Entering 2022 the economy is more rocky than it’s ever been. With inflation on the rise, and the future of the price of goods and groceries so unknown, something that should be certain is your job. Job security is something many want now more than ever. For those who want stability in this time of uncertainty there is an avenue to get there that many have overlooked.
Commercial Truck Driving
If highways are the arteries of America, then truckers are the blood cells. How did your produce make it from where it was grown to your local supermarket? Where did the clothes you bought from Target start their journey from? How many stops did they make before they ended up hanging in your closet? Just as your body couldn’t function without it’s blood cells, America can’t function without the trucking system. Without commercial truck drivers, our entire way of living comes to a giant halt. If the commercial truck drivers were to go on strike, we would have massive shortages all around the country. You do not need a degree to be a truck driver, you just need a Commercial Driver’s License (CDL) and some good training. Truck drivers make good money just starting out and their pay increases with experience.
The job offers great job security and in the current era is experiencing mass amounts of shortages. Companies can’t hire drivers fast enough and truckers are experiencing the highest job security ever and many companies are adding many incentives and benefits to attract new drivers. New drivers can expect to earn $40,000 a year out of the gate and can quickly climb to earning $85,000. Veteran truckers can only climb from there. The group of truckers that make the most though are those who own their truck. Owner-operators, as they are known, can consistently earn a six figure salary, clearing $100,000 dollars a year or more.
Why You Should Get a Commercial Truck Loan
If the trucking industry interests you the biggest question you may have is whether to loan your semi truck or get a loan to purchase your own. While there are schools of thought on both sides now, more than ever, the answer is to get a loan for your own semi. Many truckers are now securing commercial truck loans to get their own semi for one simple reason, building equity. With the trucking industry booming and experiencing more growth than ever before most truckers are seeing the potential economic gains that they can have from owning their own rig. By building equity with their own truck they aren’t making empty payments to lease their truck. The average trucker can have their rig paid off in 5-7 years and the average driver can expect their trusty rig to last at least 15 years. That means eight to ten years of pure profit on all drives for truckers and at the end of that fifteen year cycle their rig could be worth anywhere between $15,000 and $100,000.
This allows truckers to maximize their earning potential and have the ability to upgrade their rig on their own schedule. While at first owning your own rig may seem intimidating and the money required to lease a truck will be tempting, think about the statistics above. An owner-operator can consistently earn over $100,000 a year while leasing a truck may have them maxing out their salary at $85,000. Think of it like owning a home vs renting, while at first owning your own home may seem intimidating in the long run it ends up not only saving you money but gives you something that holds value as well.