My CRE Lease updates

[spencerian]

Yes, I signed the lease as some of you know.

Reasons for the signing will go unmentioned.

But I can say my first week pay was $618 for about 2100 miles.
My second week pay is over $1800.

I got a deffered payment on the truck for the second week, so if I had to pay the full payment it would have been $1200 in my pocket, not $1800.

I will update as the days go by.

[GMAN]

Is that after fuel, maintenance funding, etc.?

[spencerian]

yes GMan, that's after fuel, all expenses and a 5cpm tax reserve I set up.

[Sealord]

And of the $618 and $1200, how much is left after you pay your SS and Medicare taxes, disability insurance, your personal retirement as in a Roth IRA (as an IC, CRE won't have a retirement plan for you), your medical insurance (HSA?), etc, etc.
So what is you actual net for the week(s)? BOL

[SkynetSXT]

I think we don't have to count his roth IRA contributions. No matter where you work you have to pay into some type of retirement be it 401k,403b,TSA or IRA. We all need to save for the future.

[DD60]

Is that after truck payment? As far as maintenance goes that can vary with a used truck. You just never know when you might need 10k for an overhaul.

I think we don't have to count his roth IRA contributions. No matter where you work you have to pay into some type of retirement be it 401k,403b,TSA or IRA. We all need to save for the future.

Yeah, but an employee will get company-paid matching on a certain % of his/her 401k contributions. The operator gets zilch. Also, there's other benefits like paid vacations and paid holidays that you give up being an operator. Not to mention the big one - a company-paid health plan. I only pay $8.00/week for top-of-the-line Blue Cross\Blue Shield that pays for virtually everything.

Yes, I signed the lease as some of you know.

Reasons for the signing will go unmentioned.

But I can say my first week pay was $618 for about 2100 miles.
My second week pay is over $1800.

I got a deffered payment on the truck for the second week, so if I had to pay the full payment it would have been $1200 in my pocket, not $1800.

I will update as the days go by.

I fully understand these guys are going to ride your butt and continue to tell you how stupid you are and that you should have never done this. But, I'd like to let you know that there is at least one of us out here that is looking forward to your updates, both bad and good, and not just waiting to pounce on a chance to rub your nose in it and say I told you so.

Keep the thread alive If you would. it's nice to see real numbers, just please include all numbers. and acurate account of what is going on for you. If your going to share, share fully.

And of the $618 and $1200, how much is left after you pay your SS and Medicare taxes, disability insurance, your personal retirement as in a Roth IRA (as an IC, CRE won't have a retirement plan for you), your medical insurance (HSA?), etc, etc.
So what is you actual net for the week(s)? BOL

This is kind of a goofy question. When you take a job in any other industry and you ask "whats it pay?" The company says "60 grand a year" they don't say 42 grand a year but we pay all your ins taxes bla bla bla out of it.. they say 60 grand a year and you should know that your taxes and insurance and all that other crap will come out of that 60 grand a year.

when a guy tells me he's taking home 600 a weak or 1200 a week I expect it to be after all BUSINESS EXPENSES. I fully expect to take taxes medicare SS and any ins or personal savings out of that 1200. None of those things are business expenses they are living in this country expenses and will incure whether or not you own a truck or a business.

I think we don't have to count his roth IRA contributions. No matter where you work you have to pay into some type of retirement be it 401k,403b,TSA or IRA. We all need to save for the future.

Yeah, but an employee will get company-paid matching on a certain % of his/her 401k contributions. The operator gets zilch. Also, there's other benefits like paid vacations and paid holidays that you give up being an operator. Not to mention the big one - a company-paid health plan. I only pay $8.00/week for top-of-the-line Blue Cross\Blue Shield that pays for virtually everything.

401k is a joke. The only amount you should be putting into 401k is whatever it takes to get a full match out of your company. Anything more then that is a waist. and if your company is saying they only match 50% up to 2 percent or 5 percent it's hardly worth it. dump your retirement into ira's and have it managed by someone who knows what they are doing in mutual funds where someone can actually make some money with it.. What are your 401k's doing guys? 3 percent? 5 percent a year? thats laughable at best.

Head the library and do some searching on Dave Ramsey and grab whatever you can to read on him. he's got great investment advice.

I'm not an owner operator and I don't see paid holidays Sure they'll give me a 100 bucks if I pull a load out over a holiday, but they do that when they need freight moved and noone wants to work on a normal weekend, thats hardly a paid holiday.

If you're getting that kind of medical coverage for 8 bucks a week your donig good you better never leave that company.. But I'm curious what you'd pay if you were covering a family. My company wanted over 500 a month to insure my family and that was 80/20 coverage after a 1000.00 deductable per member of the family up to a 4k max.. that too was laughable.. I buy outside insurance and the company don't pay any of that.

Yes there is company's with great 401k and payments, stock options, and insurance prices... but noone likes swift of werner. :P jking.. seriously I havn't found a trucking company that has great benny's thats worth driving for yet... but theres a lot more to look at I guess.

401k is a joke. The only amount you should be putting into 401k is whatever it takes to get a full match out of your company. What are your 401k's doing guys? 3 percent? 5 percent a year? thats laughable at best.

Maybe your 401k's a joke, but mine's been doing great. 3%-5% appreciation are you out of your mind? The point here is that the company MATCHES contributions for employees. So it's money that you give up as an operator.

But I'm curious what you'd pay if you were covering a family. My company wanted over 500 a month to insure my family and that was 80/20 coverage after a 1000.00 deductable per member of the family up to a 4k max.. that too was laughable.. I buy outside insurance and the company don't pay any of that.

$8.00/week covers family. Now why would I buy a truck and pay for outside insurance?

seriously I havn't found a trucking company that has great benny's thats worth driving for yet

I have. But it's not OTR (of course).

[quote="ColdFrostyMug
I have. But it's not OTR (of course).[/quote]

Lets compair apples to apples. There are lots of hourly jobs that offer good bennies.. I was talking OTR jobs. Sorry I was unclear..

I didn't think he leased a truck from CRE to drive localy and be paid by the hour, therefor I thought what we were compairing was obvious.. SOrry I didn't spell it out.

[kc0iv]

401k is a joke. The only amount you should be putting into 401k is whatever it takes to get a full match out of your company. Anything more then that is a waist. and if your company is saying they only match 50% up to 2 percent or 5 percent it's hardly worth it. dump your retirement into ira's and have it managed by someone who knows what they are doing in mutual funds where someone can actually make some money with it.. What are your 401k's doing guys? 3 percent? 5 percent a year? thats laughable at best.

Head the library and do some searching on Dave Ramsey and grab whatever you can to read on him. he's got great investment advice.

401k can be good or it can be bad. It all depends on several factors. Such things as who manages the account, who it is vested in, what the overhead is, and several other factors.

Ramsey not against 401k accounts. In fact he has several 401k accounts for his own employees.

As an example one company I worked for had a 2 to 1 matching (for every dollar I invested they put in 2 dollars) with no limit. They invested in growth tech stocks. The lowest return was 18% with a couple of years the return was over 25%.

On the other hand I lost my shorts on one managed 401k.


As far as being a O/O you can make a living or you can go broke. It all depends on how good of a business back ground a person has.

kc0iv

[Sealord]

Owning a truck is a business. It's also my understanding you're using the truck to work for you, the owner/driver; not the owner/driver working for the truck. BOL

[spencerian]

Ok. I do have a business background. I owned a retail computer store for 3+ years.

It seems the main ingredient to making money in the CRE lease program is common sense ( pay tolls if it is cost effective, don't idle, don't turn down loads).

Health insurance will run about $600 a month for the family plan. That does seem like a lot, but it's only twice the amount that a company driver pays for family coverage.

I am getting health insurance through Humana for $300 a month, so it ends up costing the same as a company employee.
^^^ That is an example of being business as well as common sense smart. I could just accept what CRE offers for insurance, or research on my own. I chose to get my own, and end up saving $300 a month.

As for retirement, I am getting a Roth IRA. But I may go further. I may invest in stocks, and get an even greater result. So I do have retirement options.

As for pay...here is the skinny on my pay....

Total Revenue $4,813.52 Miles 5,443
Total Variable Costs $2,342.16
Paid miles per gallon 6.27
Total Fixed Costs $304.93

Net Check $1,894.28

I put in bold the paid miles per gallon.
That does include hills (Like Donners), Wyoming winds, and Pennsylvania, WV, and Maryland mountains.

I did get a cash advance or 2, so my actual pay was a little higher.

So if a truck payment was taken out this week ($614), I would have netted about $1400.

Take out $75 for health insurance, and $125 for retirement and I am left with $1200.

So if a truck payment was taken out this week ($614), I would have netted about $1400.

Take out $75 for health insurance, and $125 for retirement and I am left with $1200.

Befor you get flogged to death here.. that 1400 would have been gross, not net. Is this correct? IE you still have to cover all your Federal and State requirements out of that?

[spencerian]

No. That is NET. That is AFTER I paid taxes. I have a tax reserve set up to cover state and federal greediness.

[Fredog]

Ok. I do have a business background. I owned a retail computer store for 3+ years.

It seems the main ingredient to making money in the CRE lease program is common sense ( pay tolls if it is cost effective, don't idle, don't turn down loads).

Health insurance will run about $600 a month for the family plan. That does seem like a lot, but it's only twice the amount that a company driver pays for family coverage.

I am getting health insurance through Humana for $300 a month, so it ends up costing the same as a company employee.
^^^ That is an example of being business as well as common sense smart. I could just accept what CRE offers for insurance, or research on my own. I chose to get my own, and end up saving $300 a month.

As for retirement, I am getting a Roth IRA. But I may go further. I may invest in stocks, and get an even greater result. So I do have retirement options.

As for pay...here is the skinny on my pay....

Total Revenue $4,813.52 Miles 5,443
Total Variable Costs $2,342.16
Paid miles per gallon 6.27
Total Fixed Costs $304.93

Net Check $1,894.28

I put in bold the paid miles per gallon.
That does include hills (Like Donners), Wyoming winds, and Pennsylvania, WV, and Maryland mountains.

I did get a cash advance or 2, so my actual pay was a little higher.

So if a truck payment was taken out this week ($614), I would have netted about $1400.

Take out $75 for health insurance, and $125 for retirement and I am left with $1200.

I hope you make more money than you know what to do with. sounds like you are on the right track.

No. That is NET. That is AFTER I paid taxes. I have a tax reserve set up to cover state and federal greediness.

Oh sweet. Ok, thanks

[Karnajj]

How many weeks did it take you to drive 5443 miles? I'm guessing at least two. $1400 net is pretty poor. I make more than that as a company driver and don't have any where near the headaches you do.