Starting out on my own?.....or not?

Hi all, is it viable?..been on the road for nearly twenty years, mostly national tramping. Always as an employee. Come into some cash around £45k is it viable trying as o/d, I’m based on the south coast, Newhaven.
Know some of the pitfalls, could just do with a kick up the arse, one way or the other!

If it’s a burning passion to be an o/d then I’d say yes, go for it. You’ve been around a bit so probably have decent knowledge of what it entails. However if you were a mate of mine and asked me for honest advice I’d say keep your employed job and use the £40 odd k to enrich yours and your families life.

Nah,Pay off some bills/Mortgage cut your hours and enjoy life :slight_smile:

£45 k ?
3 buy to let mortgages managed .
Good luck though …

Thanks all, lots more thinking to do. It’s not burning a hole yet but I feel I need the money to work for me. I only know one thing, it’s what I’ve always done. Just thought I might be able to fill my pockets not my bosses.

adycross:
Thanks all, lots more thinking to do. It’s not burning a hole yet but I feel I need the money to work for me. I only know one thing, it’s what I’ve always done. Just thought I might be able to fill my pockets not my bosses.

Generally, you won’t earn a whole load more as an o/d but with a load more hassle. I’d find a decent IF A and get him to invest it.

Rental property all the way with the cash…it will make far more money than a truck ever will nowadays

albion:

adycross:
Thanks all, lots more thinking to do. It’s not burning a hole yet but I feel I need the money to work for me. I only know one thing, it’s what I’ve always done. Just thought I might be able to fill my pockets not my bosses.

Generally, you won’t earn a whole load more as an o/d but with a load more hassle.

^ This. And that generally only applies to the very small percentage who have a business head on them and are doing it to make money. The majority of owner drivers do not possess any business acumen and only do it to have their name on the door, as evidenced by the huge number of them dragging ISO shipping containers, fridges, tilts and bricks and blocks aroung the country for a quid a mile for the likes of Maritime, Hanson, Tarmac, Rosewood, Heritage, Solstor, DSV etc.

Most don’t last more than a couple of years and then an unexpected blow-out and a disputed invoice over a lost POD sends to them to the grave after living hand to mouth every day since they got the keys.

To put it nicely seeing as you’re a new member, you’d be off your rocker to start up as owner driver these days. Save yourself all the hassle and just chuck your £45k in the nearest fire as the end result will be the same.

Hi Mate
I would invest is in a rental home.
More or less guaranteed the investment is safe, would go up on value and have a income.
Where a truck will cost and the capital will be eaten away within weeks before payments, then as mentioned a miss pod/ late payment or a major repair bill and your then in a overdraft or selling up.

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I know some think Robk is a zb head but you got laugh or agree with his above post :laughing:

Punchy Dan:
I know some think Robk is a zb head but you got laugh or agree with his above post :laughing:

That’s inflation for you, not even a mars bar these days. [emoji23]

After seeing how much “our offspring” is paying for her shared Uni digs, it’s got to be property all the way.

If you enjoy driving still, buy a Motor home [emoji12]

Invest in Premium Bonds [max limit £50k], and enjoy your tax free winnings…easy money while you watch and wait for the right opportunity … :wink:

Personally, I`d just stay as you are…its getting fraught out there :open_mouth:

Punchy Dan:
I know some think Robk is a zb head but you got laugh or agree with his above post :laughing:

Agreed Dan, although I have noticed that there’s been some rate cutting going on, because I remember that it used to be a quid a mile plus a Mars bar. :wink: :laughing:

Punchy Dan:
I know some think Robk is a zb head but you got laugh or agree with his above post :laughing:

Should be made sticky !

I would be aware pf the new tax rules coming in concerning rental properties as a landlord.
At present you can buy the house using a BTL morgage (ie interest only) and offset the monthly payment against your tax bill just like any business would, but its now changing to being taxed on the whole monthly income so if your mortgage payment is anywhere near what the income is you are going to be out of pocket.

Of course if you buy it and live their in name only thats your business! but be aware if the tanatnt dobs you into the tax man you are in the mire.

I would also be cautious of investing it in anything at the moment as theres got to be a downfall in the next few years, everyone is sailing close to the wind and whilst the Gov makes out all is hunky dory im not convinced.

This is worth bearing in mind, if you got all the worlds money and divided it evenly between the entire population, very quickly the previously rich would be rich again and the previously poor would be poor again, its how the world works, and just because you have 45k doesnt mean you have to spend it!

Buy a nice car for 5/10k if you must, and split the money between you and your partner and stick it in some Isas for a couple of years and see how the markets pan out.

Stanley Mitchell:
Personally, I`d just stay as you are…its getting fraught out there :open_mouth:

Glad its not just me thats noticed that.

I did it 12yrs ago & I’m still going.

Could I earn more as an employed driver in a good gig? Certainly, do I want to do that- no.

Food is on the table, bills are paid, it’s not easy but I’m happy enough.

iguana:
I did it 12yrs ago & I’m still going.

Could I earn more as an employed driver in a good gig? Certainly, do I want to do that- no.

Food is on the table, bills are paid, it’s not easy but I’m happy enough.

And right there is the reason why haulage rates are on their arse because you’ve got ODs quite happy to drag pallets around the country for buttons. Not bothered about actually making any money, just so long as it brings in enough for a bit of bingo money for the wife to keep her off my back. :unamused:

Punchy Dan:
I know some think Robk is a zb head but you got laugh or agree with his above post :laughing:

It pains me to say it but hes not far wrong, it just annoys me that he tars us all with the same brush

iguana:
I did it 12yrs ago & I’m still going.

Could I earn more as an employed driver in a good gig? Certainly, do I want to do that- no.

Food is on the table, bills are paid, it’s not easy but I’m happy enough.

But did you do it because you really wanted to do it or because you came into money? Sounds like the former.

In the OP’s case, he may have wanted to, May have mulled it over on long drives, but he didn’t do it. What he’s effectively saying is, I’ve got 45k, if it doesn’t work out, well I didn’t have it in the first place, so I can lose it if need be, also known as subsidising a crap rate.