My CRE Lease updates
#11
12-26-2006, 04:56 AM
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Originally Posted by Nendail
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.
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.
seriously I havn't found a trucking company that has great benny's thats worth driving for yet
#12
12-26-2006, 05:27 AM
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[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.
#13
12-26-2006, 05:29 AM
Originally Posted by Nendail
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. 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
#15
12-26-2006, 06:21 AM
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.
#16
12-26-2006, 06:28 AM
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Originally Posted by spencerian
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.
#17
12-26-2006, 06:33 AM
No. That is NET. That is AFTER I paid taxes. I have a tax reserve set up to cover state and federal greediness.
#18
12-26-2006, 07:49 AM
Originally Posted by 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.
#20
12-26-2006, 01:08 PM
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.
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