It’s said that regardless of your profession, you should start planning for retirement as soon as you enter the workforce. Unfortunately for many professionals – both young and old – this isn’t something that’s really given though. The question is: can truckers retire as millionaires?
If you are out of debt then,
First you need to make sure you know where you are now. Prepare a balance sheet showing your assets and liabilities to determine your net worth. This should include personal possessions of value, such as jewelry, real estate, and automobiles. Liabilities are debt and legal obligations. Next, generate a list of your monthly expenditures and calculate how much you would need to live each month. No expense should be overlooked, and emergency funds should also be considered.
Taking advantage of opportunities through your employer is one thing. Hopefully, if there’s a retirement plan offered through your employer, you should be utilizing it. Minimally, when you begin a career, you should be allocating at least as much from your paycheck each month as your company will match to maximize the benefit. So, for instance, if your employer offers up to a 4 percent match, be sure you’re allocating at least 4 percent of your paycheck toward retirement. Any time you get any sort of a raise (cost of living, base salary increase, etc.) to raise your allocations to retirement at least one percentage point.
It’s never too late to get on board with a retirement plan. One is the OOIDA Plan, which is specifically designed for small business truck drivers. Under terms and conditions of the plan, individuals are able to save up to $12,500 tax deductible dollars per year. There’s a guaranteed interest rate, deposits can be made in as large or as small of amounts as you’d like and plans are available through age 70.
Real estate is the closest as it can get to a passive income. Having enough money for down payment and after renting a place, will make it pay for the mortgage by it self, while you accelerate the process with your own funding. As time goes buy, you will be able to purchase a second piece of real estate and repeat the process. You should have someone to help you manage the properties while you are OTR. This is one of the safest investments out there, but it’s also one of the slowest.
You could also consult a finance expert who will help you find the right strategy tailored to your lifestyle. In conclusion the math can be on your site. You just need to be able to discipline yourself, work hard and never give up. The possibilities are there, all truckers can retire as millionaires.
Share your money tips in the comments bellow.