Suzuki Burgman USA Forum banner

1 - 20 of 24 Posts

·
Registered
Joined
·
1,385 Posts
Discussion Starter #1
How hard of a decision was it for you to work for yourself?
What set backs if any did it cause?
Do you regret it?
What is different tax wise? File every 1/4 instead of 1 time a year?


Now if a job offer came up where you could make 2.4 times more what you are making now.....would you consider leaving a job that you had been at for 6 1/2 years?
 

·
Registered
Joined
·
103 Posts
In today's world of identity theft and the like, I find the need to keep my answers brief and vague (but true).

How hard of a decision was it for you to work for yourself?
Simple for me. I'm a self-made man.

What set backs if any did it cause?
Absolutely none. Bought house and car in first year. Bank didn't have a problem with me being self employed.

Do you regret it?
No. In life, some things work out and some things don't. That's just the way it is.

What is different tax wise? File every 1/4 instead of 1 time a year?
Depending upon your business structure, you may file IRS, state, WC quarterly. Plus you may deposit salary withholdings monthly, biweekly, etc. In reality, there is no difference in tax burden. You pay tax on your salary, and your business pays tax on its earnings.

Now if a job offer came up where you could make 2.4 times more what you are making now.....would you consider leaving a job that you had been at for 6 1/2 years?
What's to consider? Work each day for 2.4 times pay?
 

·
Registered
Joined
·
267 Posts
Nancy,
I have been self-employed for more years than I like to count. However, I do remember that going from a steady paycheck to my own felt a little like jumping off a cliff. In the beginning, it seemed like either there was money but noe time, or time but no money! It all works out though as you find your own pace and inspiration. Looking back, it was the best thing I could have done. If you are considering it, I say "Go for it!" One of my favorite books is, "Feel The Fear and Do It Anyway". The title says it all.
 

·
Registered
Joined
·
1,385 Posts
Discussion Starter #4
we're considering it but I am so not use to change. B's paycheck has been the same or a little more every week for the past 5 years.

his uncle was just here talking to him about it. now we're more confused than before..... :?
 

·
Registered
Joined
·
822 Posts
In my life I've gone from self-employed to employed to self-employed to employed to self-employed. I currently run a business with a storefront. To be honest with you, there's no simple or straightforward answer to your questions. There's way too many variables that depend on you, your personality, your stamina, your stress levels, what you can tolerate, how well you can work under pressure, how well you can work during the hard times when there's no money coming in (every business has those times), and how well you can work when there's a lot coming in (and you can't keep up with the work flow). It also depends on what type of business it is, what the demand for your product or service is, is it seasonal, is it expensive, etc. It also depends on how strong your marriage is and how willing your spouse is. If you'll be working together it could stress the marriage. I wish I could give you a simple answer but I'm being truthful - there's just way, way, way too many variables. Only you have those answers. It sounds like you've already made up your internal mind and want reassurance from others.
 

·
Registered
Joined
·
1,385 Posts
Discussion Starter #6
All I have to base things on is from seeing the people around us. My sister has her own business and I constantly hear (for the past 7 years) how they can't pay their bills and they can't afford food.
That's a different business than this.

It's driving a big rig. B's Dad does it, he's always broke. His brother does it, he's always broke. His uncle does it, says he makes good money but I can't see how it has changed his life any.
He would be gone 1-2 weeks and home for 3 days.
That part I do not like. Figuring up maintenance, tires, fuel, insurance and such for a truck, it comes down to about what he is making now. That part I don't like either.

He's pretty much said that he's going to just think about it and if something ever happens at his company, then it's something he can do if he can't find other employment.

Thanks for everyones help. Guess the type of business is a big factor.
 

·
Registered
Joined
·
1,031 Posts
Pinwheel:

From what you've said I would think the intangibles are more important than the income.

It sounds like you have a very good marriage. Why spend so much time apart for a few, if any, more $ per week? Initially you mentioned increasing income by 2.4x. Doing that for a few years might be worth the strain on your marriage and the lost time together since the payoff would be earlier retirement, or the building of some financial security to make the time AFTER this job more comfortable.

I think the focus has to be on what your family goals are and how this career change will affect your attaining those goals.

BTW, that's a cute new avatar.... :lol:
 

·
Registered
Joined
·
1,385 Posts
Discussion Starter #8
I would be sad if he was gone so long. In 5 years of marriage, we've spent only 4 nights apart. B is my husband and best friend. I'm very sad and lonely when he's not around.

Like I was telling B last night. 1 - 1 1/2 more years and our boy will be in school ( :cry: he's growing up) then I'll be going back to work so there's some money we haven't had in a while.

The more I think about it, and what he would be hauling...I get sick to my stomach.
I don't think it is worth the headache. I'd like to be able to drive around and see the US with him. But how would a 3 year old handle being in a truck for 10+ hours a day for 5 days. Not a good idea from my perspective.

B's review is this week, that will be the deciding factor. I'm not going to think about it anymore until then. I'll end up giving myself an ulcer.
 

·
Registered
Joined
·
848 Posts
Pinwheel said:
It's driving a big rig. B's Dad does it, he's always broke. His brother does it, he's always broke. His uncle does it, says he makes good money but I can't see how it has changed his life any.
He would be gone 1-2 weeks and home for 3 days.
Nancy, I have a class 1 unrestricted licence myself. Canada is different from the US in a lot of respects as far as taxes etc. go but as far as being an owner/operator of a rig it is nearly identical. There is money to be made but in order to make that money you basically give up your life and live in the sleeper. I researched the whole game myself very extensively and the best deal I was offered was a 2005 Peterbilt with no money down. On paper it was a very sweet deal. When I started to look at what I had to do to make the money they offering I would have to be on the road 29 out of 30 days and if I wanted to take holidays, I would have to find a driver to cover for me. That was all based on fuel prices not rising, no fines and hopefully very few mechanical problems. After 3 years, I would be forced into a new rig, new payments etc. It would take a minimum of 12 years before I actually owned my rig outright at the end of the 3 year term. And that was the best of the offers.
There is such a demand throughout North America for good qualified drivers that you guys would be better looking at other companies that are hiring. I know it's hard to do, but perhaps Billy might have to look at spending 4-5 nights on the highway with weekends off.
Unless I had at least 50% down on a new rig I would stay as far away from being an O/O as possible. I wouldn't even consider a used rig of any kind for highway work.
I hope that helps.

PS If you do end up buying a rig, stay away from chrome adornments. All they do is cost money, require time and effort to keep looking good and cost you precious payload pounds.
 

·
Registered
Joined
·
103 Posts
You're now expressing your concerns in a whole different way from your original posting. Your underlying question is, "is there value for our family in this venture"? Given your own admissions, I'd say no.
Take care
 

·
Registered
Joined
·
1,385 Posts
Discussion Starter #11
addicted said:
You're now expressing your concerns in a whole different way from your original posting. Your underlying question is, "is there value for our family in this venture"? Given your own admissions, I'd say no.
Take care
I've been from one side of the fence to the other on this topic. Trying to see things from every aspect and now "feelings" are starting to come into play.
 

·
Registered
Joined
·
1,385 Posts
Discussion Starter #12
Dave,
The truck would actually be his Uncle's. He buys them from the company he hauls for. He pays about 10-12K for them. They are okay trucks. He sells them after 2 years and buys more so he doesn't have to pay taxes on them.
The part that stuck in my head last night was. It will take about 6 weeks or so before you start making any money. And they hold your check for about 3 weeks. Umm Okay...what about our bills and our food.
I know how much it costs to maintain and run those trucks because of the invoices B brings home from work. That's a big cost. Fuel too.
The more I think about it, the more I feel it's a bad deal. For us.

But then again, B may surprise me and decide it's what he wants to do. If it is, then I will have to be happy with his decision.


Thanks for everyone's input. It's greatly appreciated.
 

·
Registered
Joined
·
848 Posts
Nancy, Can I make a suggestion? Gather all the financial data about the venture you can and find a good accountant who is knowledgeable of the trucking industry. Getting his/her input will cost a few dollars but will be invaluable, impartial advice.

Best of luck no matter how you decide!
 

·
Registered
Joined
·
106 Posts
A delight to read these posts from genuinely caring Burgman folk. I've been in business for, um, a couple of decades or so. The biggest fear, for me, was what if nobody wants what I've got? Also, will they give me enough dinero to continue to live indoors and eat food? It sounds like these issues don't really have enough hard data for you to make a jump, at least not yet.

But there is an unless I would offer.

If Billy (and hopefully you) have what I'll call the fire within, the almost desperate desire to do the adventure, to give it your lives until it either works or doesn't... that sort of fire covers a multitude of really hard imponderables. It doesn't reduce the effort or risk, just makes it likely you'll muster the essential internal resources when needed.

Blessings on you both, and thanks for asking.
 

·
Registered
Joined
·
822 Posts
Pinwheel said:
All I have to base things on is from seeing the people around us. My sister has her own business and I constantly hear (for the past 7 years) how they can't pay their bills and they can't afford food.
That's a different business than this.

It's driving a big rig. B's Dad does it, he's always broke. His brother does it, he's always broke. His uncle does it, says he makes good money but I can't see how it has changed his life any.
He would be gone 1-2 weeks and home for 3 days.
That part I do not like. Figuring up maintenance, tires, fuel, insurance and such for a truck, it comes down to about what he is making now. That part I don't like either.

He's pretty much said that he's going to just think about it and if something ever happens at his company, then it's something he can do if he can't find other employment.

Thanks for everyones help. Guess the type of business is a big factor.
One of my clients drives a big rig. There's a lot more to it than meets the eye! He makes decent money but he's not around much to spend much time with his son. He gets fined for certain things. If his rig takes a spill on the ice, it costs him thousands to get it back on the road. But he's been to every state, its been an adventure, and all he has to do is be where he's supposed to on time (which is far from being easy). There's lots of sleep deprivation involved too (remember when your child was first born when you found out about sleep deprivation? same kind of deal). Some of the other motorcycle forums you might visit might mention staying away from big rig drivers since they're the sleepiest drivers on the road!
 

·
Registered
Joined
·
156 Posts
Pinwheel said:
How hard of a decision was it for you to work for yourself?

I was approached to cut out the man I was working for. He was a PITA to us and the customer.


What set backs if any did it cause?

I needed special insurance for my truck and "job" insurance. I needed a good accountant to get me on the right path with records keeping, using personal time for invoicing so It did not affect my working time which produced revenues.

Do you regret it?

I loved it. I made better money, was able to buy a truck of my dreams and write it off. I became more Financially mature. I needed to up an IRA since my "taxible" income was way low and my retirement with SS was low. No regrets, But I dont know I would rush to do it again. Once 9/11 hit my industry dried up and contractors were the first to go. If I was still doing it gas priced would be killing me. Also I needed to stay late work weekends, what ever it took to keep the customer happy.


What is different tax wise? File every 1/4 instead of 1 time a year? you need an accountant to lay it out for you.


Now if a job offer came up where you could make 2.4 times more what you are making now.....would you consider leaving a job that you had been at for 6 1/2 years?
If it looked stable and the money was going to be better, working with the same folks, maybe. 2.4 times is a very significant difference. do you work for the government where you are loosing potential retirements and benifits? you loose sick time, holidays with pay as well as vacation time. all considerations. So is company benifits like tuition assistance (if you use it, maternity leave, etc). depending on what you are doing you could get preferential treatment as a women owned business, minority business etc.

joe
 

·
Premium Member
Joined
·
1,284 Posts
Pinwheel -

I don't like change either. I like a constant paycheck, and the daily routine. With that said, I have relatives who gave up their chosen careers to drive. They did it after the kids were gone, and to spend time together over the road as a tag team. I have interviewed several drivers looking for a local job where they would be going home each day. They told me about the life and adventures they have had. They talk about the places and the characters they have met on the road. When I ask them about why they are looking for a new job, they all say they miss their families, and their kids have grown up without them.

Very tough decision. I see drivers come in from across the country and wonder what I'm doing in my rut.
 

·
Premium Member
Joined
·
211 Posts
Pin Wheel,

Thirty five years ago O/O were making over a $1.00 per mile, today very few make $1.00 per mile.

you said you would make 2.4 times more money
Lets say you make $100.00 a day for eight hours of work, your away from home 8 to 9 hours.
Driving - the same eight hours you will make $240.00, your away from home 24 hours. Now tell me, did you really drive 8 hours or did you really drive 14 hours. I think you need to ride with Bs dad or uncle to see how many hours you really drive to make that 2.4 times the money. I think I can promise you you will do 2.4 times the work.

Meal time, you well eat home with family and it will be something good. On the road you will eat alone or with a stranger, it may or may not be good, oh do you think you may want seconds, sorry you can't have seconds, but today your eating the Buffet, somethings got to me good.

Well I guess I'll take a shower, do you know you can have a free shower if you just filled your truck with fuel, oh you don't need fuel, well that will be $5.00, do you want a towel with that. maybe I can skip a shower tonight, I think that would be best anyway, the last time I was here the showers wern't clean anyway.

Time to lay down for the night, I should of gone another fifty miles so I could of gotten better TV reception, wish My wife was here, its really cold tonight, oh well good night, whats that, someone is knocking at my door, oh good they stopped, good night, half hour later, Knock knock, I better see who that is. What, do I want what, no way, I'm married, no you can't use my radio. Who are you any way? Your lot lizid #4, Please go away I have to get up in five hours to beat the rush hour traffic.

Oh no I've slept late. Oh Geeze it snowed, there must be six inches. I'll just get dressed and run in and grab a coffee, no time for breakfast. Give me a coffee with cream and sugar and one of those, no make it two dougnuts. Hey driver are you going north, you know you'll have to put chains on your truck before you go over that mountian. Noooo really, it must be 20 below. Hey Pin Wheel, its been easy so far, I hope you don't slide off the other side of that black iced mountian.

Are you awear that the company you lease onto knows more your truck and truck payments then you do. When you lease on you have a nice new or near new truck and they like that new dependable truck but why is it when you only have about four more payments, the fright you get to haul is the cheap paying fright or you can never get a load to where you want to go.

Did you know your dispatcher has got a masters degree from Liers University. You'll learn this quickly when he says, just do me this one favor and take this load to east overshoe and the next time you come here I'll give you a real hood load. Don't hold your breath.

Another thing that dispatcher learned at that dispatcher school is A Good Truck Driver is a Broke Truck Driver.

Pin Wheel, I hope this has given you some food for thought.

Will you be hauling dry goods, refrigerated or flat bed trailer.
Be sure your leasing company is a 100% no tough fright company. I worked for one company that was 98 % no touch fright, guess who got to haul the other 2 %.
Most all flat bed fright is no touch fright but try tarping used machinery with a three houndred pound, dirty, greesey, forty foot long tarp outside when its 15 degrees, thirty mile an hour winds and its getting dark. good luck.

I feel the most important tool on a truck is the JAKE BREAK. Don't buy a truck without a JAKE Break. Now I'm going to tell you the most important thing you will ever learn. "You can come down a thousand mountians too slow but you can only come down one mountian to fast"

Do you think you can keep up with Two or Three log books? Don't do it.
Good night, nobody ever knocks on by door since I retired.

Happy trails,
Poppy
 

·
Registered
Joined
·
428 Posts
It's easy for those of us who have done well as business owners to tell others to go for it, but the percentage and probabilty against success is hard to ignore.

I know nothing about the trucking business, but I am always skeptical when companies hire independent contractors in lieu of employees, as it seems to be little more than establishing cost certainty for themselves and passing on the risk to others.

All the best wishes to you.
 

·
Registered
Joined
·
857 Posts
My sister and her husband have an engineering firm in KS. They have been on the verge of bankruptcy many times, yet always find "one more contract" to keep them going...the most difficult issues are the human resource ones - dealing with the people they hire. They spend all their time on the difficult ones, and little time grooming and rewarding the good ones. Then during the difficult down-times, they have to have everything documented perfectly to "justify" getting rid of the poor ones.

It's a nasty, difficult business at times. They also feel incredible fulfillment at being able to reward some of their best so they can exceed, and then also build their own business larger. They have grown from a couple employees to about 30 in 20 years. Very very long hours, stress, etc. I worry about their health as they get older.

I'v considered starting my own business a few times, but appreciate the quasi-"security" that I have right now with an employer.

It's true - for every "success" their are 20 failures. Many "successes" have failed a time or two before they made it, and even then, one wrong turn in the economy and down they could go.
 
1 - 20 of 24 Posts
Top