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#1 |
Pope & Young
![]() Join Date: Aug 2010
Location: San Angelo, Tx
Hunt In: Mexico, Tom Green Co.
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PLEASE PLEASE PLEASE be saving some money!!
I am starting to see lots of the same really bad habits that left lots of guys in trouble the last time the work died off. I understand the toys and trucks thing and thats all fine and good if you have some good savings accumulated. I would hate to see some of you guys get in a big bind should the work be gone soon. I know many of you may hear "we have 10 years of work around here" because that is a common phrase but the fact is if oil ever drops so will the work. Just because the work is there doesn't mean it's worth going after to all the companies. I give this reminder because I personally know of a couple guys with 100k+ salaries that have to finance furniture or TVs and even one that makes over 300k that never has a dime in his pocket. Have fun but be careful fellas. ![]() |
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#2 |
Pope & Young
Join Date: Feb 2008
Location: Williston, ND
Hunt In: North Dakota
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Haha. So true
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#3 |
Pope & Young
Join Date: Dec 2007
Location: The Bluff, America
Hunt In: McMullen / Refugio
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lots and lots and lots of people in the oilfield right now that have 4 or 5 years of experience... the ones that got hired right after the last slow down. they haven't seen it, and it's hard to understand how fast it happens unless you've gone through it.
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#4 | |
Pope & Young
Join Date: Jan 2010
Location: Groesbeck, Tx
Hunt In: South Texas & Old Mexico
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#5 |
Six Point
Join Date: Feb 2008
Location: Tyler
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Not just oilfield!! Good advice
Our whole project in oil and gas that has been going for 5 years got whacked today....... Last edited by Ducksmith; 09-17-2014 at 10:19 PM. |
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#6 |
Pope & Young
![]() Join Date: Nov 2006
Location: Kingwood, Tx
Hunt In: Planet Earth
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It's like riding a roller coaster...ups and downs
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#7 |
Ten Point
Join Date: Aug 2010
Location: Aurora
Hunt In: Wise, SanSaba, and Jack County
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Very true! I went up to the Bakken and the contract was pulled last week. Good news is that I put money back just incase. I have a few months worth of bill money put back so if I didn't find a job right away I would be ok. More good news is that I'm headed back to Texas!
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#8 | |
Six Point
Join Date: Feb 2008
Location: Tyler
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#9 |
Pope & Young
![]() Join Date: Oct 2006
Location: Decatur, Texas
Hunt In: Wise/Montague/Public land
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Your advice applies to any profession.
![]() I wish I had started younger. ![]() ![]() I see so many young people start adult life thinking they have to have it all. Big house, new cars, newest electronics, etc. They end up so deeply in debt it takes them years to shovel their way out of the debt hole. Save when you are young. Compound interest is a wonderful thing. ![]() |
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#10 |
Pope & Young
Join Date: Dec 2009
Hunt In: Colorado, LaSalle, McCulloch,Menard Counties
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#11 |
Ten Point
Join Date: Feb 2014
Location: Midlothian TX
Hunt In: Vernon TX
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Sound advise. Im still a relatively young man at 31 but I rode out the barnett shale and had my own business, didnt put a dime back and went teets up(but I had a ton of fun). Now I intend to make this one last a little longer, I have a great wife now who hordes money like they dont make it anymore and thats the best thing that has ever happened to me. I am riding this one out the right way and if that Cline will ever kick off i could have something to show. An old hand told me one time "when you see welders for sale, get out" I think hes on to something.
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#12 |
Pope & Young
Join Date: Oct 2011
Location: Baton Rouge
Hunt In: Jefferson & Brooks County
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Good advice for anyone!
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#13 |
Pope & Young
![]() Join Date: Mar 2010
Location: Forestburg,Tx
Hunt In: Montague County
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I love my job on the production side...
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#14 |
Pope & Young
Join Date: Apr 2009
Location: A rock house
Hunt In: A tall tree
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Our little town is full of 30 somethings living rockstar lifestyles. Brand new vehicles parked in front of 400k homes and a sticker on one that says "Oil field trash spending oilfield cash" and the other says " Oilfield honey spending that oilfield money."
And yes they all say they have decades of oilfield work ahead. ![]() |
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#15 |
Banned!!!
Join Date: Feb 2014
Location: Texas
Hunt In: Gillespie and Edwards County
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Just give me two good years to get ahead and figure out what I really want to do with my life lol. I don't foresee cheap oil any time soon with America's addiction to spending/debt along with reckless monetary policy, but who knows? Maybe all the production going on will finally catch up and a glut of supply will bring prices down.
So, if I do want to make a career in the oil patch, what are some jobs that'll be around regardless if prices fall? Last edited by JMalin; 09-17-2014 at 11:00 PM. |
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#16 |
Pope & Young
Join Date: Dec 2007
Location: The Bluff, America
Hunt In: McMullen / Refugio
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#17 |
Ten Point
Join Date: Feb 2014
Location: Midlothian TX
Hunt In: Vernon TX
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#18 | |
Pope & Young
![]() Join Date: Mar 2010
Location: Forestburg,Tx
Hunt In: Montague County
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Yup. Y'all drill them good and we will keep them producing for years to come...looooong after the rigs are gone. Let's all hope that the engineers and geologist keep finding the good stuff so we all can keep on keeping on. The company I work for will never quit poking holes....once you stop doing that you've pretty much given up. Cheers. Last edited by Skinny; 09-17-2014 at 11:18 PM. |
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#19 |
Pope & Young
![]() Join Date: Nov 2006
Location: Kingwood, Tx
Hunt In: Planet Earth
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Reminded me of an old thread...if I could just see into the future
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#20 | |
Pope & Young
![]() Join Date: Aug 2010
Location: San Angelo, Tx
Hunt In: Mexico, Tom Green Co.
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Been there and done that I won't fight you for it
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I have good connections around home and last time it tanked I just went back to pumping but some aren't so lucky. The big drilling money will always come back but when is always the ?? Last edited by bphillips; 09-17-2014 at 11:28 PM. |
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#21 | |
Banned!!!
Join Date: Oct 2006
Location: Montgomery, Texas
Hunt In: Texas, Oklahoma, Kentucky
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Rockin the 2 year old 125,000 mile Dodge 4Door Sport package that costed me $26K brand new. ![]() |
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#22 |
Pope & Young
Join Date: Feb 2014
Location: DFW area
Hunt In: Anywhere and when I can!
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It's great to see you "younger" folks aware of what can happen and looking ahead. I rode the "high life" for many years and all it takes is ONE loss of income and it can come crashing down with a vengeance. Put as much back as you can, enjoy some "perks" while you can and most of all....if you hate what you are doing, there is NEVER enough $$ or "toys." I'm thankful every day when I get in my PAID for '05 4x4 Avalanche that still looks new...vs the Biggest, Baddest, Loaded up with everything 4x4 I used to have. Oh, not having $800 payments a month is Greattttttttt!!
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#23 |
Ten Point
Join Date: Jan 2013
Location: Grapevine
Hunt In: Young County and anywhere else I can
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Please dear God just give me one more boom. This time I promise I won't ***X it all away.......
LWD |
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#24 | |
Ten Point
Join Date: Feb 2014
Location: Midlothian TX
Hunt In: Vernon TX
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#25 |
Ten Point
Join Date: Jul 2013
Location: Shreveport
Hunt In: Harrison Co and other places
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I have seen many bust in the oil field since 1975. the most recent was in natural gas. Not to many drilling for nat gas @ 4.00. And oil price will come down, in fact the pipe line from Canada when its finally approved, I think will drop drilling for oil because of the large amount coming to the refineries. I got my wish, where please lord one more boom and I promise not to **** it off, has come and I don't think they can hurt me now. And I'm now thinking, will maybe they can
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#26 |
Pope & Young
![]() Join Date: Mar 2010
Location: Forestburg,Tx
Hunt In: Montague County
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With the daily production of the wells in the EF, it seems if the price of oil did drop we'd still be good...crazy oil prod down there, as y'all know.
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#27 |
Pope & Young
Join Date: Feb 2008
Location: Williston, ND
Hunt In: North Dakota
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I don't even have a car!
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#28 |
Eight Point
Join Date: Feb 2013
Location: Weatherford, Tx
Hunt In: Texas
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Just work enough and you can buy all that stuff, pay it off and have a bunch stacked away!... Then just flip burgers till the next one comes around... That's my plan lol
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#29 |
Pope & Young
Join Date: Apr 2014
Location: San Angelo
Hunt In: Irion Co
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65k pickup and escalade vehicles in front of 10k trailer homes is even better!
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#30 | |||
Pope & Young
![]() Join Date: Aug 2010
Location: San Angelo, Tx
Hunt In: Mexico, Tom Green Co.
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![]() Its crazy what you can save out here if you just make yourself do it |
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#31 |
Ten Point
Join Date: Feb 2012
Location: Sheridan
Hunt In: Colorado, Lavaca, and any where im invited
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Went through the busts in the 70s and 80s you could go up in the derrick and all you could see were drilling rigs. in 85 you lucky to see one. Most banks were the biggest car lots around.
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#32 | |
Pope & Young
Join Date: Oct 2006
Location: North Texas
Hunt In: Haskell County, TX
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Yep, I went through the 80's bust. I WILL happen again. Even on the production side I saw wells that normally produced several hundred barrels per day, I saw pumping units sit dead still because it was cheaper to shut them down than to keep them running. |
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#33 | |
Pope & Young
![]() Join Date: Aug 2010
Location: San Angelo, Tx
Hunt In: Mexico, Tom Green Co.
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Some of the guys forget that this will happen also. I went to pumping from roughnecking in '08 and some of our wells were done the same. Waiting on the oil price to come back Production is a little safer but when cuts come they are across the board |
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#34 |
Pope & Young
Join Date: Jun 2008
Location: Southlake, Texas
Hunt In: Cooke, Wilbarger, Foard Counties
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I remember back in 1982-83 I was working at National Supply building mud pumps and off shore cranes, the company was over a year behind on production, just like that the light switch went off, 1300 employees were laid off in just a few months, that company never re-opened. I went back to roughnecking after that, it was like a part time job, every now and then the driller would call and say, " we got one to drill, woohoo ! " The OP is spot on, save tour coins, sooner or later you will need them.
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#35 |
Pope & Young
Join Date: Aug 2014
Location: Central Tx
Hunt In: NTX
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yep so sad! Because most don't have a clue about saving money
It affects their EGO also ![]() |
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#36 |
Eight Point
Join Date: Nov 2011
Location: Iowa
Hunt In: midwest
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So true
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#37 |
Ten Point
Join Date: Jul 2012
Location: Porter Tx
Hunt In: Public and Private Lands of East Texas
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#38 |
Ten Point
Join Date: May 2011
Location: Corpus Christi, TX
Hunt In: South Texas
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Solid advice.
This industry is a roller coaster ride that's for sure. |
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#39 |
Ten Point
Join Date: Apr 2010
Location: Pearland, TX
Hunt In: anywhere
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#40 |
Ten Point
![]() Join Date: Jul 2013
Location: St. Hedwig
Hunt In: Bracketville, Missouri, East TX
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The only reason for me to get into the oilfield within the future would be to stock away cash!
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#41 |
Ten Point
Join Date: Oct 2013
Location: Aledo, Texas
Hunt In: Parker County, New Mexico
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Teaching the Dave Ramsey class right now at my church. It should be mandatory for all college grads and oil field guys. Heck it should be mandatory for everyone to sit through it. It couldn't hurt.
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#42 |
Ten Point
![]() Join Date: Oct 2012
Location: Tarrant County
Hunt In: Jack County
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Which church? The wife and I have talked about attending but havent found one on the nights we're free.
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#43 |
Pope & Young
![]() Join Date: Aug 2010
Location: San Angelo, Tx
Hunt In: Mexico, Tom Green Co.
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May be good for some but I'll take a hard pass on the Ramsey stuff
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#44 |
Ten Point
Join Date: Jul 2014
Location: Rosenberg
Hunt In: Fort Bend and Brazoria Counties
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#45 |
Ten Point
Join Date: Jul 2013
Location: Nacogdoches
Hunt In: Nacogdoches Co/Houston Co
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If you play your cards right, you can save enough money in a few years to buy/build a house and have it paid for so if our industry ever came crashing down you wouldn't have a huge mortgage......Buttttt some people would rather blow it on new jacked up diesels, $30,000 side by sides, single wide trailers, and partying...and get this.....THEY STILL LIVE PAYCHECK TO PAYCHECK. It just blows me away.....but to each their own I guess
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#46 | |
Ten Point
![]() Join Date: May 2010
Location: Allen TX
Hunt In: Wherever I can
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Save boys Save |
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#47 |
Pope & Young
Join Date: Aug 2014
Location: Central Tx
Hunt In: NTX
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#48 | |
Banned!!!
Join Date: Oct 2006
Location: Montgomery, Texas
Hunt In: Texas, Oklahoma, Kentucky
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I remember. My daddy was an oilfield superintendent. I was only 10 years old or so. It went from feast to famine!!! That why I don't hardly finance crap. Except just enough for my credit score. |
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#49 |
Ten Point
Join Date: Feb 2014
Location: Midlothian TX
Hunt In: Vernon TX
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Is kills me to finance anything also. I had to finally give in for a new durango for the wife. I figured I got my moneys worth on her old one, 200k miles on a 4 banger cavalier. I put several g's down but it still hurt me bad to sign that line for the balance.
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#50 |
Pope & Young
![]() Join Date: Oct 2006
Location: White Oak
Hunt In: Bee County
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The founder of our company, Edward Jones, used to say, "make hay while the sun is shining...but ALWAYS put some in the barn for rainy days."
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