Financial matters

[Droopy]

I would talk to my significant other about this, but I don't have one. So DU will have to be my significant other.

I'm a trucker and I do a dedicated haul for a company that my employer is contracted to. That means that I do the same run every night. It's pretty easy stuff as far as trucking goes. I only work 8 hours a day 5 days a week. Everything was going great until the beginning of this year. That's when the company that I haul to went from a 6 day work week to a 5 day one due to lack of sales. Then shortly after that my car blew up and I had to get another one. I didn't buy new, but I still had to finance the vehicle. So I lost $140 a week and got a new bill on top of that. My previous vehicle had been paid off for 6 years.

What this all amounts to is that my bank account is going nowhere.

Last year when I bought my house I budgeted myself on what I was making at the time. I had a nice cushion at the end of the month to put into savings. I did not foresee the cut back at my job and I didn't find out about it until last December.

I'm not really in trouble financially yet, but if things keep going at the current rate I will be some time in the future unless I do something about it soon. Fortunately there is an simple fix to this, but I'm not looking forward to it. I've been looking for a local or short haul run with another company that pays better. So far I haven't been able to find anything. The alternative and the simple fix is to start driving over the road for my current company. It will pay about $15,000 more a year if I do that which would put an end to my financial worries. Problem is that I will only be home one day a week. I've got it so easy now that I am tempted to sell my house and rent a cheap apartment so I can stay with my current work schedule.

What would you do? Sell the house or go over the road?

[sasquatch]

1. Go over the road

[Shoeempress]

2. Have you condsidered a roomate?

[Droopy]

5. Yes I have

And I'm not ruling out that possibility. I even offered to be room mates with a fellow DUer last night who is also having financial problems. But I have a feeling that it might not be as good an option. I do a few things that might make it hard to live with me. I also have a small house.

[auntAgonist]

3. That's a tough one Droopy

OTR as you know is a rough way to go. Can you buy a cheaper home so that your outlay for dwelling is less than it is now? Renting is never the best as far as investments go.

Good luck in whatever you decide to do.

[Droopy]

7. That is possible

But I would have to move to an area where houses do not appreciate well. I'm in as about as cheap a house as I can find in the area I live in. My house payment is $700 a month.

[Bossy Monkey]

4. Can you sell the house and buy a cheaper house?

Wherever you live in America, people are building farther and farther out all the time. Your house has probably appreciated considerably; maybe you can find a cheaper place and turn a profit. You probably want to avoid going back to renting if you at all can.

[Droopy]

9. See post #7

[nothingshocksmeanymore]

6. Are the five days a week weekdays?

If so, you can maybe get a job doing deliveries on the weekend for an appliance company or the like...those guys make tips in addition to hourly which might just make up the money

[Droopy]

8. Yes, I work M-F

I haven't really considered a weekend job, but I guess I should consider it as a possibility. It would probably be better than going over the road.

[nothingshocksmeanymore]

12. There are many people that need drivers on the weekend

Party rentals, mobile dj's and the like...it's worth checking into

[Ikonoklast]

10. If you have the time to do it

Try to pick up a part-time job on your day off. I know this is something that most people would not want to do, but it will help to solve short-term finance problems.


You can set a goal with the extra income, use it all to pay for the newer car, save it all, etc. As long as you make a plan and stick to it, you may see some pleasing results.



I drive, too. O/O OTR.

[Droopy]

13. I will consider it

Hello my fellow trucker. I have thought in the past of seeing if an owner operator might need some help covering loads and do that part time during the week. I hate to give up my weekends, but it might be necessary as NSMA has suggested.

[Ikonoklast]

15. Did the very same thing

when business slowed down at the company job that I had. Was hauling automotive dedicated making some gigundous money, but that is always living on the edge until someone underbids the run.


I would work p/t on weekends and during plant shutdowns at a local food warehouse making deliveries for o/o and company fill-in work.


Made some good money, kept me in cheese and crackers.

[Droopy]

16. Thanks for the suggestion

How long have you been an O/O? I did that for a short time early in my career. I paid off a lot of debt, but when the spike in fuel prices happened at the turn of the century I ended making less money than some company drivers. It just wasn't worth it any more. This was before the fuel surcharges started kicking in. If I could have held on for another year I might still be an O/O.

[Ikonoklast]

19. Got back in my own truck four years ago

Trying to keep my head above water with fuel being what it is. I am going over my receipts today as it's almost the end of the quarter and I pay my own IFTA.


Last months' fuel was $4800. I remember a time when I didn't MAKE that in gross dollars for a month.


If you were willing to get your own again and lease on, it is a great time to buy a used truck, though. Prices are really depressed as all the major fleets have upgraded and the market is flooded with late-model lower-mileage tractors. I myself and thinking of getting another one as mine is paid for and 'Ol Uncle Sam will kick my butt in taxes unless I generate some write-offs, and soon.

[auntAgonist]

11. Another problem with OTR

is the expense. Your daily expenses will increase as you probably know. Most people don't think of the costs involved with being on the road 7 days a week. Pay showers, Pay laundry facilities, more meals in a truckstop. You could put a fridge in the bunk but that gets tiresome too.

[Droopy]

14. Yep

My cost of living would go up a little, but the increase in income would more than cover it. But I know what you mean. I drove over the road for 3.5 years before I got a short haul run.

[Ikonoklast]

17. I know this is drastic

but if there is a Yellow or Roadway terminal near you, you may consider changing jobs. I know it would suck, but the pay and benefits make up for the time it takes to work your way up the board.


They have a lot of gray hair at those terminals and are actively seeking good drivers. If you have a good, safe driving record and are not lazy (I assume) give it a shot.


P.S. Don't be afraid of doubles-did that for years, piece of cake.

[Droopy]

18. I've tried getting on at those big union companies

I'd much rather have that sort of job. I've put in applications at Roadway and UPS. Haven't heard anything. I don't think that there is a Yellow terminal around here. About the only trucking company that does short haul around here that I haven't applied for is ABF. It just keeps slipping my mind.

[Ikonoklast]

22. Worked as a summer casual for Buster Brown in '99

That's where I learned to drive doubles. You need to work as a casual for two consecutive times (summer, winter) and you will get hired, or if they need you to fill a spot they will ask you to come on f/t.

Unfortunately for me, after summer they went on strike and I didn't get the call. I had to do something as I needed the benefits of a f/t job and had three kids to think about.

[Deja Q]

20. I'd say keep the home and work the extra day...

For now anyway. Not that I know anything about financial matters, but my parents and financial advisor know a lot about the industry and home ownership has more monetary value than apartment dwelling (which has fewer maintenance and related bills).

[Droopy]

21. Yes

I would hate to give up my home. I might do as you and others suggested and start looking for some weekend work instead of going over the road or selling the house. My company doesn't have any work on the weekends, but there might be others that do or possibly an independent I can work for.

On edit: Send me a PM if you are considering what we talked about the other night.

[caty]

23. Is the cutback at your job permanent?

My husband worked for an auto company and we went through many layoffs over the years. I would go through all of our bills and find ways to cut them down. Change your cable service to basic. Buy energy saving light bulbs for your whole house and turn your computer off everynight. I save $30 a month on my electric bill doing those two things.
I would try to keep the house. If you have an extra bedroom, rent it out. Before my son got his first apartment, he rented rooms from $350 - $450 a month. If you did this you would still have your house if and when things pick up where you work. Just get personal, financial, and work references. If you think that this cut back is permanant, maybe you should find another job. I know that sounds difficult, but with our economy and the gas prices, we have to do what we have to do to get by. We're all in the same boat. If you took the job driving over the road for you present company, could you go back to your old route if and when things picked up? If it was just temporary, I'd do that. Good luck!
:grouphug:

[Droopy]

24. It looks like the cutback will be there indefinitely

I'm pretty frugal already. Basically all of my money goes toward my cost of living. I don't buy unecessary stuff and I don't have a lot of credit card debt.

I will not be able to go back on my old run if I give it up to go over the road. I would probably be able to get back on a dedicated run, though, at my terminal if I wanted to.

[supernova]

25. Do not sell your house!

The equity that you will have built up will be well worth it in your golden years. And things not so nice now, it will be doubly hard to get another house, and a more expensive one, in the future.

I would live off the road for the forseeable future. That is if you think, after road expenses, you would still be making a profit.

And pay down any debts that you have.

[Droopy]

26. Now there's a plan

The money from driving over the road would more than make up for the cost. A lot more. It's possible that after a little while of doing that I could pay off my car and get way ahead on my house payments then return to doing short haul. If I get myself in a situation that I'm currently in again I can go back out on the road for a little while again. I guess it doesn't have to be an either/or situation.

[supernova]

27. I'm liking this

short term sacrifice for longer-term gain. :thumbsup:

I'm a firm believer in living as debt-free as possible. I personally have no credit cards, for instance. I use my debit cards for everything.

So, this gig with the more money, is it something that you can do and put down at your leisure? If so, schweet. :D

I know, it might be hard to be away from home so much, but if it helps you build up a nest egg, so much the better.

[Droopy]

28. I can always come back to doing short haul

It just won't be the same run that I have now. I have probably got one of the easiest routes for the money that I make at the terminal. I'd hate to give up my current run, but if I were to come back it wouldn't be too tough to get another short haul deal. It probably just won't be as nice. It's all with the same company so I wouldn't have any problem with transfering.

[BiggJawn]

29. Both.

$15,000 more a year, did you say?

Let's see, now....If MY employer was willing to pay me 37% more than I'm now making for what is "pretty easy work"...

Take it. And since you'd only be at home one night a week, what do you need a house for?

Sell it. That money you could be salting away by minimizing your living expenses would be far more than any ephemeral "equity" you THINK you have in that house. Sure, they tell you the place is worth 4X what you paid for it, but it's just like any other collectable. It's only worth what somebody else is willing to pay for it. I should know, I had a $70,000 mortgage on a house that was apraised at almost $100,000. When I wanted to sell it 2 years later after I relocated, I couldn't find a buy who would give me enough to retire the note....

[Droopy]

30. Yep

I currently gross $700 a week and I'd be making at least $1000 a week if I took the over the road position. The current position that I have is a piece of cake. That over the road gig is tougher, though. I'm not afraid of the work, however, it's just that I like being home all the time.

I will need some place to stay when I do have time off. I don't want to spend my free time in a truck. Some people do that, though. I've met drivers who live in their trucks and their mailing address is a P.O. box. I guess my home would be equivilant to a summer home that people only spend a part of their time in. I wouldn't plan on staying out on the road permanently. I'd like to think that some day I would be able to take one of those cushy short haul jobs after I got in a better place financially.

[salin]

31. If you sold, would you get much equity back?

If so - think about taking the otr job, sell the house - bank both the increased wages and the money from the house. Rent a room, not an apt (since you aren't there much) and lower than monthly expense a bit - and that much more accumulates that much faster.

Before you know it - you might be able to buy a much better house - or buy with less to owe an equivalent house - but one with a lower note.

Or take the otr - rent a room, and rent out your house (if you could get enough to cover your note - plus a little left over to fix back up after any renters' damage.) Same thing you get more invested in the short term. Imagine that you saved 300-400 a month on rent/mortgage (lets call it 4,000 a year) plus that 15,000 a year (before taxes) - adds up pretty quickly.

Go from sitting on a financial plateau - to a decent rate of accumulation - very quickly.

[Droopy]

32. I have very little equity in the house

I bought it last June for no money down. If I sold it I doubt I'd get very much money going into my pocket. Probably just enough to cover the realtor fee and buy a big mac.

Renting the place wouldn't be a bad idea especially if I rented it to a single person that I could live with on my time off. I wouldn't get as much money for the place that way, but it may off set what it would cost for me to rent a room and I would still have my investment in the house.

I have a friend coming to visit with me from out of state in September. I think I'm going to think it over until then so I have the time to spend with her. After that I will make a move.

The thing I hate about going over the road long term is that I won't have much of a life beyond trucking. Over the road trucking is more than a job. It's a lifestyle.

[BiggJawn]

33. Uh-Oh....

"I bought it last June for no money down. If I sold it I doubt I'd get very much money going into my pocket. Probably just enough to cover the realtor fee and buy a big mac."

OMFG, does THAT ever sound familiar!

I had one of those "zero down" deals, too. Was yours put together by some "First-time Homebuyers" group or something like that?

You'd better check, not only may you have "very little" equity, you may be "top-heavy" and actually have a house that ain't worth what it'd cost to sell it...

That's what I was hoping for, retire the note, pay the crooked Realtor, and "Have lunch at Wendy's before I went back north"... what I got was a house that was worth $40,000 that I owed $69,000 for and a nice big entry on the tally sheet for my Chapter 7...

I think an apartment may work out better in the long run, because with being home only 1 night a week, you're gonna spensd that whole day picking up trash and cutting grass, never mind the OTHER "joys of home-ownership" like leaking pipes, busted water heaters, etc., not to mention what's gonna be going on when it becomes known that the place is empty 6 days a week.

[Droopy]

35. The house is definitely worth what I mortgaged it for

I looked at a lot of houses in the area before I found this one and made an offer. I actually got it for about $10,000 below what other, similar houses were going for in the area because it needed some work. So unless something bad has happened that will drive property value down in the area I should be alright if I were to try to sell it.

But you can never be too sure I guess. I will get an appraisal before I talk to a realtor.

The house wasn't done on VA, FHA or any other first time home buyer type thing. I just had good credit and qualified for a no money down loan. I had to pay a little higher interest rate to go that way, though, but not too bad. It is 6.5%

[MidwestMomma]

34. I would try to find a part-time job too

Especially as you were use to working 6 days a week prior to the cutback. Most likely the income from a part time job would at least cover your car payment so you'd almost be back to even.

And the part time job wouldn't even necessarily have to involve driving. You could maybe find something completely different which helps avoid burn out. (That's what I did when I was working 2 jobs. I worked an office job during the day and retail at night.)

Sounds like you are content with your life right now so why change it all and go back to OTR for a future financial problem?

Thats my 2 cents... Good luck :)

[Droopy]

36. I may go that route

One thing this thread has done is that it made realize that I had more options than I thought I had.