How did regular Joe from the Trucking industry become a Millionaire in just 2 years?!
The trucking industry is more than just big rigs and long hauls. It is a business venture with a lot of ups and downs. For every up, there is usually a downright around the corner. That does not mean you can’t strike gold if you find the right opportunities. Whether through small side gigs or your main gig, being in the trucking industry can lead to interesting opportunities.
Many people who work in the trucking industry strike gold and become millionaires because of their job as owner-operators, drivers or company owners. If you are looking for inspiration to pursue your dream or want to know how others have done it, here is the story of ,,Joe" from the trucking industry who became a millionaire in just 2 years.
2 Years Ago the Beginning of It All
At the beginning of this story, Joe is just another trucking employee working for a company and making a decent salary. Although he was happy with his job and making money, he wanted more. He wanted to make a significant amount of money, but he did not know-how.
In the trucking industry, there are a lot of opportunities to make money and start your own company. You just have to know how and when to do it. That is where ,,Joe’s" journey began. And it all started in Jun 2020 right after the COVID19 hit USA.
That was a perfect moment to start a new company or even expand the current one. That's a difference between regular owners and successful ones. Successful ones saw the Market growing slowly and decide to invest more and expand the fleet.
Today, two years after, we are the witnesses of the Expansion of all these Opportunities for companies who used the right moment. Companies that had 20 Truck in their fleet two years ago, today counting 70+ trucks.
That fast expansion is followed by market growth up to 500%.
So for example, for the load from Chicago IL to Dallas, TX in Jun 2020 Companies was getting $2000 which is $2 per mile, for the same load 2 years in advance companies were getting up to $5000 which is $5 PER MILE!
2 Year's after the Gold Rush
,,Joe's" company is counting today 30 trucks and after 2 years of prosperity, the economic crisis hit again. The price of the gas increased 300% compared to 2 years ago. The reason behind that price increase as far as the Government presents it to us is the war in Ukraine. Even if USA Government is only importing 3% of the gas from Russia. Another problem is new lockdowns in China. Cargo ships are parked in front of the Ports in LA and other big ports, and the answer for that is ,, logistic problems to unload the cargo". What do you think about that? :)
Today A Million Dollars
,,Joe’s" journey lasted about two years, and he became a millionaire because of his decisions. During those two years, he was able to make a good amount of money, but he was also able to invest a good amount of money in the new industry. Today Miami Florida is the number one city for trucking owners to invest in properties. The price of the apartments in Miami increased 200% because of the big wave of people who moved to Miami from NY and California. Almost 330,000 people have moved to Florida during the past year; migration is expected to continue through 2025.
Conclusion
There are many different ways you can invest extra money outside of your trucking company. If you have invested in properties, or cryptocurrency,... time will show what those investments will bring you in the future. You just have to be willing to look forward to them and take advantage of that opportunities when you find them.
Trucking Industry Future
Researching the whole internet and reaching out to important people, our team figures out what to expect in the future.
Till the 4th of July, we can expect the market to get back on the legs, but after that date everything is possible.
If you are a company owner try to play safe and keep the monthly expenses as lower as possible. Tho most important thing in the hard times is keeping your trucks running not sitting in the yard. When a crisis happened there will be so many trucks on the market and not that many drivers. The battle for the drivers starts today. Try to keep your fleet satisfied and happy as much as you can and make sure to get rid of the old trucks and maybe replace them with owner-operators.
When drivers shortage comes they will be able to choose between thousands of trucks to drive. Do you think someone will choose your 2012 Volvo instead of the new truck?
FAQs
The trucking industry is a multi-billion-dollar industry that rewards very generously those who earn it. So, a trucking company can turn into a tremendous success. And it can make you a Millionaire in just 2 years. Or, if mismanaged, it can become your worst nightmare.
Do truckers become millionaires? ›
Anyone can become a millionaire in almost any industry, including trucking. It depends on how you spend and save your money throughout your lifetime. I'm not suggesting that you become so frugal that you cannot enjoy your life nor doing without a spouse, partner or family.
How to get rich from trucking? ›
How to Make More Money as a Truck Driver?
- try to get maximum bonuses.
- go independent, i.e. explore owner-operator or lease purchase options.
- get additional endorsements to secure business with higher rates.
- increase your truckloads.
- and simply do as many miles as possible.
Who makes the most money in the trucking business? ›
Owner-operators are self-employed truck drivers who own and operate their own trucking businesses. This niche offers the potential for higher earnings and greater flexibility, but also requires a greater level of business acumen and financial management. It's why it's considered one of the highest paying trucking jobs.
What is the highest paid trucking job? ›
Highest-paying trucking jobs
- Company driver. ...
- Transport manager. ...
- Long-haul driver. ...
- Over-the-road truck driver. ...
- Tanker driver. ...
- Haul truck driver. ...
- Team driver. ...
- Owner-operator driver.
Who pays the most for truckers? ›
What are the Best-Paying Trucking Companies?
- Sysco Foods.
- Walmart.
- UPS.
- GP Transco.
- Marten Transport.
- ABF Freight System.
- Barr-Nunn Transportation.
- Hogan.
Where in the world do truck drivers make the most money? ›
The median annual wage for U.S. truck drivers in 2020 was just over $47,000, according to the U.S. Bureau of Labor Statistics. In Canada, the average salary for truckers is around $43,000. Ice road truckers in Canada are some of the highest-paid drivers in the world, averaging around $100,000.
Can you make a good living truck driving? ›
The median salary for a company truck driver is $83,158, per Indeed. That's well higher than the national average of $59,428. Becoming a company truck driver might not offer as lucrative of career earnings as becoming a lawyer or doctor, but you can make a very good living from driving a truck.
Is trucking still profitable? ›
The trucking business can be profitable if done the right way. However, many truckers struggle to make ends meet because they don't have enough cash flow to cover their expenses. The cost of operating their trucks, such as fuel prices and maintenance, can have a huge impact on their bottom line.
What is the average revenue of a trucking company? ›
Trucking Business Revenue
The average trucking business can generate over $400,000 per year in revenue. How did we calculate this? Let's assume you can find a dedicated route that is 550 miles per day, 5 days per week, and pays $3 per mile. This will allow you to generate $434,000 in annual revenue.
The average truck driver salary in the United States is $83,158 per year. However, it may vary depending on the type of truck that you drive.
What is a small trucking company worth? ›
So, you can simply take the annual revenue of the business and multiply it with an average revenue multiple to know what is a small trucking company worth. For instance, if the annual revenue of your business is $1,800,000, I'll take 0.56 as the average multiple, valuing your company at $1,008,000.
What type of truck makes the most money? ›
Oversized Load/Heavy Haul Drivers
The bigger the freight and the heavier the load, the higher your income potential. Heavy haul driving comes with a lot of pride, but it also requires drivers to have a lot of experience — sometimes upwards of ten years.
What state pays truck drivers the most? ›
Curious about what state pays truck drivers the most? As reported by ZipRecruiter.com, as of March 4, 2024, states such as North Dakota, Massachusetts, Oregon, and Alaska offer average annual salaries exceeding $85,000 for OTR truck drivers.
How long does it take a truck driver to get a million miles? ›
Truck driver Barry Queebodeaux was celebrated by his trucking company with a banquet after he is said to have driven 9 million safe miles during his career. It can take a single driver around eight-nine years to log a million miles. Whenever a driver logs safe miles, they should be extremely proud of themselves.
Can a trucking company make millions? ›
In this example, the 60-truck company generates $13.5 million in revenue per year. To grow, you must be as smart, or smarter than competition and keep your trucks moving.
What is the success rate of trucking business? ›
Starting a new trucking company or becoming an owner-operator involves countless considerations, from business and profit management to DOT compliance. Unfortunately, 90% of new small trucking companies are unable to succeed due to common mistakes made by inexperienced business owners.
Is truck driving a good way to make money? ›
The country runs on truck drivers as they are such a massive part of the economy, so there will always be a demand. On average, the annual pay for a truck driver is $50,000 – this varies for company drivers and owner-operators.