New Economy of Low Oil Prices: Dreams Crushed
Coming to Alberta’s Oilfield in just a car and packed bags in 2013, hoping to be in a Ferrari by 30. Then comes the collapse of the oil prices and the economy.
When I first started in this industry: my goal was to have 2 homes, a Porsche, and my education by age 23. This to gain an extra property (or about $50-60K of stocks) each year, while keeping my income (gross) per month close to, or in the 5-digits. Ferrari by 30. Had all the math and plan written out.
In late May 2013: I packed my bags, and drove straight to Fort McMurray, Alberta from the Lower Mainland in BC.
Every year, quarter, month had to be better than the last. I was to be unrivalled. To be one of the only young success stories without the bank of mom and dad. To be above them all. To become the best.
I invested and worked aggressively. My dream pushed me to grow into something better every day. I used to be a noteworthy sight in much of the places I went. I was that guy. It motivated me even further.
I started being an oilfield labourer. Then worked the rigs. Then trucking in road construction and oilfield from 2014 to now. I did IT, finance, and business development consulting for an oil and gas company from 2018-2019. Then back to trucking when I got tied into two lawsuits against a former business partner, and a client I worked for (who also, was my partner).
It was going well until I got involved with the wrong people and with the wrong businesses. Then the economy goes down.
We used to drink on the weekends while talking about which super car we were going to get. How many trucks or properties we were going to get. How we were going to retire early on our investment portfolios. It kept us going on those 105-hour work weeks.
Now much of those colleagues I never saw again. Now we talk about just staying working. $100,000 used to be not a lot of income. Now some people would do the same work for half.
I’m 26 years old now and it feels just like how life was when I was 19. Starting over. Except now with my body starting to age and the economy in the shits.
I do not know how I’ll get my motivation back again. Maybe it’s the economy. Maybe it’s cleaning out my defendants in court. Maybe it’s discovering a new way to make money that’s not the oil patch or construction. That now I wonder about each day.