**NOTE–what you are about to read is the forethought, however, I am in no means giving anyone legal nor retirement advise; I am merely trying to educate people that are potential profiteers for their future…….whether it earns or learns or does what ever—-always follow the rules when working on the road……if it is required to show your hours—-do so as you are suppose to —–What you earn, dont earn, utilize time, profit, or even log and dont log—is your responsibility——Act according and do as you are required by law……………..I was forced to say that prior to anyone reading this article, they made me———-at gun point——–No seriously—-I’m not an attorney nor am I a financial advisor—-my article is for my audience to educate and hopefully create positive change somewhere………..enjoy!!
It wasn’t at gunpoint——It was tied to my dispatch chair—with Gorilla tape!!!—They were serious!!
Driver’s always want to know, “how they can earn more money from side hustles, or even side tasks, while they operate their trucks for their fleet.” Commonly, my response is the same, “Follow the money.” However, even though “Follow the money.” Still answers their question after about 3-6 months of them actually thinking about the boldness of statements.
As Tom Cruise once said, “Show me the Money!!”
How I learned to Follow the Money-
Let me set the tone, every person now days, has 2 things; Cell phone, and typically a Debit Card. These two things are the basis of following the money!!
Consider this– Every second of every day—and my assumption is the night as well!! People are buying all kinds of things from groceries, repairs, service needs, down to the Lot lizards, and even the XXX adult store—-people are always paying for something. Think of the constant chime of the cash register of the busy popular truck stop at all hours of the night and day, to the buzz and hum of the processors taking the digital currency payments on these pieces of plastic we carry around.
Transactions are everywhere.
So How do you learn to Follow the Money!! Start looking for the profit—find the transactions for anything that you can consider………
Warehousing- Typically costs per the sq ft of space, on the floor, and vertical sometimes. If they rent the space of 100k sq ft- by the annual term, 12 months, at say $24 per foot per year—$2.400 Million per year in rent- They have to rent the space to their customers above $2 per foot per month, to be break even on the space. Profit will take at least $2.01 or greater…….the greater the profit the more they can expand or add to the owners —-accounting records.
This is following the money! Take a survey- Get on the CB and Say to the other drivers, what is the one thing they wish they would have bought, for their truck operation, that they cannot find anywhere else, that another driver could possibly use for the better. That is following the money! Why do the TA, Pilots, Loves, Sinclair’s—-all profit so heavily—They are in the middle of the flow of money from the trucks. Do you really understand just what the truck you are riding and operating —-entails in money flow???? Let’s look!!
Transaction to the Carrier- Gross $1.87 per mile weekly- at 2500 miles- is $4,675 Gross to the Carrier
Fuel at 5 mpg—on 2500 miles per week- 500 Gallons at average cost of $3.07 per DAT.com Industry Rates Averages
That is $1,535 per week in costs from the Carrier on just fuel.
Now considering JBHunt pays .43 per mile experienced, say total miles are 2800 miles on the 2500 paid miles. That adds to the fuel number, plus the Carrier pays the driver $1204 Gross for the total miles. There is 3 money transactions right there.
Let’s not forget the Insurance, Maintenance, Parts, Service Vendors, Fees (transactions), and I can keep going…..
So how do you follow the money?
By studying the transactions and flow of money- being a constant student, of what people are buying that you see and do not see………Remember you may see the Carrier being paid by customer, through the form of the Load you haul, however, you might not have seen, the product purchased from Supplier, The warehousing fee of storing the product, the wires to pay for the product, the Lumpers that load and unload, the Cold Storage for the produce, the grocery store being paid by the manufacturer for the premium shelving space………..even the phones for the warehouse, the phones for the customer, the internet——I can keep going…..
If you follow the money you will understand, the flow and then all you have to do is understand how to get yourself in the middle of the flows of money—to earn extra money for you and your family. However, this is not for the dishearten, or the weak!! You must know how to ask the right questions to get what you need to know!
Once you understand the flow of money—-Then
You can earn extra by being in the flow!
How is this done? By arranging the buyer and seller to transact through your service.
Truck drivers are some of the best ones to capitalize on the transactions behind the curtain… They are always at a facility, loading or unloading; they constantly are talking to one side or the other of transactions that most do not understand, however, not only does the driver have the consistent visibility……they also can say hey what is the main industry customer that you sell best to for what you have………would you entertain me for a few if I could happen to help you with additional sales? Would you mind paying me my commissions? you will be surprised at the number that does not want to pay commissions…..but solvable!!! Just say I did warn you. When they do not give you the answer and guarantee you desire, go to the next one…..There are always people willing to gladly pay you 10% commissions or even the profits off your arranged deal that closes………The higher the deal value, the lower the commission rate, but volume will take care of the lower rates—-Promise!! You will not be hungry even with a small little $50k transaction. That would net you anywhere between $2500 up to as high as you could profit over……Market will depict that when you are engineering the deal.
++Quick way to test the suppliers-Sellers-numbers—-Call a direct match for criteria, Industry that matches his business—See if they ever unloaded xyz for a supplier; Ask them what they got for their similar deal—-That will give you a solid actionable number. Test the market, call his competition, and see if they want to buy the deal!!! Be surprised how many do not call their competition!! just may end up supplying the other side!! Things to consider…..most overlook!
Say, Mr Warehouse has some inventory that is his, he needs sold, the buyer of the materials has moved and he is still on the hook for the materials for 3 months- 3 months of 20k per month–total of 3 en route, and 2 on the shelf. He wants the headache gone, he says I can cover a Loss of $10k per thousand— Total product is 1,000 pieces per month 2k on shelf, and recurring monthly for the next 3 months left of contract- Which is 3 more 1k piece lot of item……Wholesale is $24 per piece- and Retail is $52 per piece.
Mr Warehouse says- Ill get the shipping handled for you, if you have a buyer——Guaranteed.. You exchange numbers and get back with him next week via email, upon more investigating…….
Little does he know your boss, loves deals from his drivers and pays well for the little information—–Call the boss, pass the information you have on, and where you are located. Product was dusty or some pieces were broken but the bulk looked good.
Boss, says Get on the phone while you have a few hours with the locals to find out who is the seller….and who may buy them…..since you got another day to Load out your LTL– You take 3 hours and get a person who buys them and needing more. Sir, let me get you a few pictures and Ill call you right back. You get your new buddy to take you to get a good picture or two for the buyer. 3k pieces and two good pictures. You call the boss for help! Boss calls the buyer for you. You handle the seller for a few minutes.
Buyer says they will gladly pay $18 per piece delivered within 36 hours. Boss says ok, let me call you back with a good price and solid time to deliver. Boss calls you and gets you to go get the seller in his office for a call with the boss……
Seller is sending the Proof of Funds, and Letter of Intent- for these pictured and his price he will immediately pay for the items, delivered 36hours.
Boss–Calls you on speaker, with the seller— Mr. Seller, thank you for hearing out the driver–this is his side business he and I partner on.– Mr Seller, we have a buyer ready to buy the whole lot and contract for the last 3 shipments—-however, we need to have a agreement and at least a small profit on the deal we are helping you with. What would that be worth to you- within the next 48hours all your problems are fixed. Ecstatic he reply’s at least 15% of what I would make off the top. You agree to take care of the ACH Immediately upon all the items clearing your warehouse? The Delivery rerouted from shipper the new buyer. Yes sir—OK, I’m arranging payment with the buyer right now…..I will arrange my driver to take everything to him, upon your approval, at no cost.
I will get with the driver on the status of payment. Would you accept $10 per piece and call it a day? Being the Driver already has a “in” at this place due to his delivery to the facility, and the Carrier and the Now potential customer do not have to learn each other, this is the best way to find a deal—-As long as the boss or dispatch understand what and what needs are done to complete everything, an agreement is an agreement–Paperwork is minuscule—–
Finding the need—Is not that easy—However, you will be surprised at some of the things needing sold!!! However, a buyer is worth 1000 sellers any day of the week……
I have seen left portions of processed meat in a Cold storage, that the buyer told the original seller, to resell it—to Cold Storage being owed money for rental from former owner—The reasons never cease to amaze.
Now —- The Seller has Agreed to the $10 per piece—as long as they fulfill the full contract…..Boss sends the paperwork to the Seller as an Exclusive Option on the pieces in warehouse and the last 3 shipment the next 3 months. The Option is executable in Cash, and freight coverage out of the facility, with the last 3 rerouted to the contracting buyer. Seller signs and driver gives the warehouse owner- $50 Comchek for the Option Consideration—-for the Signed Option
Now the Boss, Calls the buyer—Depending on how he prefers to handle the buyer, will depend on the lot—however, just know the buyer pays typically before it leaves facility or when it arrives at delivery. In this situation- I would tell the buyer- My truck is delivering the items at no cost tomorrow as soon as they are finished loading him. All will fit in the truck, even with a partial on the front. Purchaser accepts the 18 price per item with free delivery. Beings wiring funds to pay with his bank, to the Boss.
Seller loads truck for delivery, after buyer money is funded with the boss. Seller knows the contracting amount is good and Boss and Driver have earned the extra day to rewire the Seller’s portion.
Boss starts wire funding to seller for the total, plus prepay for rerouting to seller. Seller sees $30,000 and $30,000 for the future 3 shipments. Upon Shipments for delivery BOL being confirmed from the Original—Confirmation sent and approved — Driver and the Boss in this example–Profit $48,000 plus the 15% paid to the driver for the deal from the seller, minus the shipping fee—-Average rate of division of fleet………….if the Boss is the Boss in the example……..Driver —-Collects 15% of the $60k—toward the deal, Boss has $48k in escrow minus his average rate per mile to delivery—–driver still earns his mileage pay……….To me, the Finder—-Would always participate in the deal—it is fair. 50-50 split—on any profit—–hell the driver might just be looking for a finder and the finder says 10% on any deal…——Even at a 10% finder fee——He would get the $6k plus at least 10% on the buyer end too for finding the buyer as well………..The number is not important—ONLY the understanding———–FOLLOW THE MONEY________
Another way for the Drivers with Capital Funds in Retirement—
Self Directed IRAs—-They should be considered with a driver who has funded his capital of retirement during his career. You can use the Self Directed to Factor freight bills for a carrier or two, by having them call you. Your other team members doing the paperwork and approval for each.
Carrier needs one today–maybe 3 on Thursday—–boom you just made 5% non-recourse with a Carrier——all you did was hold the money for the net 30 term…….5% on say $4000 freight bill is an extra $200 in earnings per transaction you can factor on the account receivables that you start arranging for another driver you have known for a while……who just so happen has a new carrier.
That is per $4000 that you factor for 30days…………Say you are able to fund—75% of your retirement monthly average of $125k each month–$ 5050 per month in profits in your retirement plus let’s not forget that is every month for a little work…..12 x $5050 is over $60k per year……($60,000 +) Had to let you grasp that for a minute……..that is not including late fees, assessed—-Nor does it account for any potential bad factoring……You know as well as I that nothing is 100% guaranteed…………..
Sell Equipment as a Broker- or as a Agent
Wholesale and Retailers are always wanting a sale. They have no issue paying commissions to those that want the extra hustle…………..
Find a Equipment wholesale, or retail location that always has inventory and does not mind updating the traveler on the lot —-email or text or phone
Driver post his ads weekly with the updates–Answers the phone during week and sends his buyers to the lot to view equipment to purchase.
Facility takes payment- Pays commission and the next week starts over…………
Sell a $20k Skidsteer, and get paid 10%- that is $2000 my friend……..I am sure that a few reading this may just need someone who can answer calls but cant be there to show the equipment………….I sure a manager or two would love the opportunity……..without the work……
Fleet Owners—-May need a fleet of trucks—Schneider or maybe Werner—-Could be selling 10 like they want—–Make the arrangement—and Get paid………Buyer agrees one agreement—Seller is not needed——however—Equal Opportunity Profiteer may just try and get paid from both sides—-even if unsuccessful——–“For it is said; Ask and ye shall receive; Don’t and there is never a way to know!”
Just ask a few people who know me—I would rather ask, and not get a single response; than not ask and never make the money!! Just me—-Every profit is a profit in my book……….Does not mean that I work on every deal—-I use to but—–I have my things I like, and sellers and buyers are the same way—–
Not all money is good money!! Kind of like freight—Cheap freight is Cheap freight, but High rates and credit are two that cross regularly—Net 30 is credit—-however High rates may be due to the reason of the latter credit!!! Not all rates are good rates!! Even on credit!! Cash is King!!
Got a Buffer? You should!!
Buffing other Semi’s during your downtime, can earn you $150 to as much as $500 per truck and trailer for polishing that chrome you are so good at!! Under 3 hours with a good buffer, and extension cord……….and that is cash money, comchek, tchek—-who knows—could be your square as well!!!
Get two extra trucks done a week–$300-1000 net to the collector—upon completion.
The end result–
Now as I am considering all the information that is presented, after the writing obviously may have been a bit long winded to proved my point…….however—I hope you understand—-
Money will not chase you—you must put forth the added effort—-To Learn, Grow, Lead, Understand, and the Acknowledgement there of………….
Just because you drive, does not place you at a, or in a place where, that is the only thing you have to profit……Even by yourself–doing a single wholesale deal—or liquidation—or retail—will add ++++$$$$$ to that bank account……however you have got to learn to follow the flow of money, understand just the basics, and how to define what you need clear for the parties to fulfill to the best available……..If you have to have 3 days to complete—make sure Carrier and Dispatch know you are doing a business deal in the area and you need a few days to complete………..they may act like it is hurting but they cannot fool you….3 days- you earn just say extra 10k$$ that is a good start on that new truck isn’t it!!!
Take the time and at least add something for the future of yourself, You may just end up having enough time to spare an additional $50-$250k in additional profits this year!! I know I like any additional profits I find, I hope you would enjoy yours as well………Remember —- Some Will, Some Won’t, Oh Well, where is the next!!! To the next one!!