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 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.
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.