TORONTO, Ont. — Building a reserve account of three months’ worth of operating expenses can be a life-saver for owner/operators, Ray Haight, CEO of ATBS Canada explains in Part 5 of Becoming a Successful Owner/Operator, focusing on money management.
“It’s difficult to put that aside,” he acknowledges, “but we tell a lot of prospective new owner/operators that their lifestyle may get impacted for a while as they build that up.”
Having a reserve account in addition to a maintenance escrow account can help an O/O survive unplanned downtime or equipment breakdowns.
Haight makes the suggestion in Part 5 of Becoming a Successful Owner/Operator, a 10-part video series sponsored by Michelin. In the latest installment, focusing on money management, Haight also discusses the various ways of handling meal expenses, why O/Os should avoid cash advances from credit card companies and carriers as well as the benefits of planning for taxes year-round and working with a trucking tax specialist.
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