Oh boy what should i do please help me with my husband?

Question

My husband is a truck driver and is currently hauling cattle. he is a company driver and makes a pretty nice paychecks. But he wants to buy a truck and become an owner operator. But he has a past of over spending money on making the trucks look nice. and with the cost of the truck payment and fuel and broker fees I just don't think it's worth it when i told him that i did not like the idea he became upset and is angry at me because I don't want to get into to money troubles and lose are butts. But if i don't do it then I'm sure he will hold this over my head for a long time. So what should I do let him go his way and take the chance on losing everything or stand my ground and possibly lose my husband. either way I might lose my marriage. I'm sure he will fail as an owner because he will end up buying crome for his truck been threough that before. I don't know what to do and to make things worse we have three kids. please help me make up my mind or should I just flip a coin?

Answer 1

Firstly work out a budget together, then see an accountant or someone to see if its feasible for him to be an owner operator, getting the real costs of running your own truck worked out, and then sit down with him and work together to see if its possible to do.
And if it is, why not come to a compromise? For example say we need X amount to put to the truck payments, X amount for living expenses, and what's left at the end of the month, 1/4 goes to him for whatever he wants (any extras for the truck comes from here), 1/4 goes to you to do with what you want, and 1/2 goes into savings for the kids - schooling, etc., or FAMILY things like holidays. That way everyone has a little control over what they buy, and none has total control over the money. And if there's nothing left at the end of the month, then NO-ONE gets the "extras".
That way if he wants something special for the truck, it comes out of his portion, and he has to save for the more expensive items, just like you would.
What could be fairer than that?

Answer 2

My husband bought his own truck and I was very worried about all the expenses of being an O/O. The big thing to remember is that his total income will increase quite a bit, but you have to pay taxes on everything not just what you have after expenses. We pay approximately $5,000 each quarter in estimated taxes. You will also have to pay for your own healthcare and life insurance. There is also maintenance on the truck...tires, fuel, fuel taxes, permits, licenses, tolls, scales, insurance (physical damage and bobtail insurance are seperate policies). If he gets an APU (auxillary power unit) he won't have to idle to keep cool in summer or warm in winter so that will keep his fuel costs down a bit. They are around $8500, but will pay for itself in less than a year. Most of the expenses incurred in owning his own truck are tax deductible. Also he should remember that if he has an accident, he won't be getting paid while his truck is being repaired. As a company driver if he had an accident that isn't his fault, the company would put him in another truck and he could keep driving. Our neighbor backed into our yard one morning when my husband was loading his truck to get ready to leave and she hit the truck. Didn't do a lot of damage but he was still sitting at home while his truck was in the shop. His 2 days home turned into 7 days with no income coming in.

As far as owner operators never being home, my husband is home more now than when he was a company driver and is making more money (after all expenses) than a company driver who has been driving for the same company for 15 years.

He also doesn't have to go into Canada or New York. Most drivers do not like going into NYC.

I hope this helps you and if you have any questions, you can shoot me a message. Good luck.

Answer 3

Hey I work for North American Van Lines and I see what type of money owner operators spend. I say let him drive, but being a good driver does not mean you have to fix the truck up. Have a budget to go by, and if he goes over the budget he needs to stop spending what he do not have. He need to realize he will be putting is family in a financial situation. Is it really worth it. You can drive the best fixed up truck there is, but if the truck does not run good for the load hauls you will be spending money on top of money: which is crazy. You and your husband need to come up with a budget to go by, and make sure he agrees to stick to it.

Answer 4

set the ground rules first, if you guys have been that way ask to tell you why it will be different this time, you should control the money this time, if he can agree to some ground rules and letting you have some control so that you can feel good about what he is doing too, then be supportive, you may still have some tight spots but in the long run it could pay off great for you both, trucking is bombing right now and I don't see it being something that we are gonna replace with something else anytime soon.

Answer 5

Get a job yourself, hopefully one that will allow you to provide the basics for your family. Food, shelter, etc.

Then let him have his dream. It's only money. When he starts talking about making the truck look better, tell him you want him to turn a profit first. I do realize that it makes a small impression having a nice looking rig, but his customers will appreciate on-time deliveries far more. When he talks about making improves, just ask him how that will get the load to the customer faster and then just tell him it isn't necessary if it is for looks.

Don't let him put the house or your car up for collaterall. If you see his heading for a financial fail... get help from a mentor at the Small Business Bureau or the Chamber of Commerce. I'd have him contact them anyway. Wealth of information if he can hook up with a business angel.

Answer 6

Why don't you sit down with him and discuss the pros and cons of of being owner operators? He already has an idea of what that entails, so write it down on paper. Then, discuss what kind of capitol you will need to make it happen. Seeing it on paper will let him know that you are not being unrealistic to anticipate cash flow issues. Unless you both do some belt tightening, it is a financial impossibility. Let him know that sacrifices will come from both of you to make it happen. If he still remains in his present mode, you can split and say that there is no way he didn't see this coming.

Answer 7

why don't you offer something like offer to sit down with him and sort out the expenses with him do it together then you can show him when he starts to get over his head in spending. And the worse case scenario is that he would go financially broke but that's not the end of the world many people bounce back from that just keep the business separate from the other personal accounts and go for it.

Answer 8

Remind him that owner-operators are never at home. They can get jerked around the country chasing the money but in the meantime, someone else is at home taking care of his wife. Stay with the sure thing. If he wants to change companies then that is different but to go independant is a big strain on finances and marriages.

Answer 9

Give and take. Compromise. Let him get the truck, but instead of him handling the money, you do it. You make the budget for it. Sure he can get a nice truck, as long as it fits in the budget. Relationships that last involve people that know how to compromise and how to push down their egos.

Answer 10

thats a hard one gurl but you do have the kids to think about and if you let him do it and lose everything that not fare on the kids if you dig in and say no well you might lose him or go through some **** but you are better off, at the end of the day its wots best for the kids the marrage comes second.Good luck gurl