profit a month a straight truck O/O makes?
This video was well done and very realistic. I have found after all is said and done... I make the same as a company driver. The owner operator sits a lot more, as the company takes all the premium loads,(when leased to a big carrier) so in the end I have made about the same . It just isn't worth it any more. Fuel is too high, shop rates are around 100 to 150.00/ hr it just isn't worth it to me any more.
HI, I drive a semi truck for a company that pulls Fedex mail from Minneapolis to Fargo ND every night ,500 miles every day 5 days a week I would like to buy a truck and lease with them, how much minimum per mile I should ask?
how do you find such high paying loads?, i cant find hardly any loads, most offer .90 to 1.20 per miles, and these places dont want to negotiate very much
Book keeping and filing should still have a dollar value.. Ur time is always worth something so paying urself should be included.. Remember if u werent doing it someone else would have to be paid to
Wow, I liked your video so much I subscribed. Do you advice setting up a corporation before you become an owner operator? I will follow your videos. Thank you so much.
look into health saving account as well...it is before tax and when you reach a certain amount it becomes vested and you can choose how you want it invested. Or you can borrow from it and pay yourself interest. It would be available to cover to out of pocket medical/ health costs(mostly for those in USA). There are numerous companies that offer health savings accounts so do the research and find one that works for you.
I think I would shove all this into an Excel spreadsheet with all the formula, and have it work it all out for me once I shove in the data. That would be easier.
baghdadbob121 Direct ownership for sure. Either a purchase or a capital lease. Company leasing programs are notorious for being crooked. Not saying all are, but many are unfortunately.
I get hammered on insurance (new authority), with a good driving record. Is there a "magic time period" when I should see rates drop in my favor? I can't imagine the insurance company calling me to say, "Good news, we can cut your rate in half"!
northern canada , must b alot more expensive than down there cause it would cost $12 grand a month just to run the truck here , truck payment & fuel & insurance would b $12 grand a month easy , up here
Thank you this makes cents. $7,300 a month ain't bad actually. My step father drives truck and do other stuff on the job in the oil field he brings home after taxes $1,300 to $1,500 a week or maybe bi weekly. Your estimate is pretty much accurate, his salary is $ 20-$ 22 an hr But, I think he got lucky because he was in the oilfield for 10-13 years prior driving truck, I've done home work an drivers would need the extra experience besides having a cdl but I could be wrong. For a moment I thought the $1,000 and some change was the take home pay after every deduction. That's good you mentioned get an accountant to file the w2 or 1099's there is an online tax site called free tax usa. Would could may eliminate having an accountant but you might want to ask your accountant about online e-filing site I mentioned. I know not being a trucker the website e-filing is quicker about two weeks to get the returns back. Not saying you or other trucks should use e-filing for taxes but it is another alternative at the end of the year. Question, about how much of an estimate could a owner/operator get back at the end of the year.
***** Hello Smart lady, i hear all the time o/o refusing to move a truck for no less than 2.50 a mile. Getting into the trucking field in a few months after retirement and o/o is my objective. My kid's will be out of the house, i don't need 3-5000 a week paycheck. So, whats a livable rate a mile? I'm in the research stage of trucking at this point, Smart lady could you give me a quick answer.... Ps Great presentation...
Abraham Jackson depends on the season and area of unloading ,for example downtown detroit pay will be close 2,50-2,70$,some open area warehouse 1,95-2,15 ,also during april to september prices go higher to 3,50$ .
Maybe if that's a dollar a mile after fuel, insurance and plates. 10,000 miles $10,000. But then you take off your truck payment. $3000, then you take minimum $1000 a month for repairs, maint etc. (on a new truck, as older trucks are higher). You are better off staying a company driver
Good Video.I didn't see anything allowing for wages.Big mistake a lot of Truck owners make is not paying themselves a wage.If you cannot afford to take a wage equivalent to what you would make driving for someone,and maintain the truck,you are going backwards.I think people need to focus more on price per mile ,and work on a formula that illustrates what is needed per mile to be profitable.There is no point in supplying a tractor and driver for 1.50 cents per mile,if your total average cost ,including wages,are anywhere near that amount.I think if people focused more on the per mile cost's,it would allow them to make better decisions.You made a very good point,it isn't what you make its what you keep! Thx
Im glad you folks care enough about the industry to make these videos.All your movies are really helpful and I refer to them often for good advice and inspiration
+Desmond Orr We try to pass on what we've learned.
Amazingly informative. Definitely something to keep in perspective as I get into the industry. I love the idea of owning my own truck, but will have to wrestle with the numbers when the time comes and I can actually consider it. Over a $1 per mile is really attractive in a market that barely offers $0.50 per mile.
Thank you for these great videos!
It is not hard to calculate this at all but it's amazing how many guys or gals can't comprehend or figure it out. I like watching just to compare and see what others figure. Good simple to the point video. Like watching you guys. Keep it up!
Thanks! Dave
God bless you not just for the information but also for the clear way you charted the data and explained it.
Very informative. Thank you very much. Im still learning to become a small fleet operator despite being a company driver for 18 years. I maybe don't have the money now but I'll be rich with knowledge and patients. All I need now is a signal of opportunity to put my education to work... We need people like yourself to show how a real professional truck driver should be instead of getting ripped off weather if your a company driver or a owner op. Keep up the good work and I will be checking in on you guys....
Great presentation of the breakdown of finance. Thanx to you guys now i'm able to do a proper business plan.
Awesome information I’m planing on starting my own trucking company taking note on how to calculate the costs
This is why I absolutely love this channel.
Here are the true facts of trucking, very informative and transparent. Extremely important video. Thanks
That is just SUPER! Thanks so much for the video. So many people on youtube should to learn from you how to make informative, interesting and so useful video.
Thank you so much!
Thank you thank you thank you. I was so worried about wanting to become a owner operator. I had no clue how to do it. But this video right here, it just relieved SO much stress that I had about it. Thank for this amazing video.
Awsome tips, and yes the last things u mention being what you keep is def the key. I haul fuel for esso (not my own truck) and in the last 7months just putting myself on a fixed budget i can comfortably buy a rig. so if you can live on 500$ for 2weeks at a time (not including rent bills) food,fuel, ect... your savings account will fatten in zero time at all.
Another good point to include in cost is def tires per mile. Here they cost about 500 a peice so having that available wont steer you wrong :)
Great video TKS. We hit about 10k miles a month here in so cal. Our biggest problem here in the land of fruits and nuts is the 55 mph limits and traffic.
Always loved trucking in California. Loaded out of Salinas for years.
always enjoy your videos, very informative with no smoke and bs ego crap involved...thanks for helping me along... :)
Chris Helgerson Hey Chris, thanks for the support. We're trying to make those industry secrets available for truckers, to help them make more informed decisions.
***** like dear teacher in school.thank you
God bless you and your family in life and after life. respect!
Very informative, becoming the best source of factual information on TH-cam for Independant truckers. Next step as you mentioned would be to smooth the averages by giving the same per mile costs over the last 12 months, and also the percentage of 100% for each cost catagory under fixed and variable...
I find its all about the fuel... fuel... fuel....costs.. you have to use all the tricks, all the time for best fuel consumption...
Thanks
+arcticcat5001 what kind of tricks are there to reduce the fuel cost if you are owner and operator?
Mack(Pinnacle/Titan n Granite) trucks are great for newbies n beginner drivers learn the trade of trucking cause Mack handles like a normal Manual Pick up truck with air brakes n starts like a normal pick up trucks right hand ignition vs left hand , Mack are inexpensive n great as first beginner trucks n very fuel effiecent n durable
Good advice for all to me. Owner / operator.
Thank you so much for the video I think this is the best explanation I've seen so far
I'm driving at this time for a company and I'm planning on getting my own
So are you videos the best. thank you
+Radu Blaga Dedicated freight is where it's at! If you find yourself hanging around truck stops/ rest areas waiting on loads I don't know how you can make it work. But then again, I never ran a business such as this. But I have driven and seen that's what's going on(often) All I know is you better do your homework before taking on this endeavor.
Thank you for this video!!! I've been running two years blind without this knowledge... yeah I know, i am embarrassed but now i know
Glad it was helpful!
ty for making the video. it was very educational to me being new to o/o part of the industry
Hi @SmartTrucking, this is the video I have been looking for. I watch all your other videos and they are very interesting. I also live in Ontario and attend university for accounting. I drive in the summer months as a driver and make upwards of 6000-6500 per month depending on how hard I work. It's very sad too see that O/O are making roughly 7-10 per month after expenses and are not even factoring the depreciation cost of the truck.
good video
You're right Karm, trucking is a business that needs to be managed however many truck drivers are not good business men.
Yes! Excellent Vid! This is what O/O really need to understand on the cost basis of this sort of business. This ,of course, would make some corporations nervous when they only offer a dollar and change for the gypo O/O. Cheers!
This video is thorough and understandable. Thank you for posting it. I will be watching all of your videos. I've subscribed in the past.
Thank you! Cathy
Guys, haul bulk commodities or tankers as a company driver. Those are the best jobs in trucking that pay $80k+ per year. Flat bed is ok too, if you dont mind standing outside for 1-2 hours strapping and tarping loads in all weather conditions. lol
Very good. Where are the grease / oil changes ? Or, does he change oil every 2 months ? Also, all filters, oil, air , water, maybe tranny and differential filters. Tire wear, per month, window washer fluid.
Would love to see you post a nother version of this video based on 2018 performance. Really helpful though. I enjoyed.
is there any other hidden charges? like paper log books , baybills, cargo insurance?
your videos were helpful.tnx
I think 8000 mile per month is very low considering an average weather for 8 to 9 in US months truckers drive on average of 10000 mile per month .However overall good video
this is something you need to do before getting into owning/leasing a truck. its all about the numbers in the end. can you make enough money. my job is feeding a concrete plant with gravel so we feel it right away when the economy goes up or down. 2009 we lost 30% income, but planed ahead for harder times so had the buffer to make it for better times. we even benifited by the slow marked to get a really good price for new equpment. you need to have cash when you get hit by crappy times or cost on fixing your truck.
Thank you so much, very helpful, can someone please give some advise about what kind of truck and company to start with?
Look for a smaller carrier in your area that runs where you want to go and start there. Dave
I got $15.000 any suggestions about what kind of truck to get?
Freightliner with s60 for less money? Or newest truck with higher payments?
Which way to go please, thanks
Take your time and buy a good used truck never buy a truck with payments. Let the big companies buy the new trucks.
Can you make a video on where to start when trying to find new loads ( brokers or load board) and how to determine if it will be profitable to take the load.
Thank you so much for taking the time to share your knowledge, I have been able to apply most of it by using this automated spreadsheet that I found here in "TH-cam", just search for
"Easy bookkeeping software for owner operator"
that enables me to know cost per mile, how many working days and off days I could take, let say quarterly, yearly, forecast, plan my loads, etc.
This spreadsheet works perfectly for me, I hope it helps
Very Important information on this channel. Thanks for sharing
I love your videos I am thinking about making a move from a company driver to a lease/ owner op
Really enjoyed your video! Thank you. I wanted to inquire if the video is up where you mentioned would explain how to cut corners and save on costs.
I’m loving this channel 😬
I really liked this video. However, how would you calculate taxes for the final net amount? Do you recommend setting that $ aside to pay for taxes at end of year or?
first of thxs for the tutorial video...
question..does is cost less to obtain insurance when u own the paid of truck then a finance truck that's isn't paid in full yet? thxs🖑
Depends where you operate and who your insurance provider is. But generally no, if the declared value of both trucks are the same. Dave
Very interesting! Important information on this channel. Thanks for sharing
Sebastien Hache Thanks Sebatien! And you are welcome.
Smart-Trucking.com mimr
i
Great informative video! Thanks
Glad you enjoyed it!
Greetings Ma'am! Let's say you substituted a new truck, making payments, with less initial maintenance costs. How much more would your monthly operating costs be?
That is very interesting. I'm thinking of going out trucking only for a few years and then finishing college and moving on. I've read a lot and looked around a lot. Is there something that you'd point me in the direction of? I'm looking for a trucking school near Tampa or Orlando or Miami to get my CDL. Is there something I need to know before going to get my CDL? (I'm going to get the permit before showing up to any school).
Thanks.
Just making sure, you guys came out at .92 cents / mile NET? How many hours did it take for those miles to be covered, so us hourlies can work out $/hr. Thanks.
Haq4Char Logged miles? Or time on the road?
Would depend on what her gross rate per mile was, MINUS the $1.03 per mile in costs.
Just subscribed. Very informative videos. Thank you so much!
Great job on the video. You are right. Nobody wants to tell the bottom line. It's seems to be better driving for a company. $7000 profit and you were lucky that month. Imagine you need new tires. That's $10,000 out of pocket. You be in the negative zone.
hello thanks you for the video; how did you determine the 3272.8 fuel subsidy pay, I'm not fimiliar. currently doing research if you can elaborate that would be fantastic. thanks
When do we pay are taxes after we pay the driver fuel and other staff or before all that ?
If you can't afford to pay them all on time, something's wrong. Dave
Very helpful video. Thank you! Will check out your others.
What is WSIB (variable cost column) ? Great video on breakdown of monthly expenses. Lots of people get into trucking and don't realize all the number crunching needed. Do you run your business as a LLC ?
Love your videos great info as always
Timothy Gagliardi I hope it was helpful in some way.
I've watched all your vids thank you! I'm buying first truck end of this month. was wondering if i could somehow have you look at my monthlies ? just wanna make sure i have not missed anything . keep making informative vids!
$428 for liability insurance? Can I have a reference please, I pay 3 times that amount. Also what about cargo insurance? What about physical damage on the truck?
What about license plate and ifta?
You guys are awesome and very helpful :)
arron pina Wow.... stop it, I love it..LOL. Love to pass on what we have experienced.... both good and bad.
Thank you so much for bringing us this great video. At least now I have an idea of what my average cpm is ...
Small company less then 50 trucks ,44c to start as a company driver and 17% if u finance yr tractor.Average 2,5$ on all miles.Those 7904 miles should be equal 19760 if you in usa(chicago)
Thanks Cathy, that was a great help. Because I've always been a Company driver, this give me just a basic understanding of what a broker must go through, each month. I understand the variable and each moth can change. thanks again. Stephen
I see a fleet line of credit would help the exposure to variable costs
What do you get for insurance on a truck.If I'm running my own authority what do I need for insurance?Other than calling an insurance co. I can't find any info.
At least 2 million liability these days. Dave
Than you, this will guide me to understand my numbers better .
$15000 per month gross? Thats quite a bit low unless you haul a dry van locally in florida.
But none the less it is a great video with good tips. You did however forget to mention the cargo insurance.
Also, don't forget that different companies pay their o/o differently... some pay per mile, some pay percentage which includes the trailer. My company pays 90%, but I rent my trailer from them for 650 per month, and I pay my own IFTA and cargo insurance.
hondacivic1992 Landstar?
No, a small company out of chicago. But I am currently in the process of getting my own Authority...
hondacivic1992 7904 miles =2 week work in european companys, 16000 miles a month double 15000$-simple.
Hi, I have a hotshot setup here in Hou,tx hauling intrastate. Recently spoke with a shipper about a contract what should I charge per mile
Great video Cat very information of operating cost,etc , Mack Pinnacle is a very fuel efficient Highway Tractor so ill save money on fuel in the long run , I may save on downtime too with guarddog which detects faults n connects to the dealer n helps fixes the problem
Thank's for the entire documentary am enlightened
Thank you very much for this very informative video. I benefited a lot from it. Very well done. How much do you think net profit a month a straight truck O/O makes?
+Islam Elfarra I couldn't say, I've never owned a straight truck. Dave
This video was well done and very realistic.
I have found after all is said and done... I make the same as a company driver. The owner operator sits a lot more, as the company takes all the premium loads,(when leased to a big carrier) so in the end I have made about the same . It just isn't worth it any more. Fuel is too high, shop rates are around 100 to 150.00/ hr it just isn't worth it to me any more.
HI, I drive a semi truck for a company that pulls Fedex mail from Minneapolis to Fargo ND every night ,500 miles every day 5 days a week I would like to buy a truck and lease with them, how much minimum per mile I should ask?
Egon Zablonsky These days with the fuel surcharge I'd want at least 1.75 per mile. Dave
***** Thanks a lot Im going to hear fem the company how much they can pay me, having this numbers will be much easier to negotiate, God Bless America
You guys are leased on somewhere right?
how do you find such high paying loads?, i cant find hardly any loads, most offer .90 to 1.20 per miles, and these places dont want to negotiate very much
+joey renseigne I wish she would have responded
PEDRO Morales yeah lol must've been busy or something
I liked everything in this video, but loud music at the end blew my eardrums out. Headphones.
Even without headphones, the volume had to be turned way up to hear her talking and then the ending music was deafening.
Very nice , thank you!
If you had a 2012 or newer truck you would save so much just in fuel. Enough to pay the truck payment and still have some left over.
excellent video
Thank you young lady
Simple and sweet thank you :)
How come brokers would not give loads for owner operator with their own dot and mc numbers for the first year ????????
thay do
waiting to see if they can establish a good track record? Not sure. Dave
Thank you!
Very nice video
Book keeping and filing should still have a dollar value.. Ur time is always worth something so paying urself should be included.. Remember if u werent doing it someone else would have to be paid to
but if your in a 1 owner llc or married) it doesnt matter...
How do taxes work in to this?
Very informative video. Thanks
Wow, I liked your video so much I subscribed. Do you advice setting up a corporation before you become an owner operator? I will follow your videos. Thank you so much.
+E Galindo definitely set up a corporation before becoming an o\o. It's expensive, but it may save you financially some day. Dave
Don't llc if u only have 1 truck an r broke
very helpful thanks
great video , great information. thanks
health insurance & provisions for a contibuting pension (401 k) ?
owner operater has roth ira. no contibuting 401 k. for employees
look into health saving account as well...it is before tax and when you reach a certain amount it becomes vested and you can choose how you want it invested. Or you can borrow from it and pay yourself interest. It would be available to cover to out of pocket medical/ health costs(mostly for those in USA). There are numerous companies that offer health savings accounts so do the research and find one that works for you.
Great information!
I think I would shove all this into an Excel spreadsheet with all the formula, and have it work it all out for me once I shove in the data. That would be easier.
Joshua, there still exist on the planet those people who actually learned how to think, plan and formulate without computers! (Smile)
Would you recommend doing a lease with a company or buying a truck directly from a dealership? Thanks
baghdadbob121 Direct ownership for sure. Either a purchase or a capital lease. Company leasing programs are notorious for being crooked. Not saying all are, but many are unfortunately.
Thanks...
Hope that helps.
+Smart-Trucking.com Thank you
baghdadbob121 ......What is a Capital Lease...haven't heard that term.
Hey Cat how would Mack Pinnacle ? be there good on fuel n aerodymaic Josh
on your millage you did not discuss dead head miles are the miles you state all miles or just loaded like.
*loaded mile
hi...you made the gross of$12271.you have to pay dispatch from that money?
I get hammered on insurance (new authority), with a good driving record. Is there a "magic time period" when I should see rates drop in my favor? I can't imagine the insurance company calling me to say, "Good news, we can cut your rate in half"!
Great income statement
northern canada , must b alot more expensive than down there cause it would cost $12 grand a month just to run the truck here , truck payment & fuel & insurance would b $12 grand a month easy , up here
Thank you this makes cents. $7,300 a month ain't bad actually.
My step father drives truck and do other stuff on the job in the oil field he brings home after taxes $1,300 to $1,500 a week or maybe bi weekly. Your estimate is pretty much accurate, his salary is $ 20-$ 22 an hr But, I think he got lucky because he was in the oilfield for 10-13 years prior driving truck, I've done home work an drivers would need the extra experience besides having a cdl but I could be wrong.
For a moment I thought the $1,000 and some change was the take home pay after every deduction.
That's good you mentioned get an accountant to file the w2 or 1099's there is an online tax site called free tax usa. Would could may eliminate having an accountant but you might want to ask your accountant about online e-filing site I mentioned.
I know not being a trucker the website e-filing is quicker about two weeks to get the returns back.
Not saying you or other trucks should use e-filing for taxes but it is another alternative at the end of the year.
Question, about how much of an estimate could a owner/operator get back at the end of the year.
very well done, anything about health insurance?
quarterboat Don't know about health insurance,good point. I think it should be mandatory for the employer to supply. Dave
***** Hello Smart lady, i hear all the time o/o refusing to move a truck for no less than 2.50 a mile. Getting into the trucking field in a few months after retirement and o/o is my objective. My kid's will be out of the house, i don't need 3-5000 a week paycheck. So, whats a livable rate a mile? I'm in the research stage of trucking at this point, Smart lady could you give me a quick answer.... Ps Great presentation...
Abraham Jackson depends on the season and area of unloading ,for example downtown detroit pay will be close 2,50-2,70$,some open area warehouse 1,95-2,15 ,also during april to september prices go higher to 3,50$ .
Tartar Not bad..... Personally i'm leaning at Flatbed, at those rates how could you not be successful..
Great info. I just saw an add on craigs list to own your own truck and they will give you $1 per mile. Sounds like a losing proposition.
Bigchromey not nearly enough money anymore. dave
Maybe if that's a dollar a mile after fuel, insurance and plates. 10,000 miles $10,000. But then you take off your truck payment. $3000, then you take minimum $1000 a month for repairs, maint etc. (on a new truck, as older trucks are higher). You are better off staying a company driver
calvinhobbescinnamon only big companys pays 1$,my 25 trucks reefer from 1,95-2,50$
Read my comment again. I said $1 clear after fuel, insurance and plates, all company expenses would be the bare minimum.
where is your apportioned plate costs?
I am trying to start my own where would i start
Good Video.I didn't see anything allowing for wages.Big mistake a lot of Truck owners make is not paying themselves a wage.If you cannot afford to take a wage equivalent to what you would make driving for someone,and maintain the truck,you are going backwards.I think people need to focus more on price per mile ,and work on a formula that illustrates what is needed per mile to be profitable.There is no point in supplying a tractor and driver for 1.50 cents per mile,if your total average
cost ,including wages,are anywhere near that amount.I think if people focused more on the per mile cost's,it would allow them to make better decisions.You made a very good point,it isn't what you make its what you keep!
Thx
Whatever the truck Make minus expenses=🤔👍 leftover could be a wage
don´t you have to pay taxes on the 15k? so it would be:
gross income -taxes = net income and then -costs to see what you got in your pocket?