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Becoming a Successful Owner/Operator: Money Management

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...


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.

You can watch Part 5 of Becoming a Successful Owner/Operator by clicking here or visiting the Trucknews.com home page. The previous four installments can be found on the Videos page of Trucknews.com.


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