DIY SEMI, TRUCKING AND MORE • 59 seconds ago For great fuel discounts with no fuel card required, watch this video! th-cam.com/video/LjB5Y60p1qI/w-d-xo.html
I agree with almost everything you said, and this is chocked full of great advice. But 1 thing we do is set a weekly salary. But If put pencil to paper the business owes us money. Because most the time we don't need all the salary amount. We only take the amount that supplements my retirement for the most part. We keep the rest in the business account. Because as a corporation we as officers voted to structure our compensation that way. Well I'm being alittle long winded. So great video.
@@cooltrkin I pay myself monthly 20% of what the truck makes, however, 10% goes in personal savings and 10% is what I live on. The rest stays in my business account and I also have a business savings acct. that gets paid 10% so I have money up front for taxes, insurance, licensing etc.
Yo that's solid advice man I appreciate it. I'm in my 2nd year as a operator and my biggest fear was not being critical about the numbers and you know making sure that I have my overhead as low as possible and see a profit from all the work I'm put in to it and just to sit here and listen to this video like a big check mark for me on everything that I need to do and that I am doing in this I really do appreciate the info.
Very informative. You are sharing knowledge that no other trucker is sharing. You teach very deep things about not only trucking but about any business. Keep it up brother thank you.
Good video bud, very true. I learned that info as a construction contractor. I listened to my account and didn't know the tax info on my own and it put me in a bad spot. I also mixed my biz acct with my personal acct thinking I could write off more than I could. Both very big mistakes!
I know I am late to commenting here but I wanted to clarify a point. Tax professionals ARE NOT interested in saving your money versus taxes owed. If they are offering representation if you are audited their goal is to not be audited. So if a lucrative deduction is questionable or historically will increase an audit threat they will not include it nor will they inform you they are not including it. I recommend having your accountant/tax professional complete your 1040 (which should ALWAYS be the form you file as a business owner) but you should go over each area with them to ensure they are completing it with your best interest in mind. I actually would recommend taking an online basic tax course and just doing them yourself. There are a couple of good programs on the marketplace that will import spreadsheet data and/or quick books data and complete calculations for minimal cost. Knowing where your money goes is priceless!
What I'm writing is not to have anyone feel sorry for me or anything like that. What I've done is all on me. I was leased to a carrier. My own truck and trailer. On paper I was doing really well. Part of it was the fact I did repairs and maintenance on my own equipment. Once I had some money into the business account built up I made a decision to help my family out or well ex-wife. She wanted a house and it was her perfect house. Now we had a place. Wasn't necessarily totally idea but we owned it out right. After some fast talking by my ex she talked me into taking money and buying this house. I did do it. I put out little over $20,000 into all the costs related to buying this house. This was all before the time that paper logs were just about to change to electronic logs. That's when things started to go bad. After switching to another carrier as a lease operator I was finally able to save up money again to finally achieve my next goal in business and that was get my own operating authority. Things started slow but really did change quickly because it was kinda the boom of trucking late in 2017 and most of 2018. Things were good for about four months and my old trailer decided that it was time to split in the center going length ways in the middle. Now I'm screwed. Very little money and no trailer. So I ended up doing creative financing to buy another trailer. Wasn't the end of the world but it was now cutting into what I was paying myself big time. Didn't sit well with the wife and I understand her point as well. Well as things were starting to turn around again a major problem arose with my truck. Something that I didn't have the tools or the facility and in Some case the expertise to do myself. Was a $23000 repair on the truck. Bit in big time. One more time of talking to the bank and getting things on an even keel once again. This all happened at the time that I just about had new trailer paid for. So my truck being a little older and what not I had to put everything up for collateral. This left me with very little operating funds once again. Now the eld is looming on us. Can do much to make it up anymore. Yeah buy old 99 truck instead and all will be fine. If that's your thing go for it. My truck was a 2010. So December of 2018 I told the ex that things were going to get really tight. I didn't just look at the rates of the business. I also looked at how manufacturing was doing at that time. Was starting to see many warehouses starting to go up for lease. That is what told me what was to come. No inventory being stored means freight is slowing and it was doing it fast. So rolls March of 19 my ex decided she needed to refi the house after only six years into the mortgage. Well not only did I have to pay the closing costs out of the business but all of a sudden the bank also wanted something "fixed" on the house. Mind you the house never changed condition in the six years other than a couple of minor upgrade and fixes but the ex wanted this done so I took money from the business to keep her happy. Depleted everything that I had once again. Wouldn't you know it just before June rolls in another major repair needed to be done. Took it in to a shop which should have only taken at most five days turned out to 3-1/2 weeks. That's revenue that is never made back up. Bills still keep coming in so one more time to talk to banker to pay the bill. Got it fixed and four weeks later I'm on the road and I get a phone call the ex wants to meet me on the road. Really odd but I said alright. Yah it was divorce papers. There is a story behind it all and I'm not going to get into that but this is the second time she's pulled this crap so I signed them. From that day forward the out of control spiral kept going. Had to take the truck in two more times for what should have been fixed under warranty by the previous fix and guess what. It wasn't. Instead it cost me more both times. Still wasn't right. I had a tire blow out during the middle of a snow storm in Wisconsin early November. I used what funds I had available to put new tire on but after I did that the problem with truck arose one more time on icey roads. It stuck in gear. Roads did clear up the next day but I new if I kept driving this truck I was either going to kill myself or someone else plus I had no funds to fix anything less alone buy fuel. Once I got home on Thanksgiving day I parked the truck for good because I was bankrupt. Plus I got court signed divorce papers in the mail on day before my 17th wedding anniversary. Nice kick in the teeth. December 15th I stopped my operating authority. Didn't have the money to continue to pay insurance less alone fuel. I'm not asking for sympathy or any goofy crap like that. My whole point for everyone one here is even if you do know your numbers you have to hold stead fast on the extra money in the business account. Diy is right. It's not your money.
@@DIYSEMI yah but there is a snowball effect. Ex-wife, choices I should have not made. It all has a factor into the situation. Oh and the fact choices she made as well
No nonsense Wisconsinite. Been one myself for 10yrs. Now am a Californian for 10yrs, lol. A hobo SoCal trucker. Seriously considering being an owner- op myself. As a new owner-op, I heard, from Smart Trucking, the Canadian, that it's better to begin with a new truck, if you can afford to pay 15-20% down and still have 20K emergency fund. He also preferred Paccar not only for the reliability but for the least amt of wait at a dealer shop compared to Freightliner because there are so many. Wondering what your thoughts are about these things. Leaning towards a KW T680, that's what I have driven at Melton, am a flatbed druver. Now they gave me a new Freightliner with DT15; I so far have no issues with it.
Ohh that's a huge question...first, don't take advice from anyone on youtube... I strongly disagree with what he told you. but I wont discuss it here. you can email me if you want. diysemi@yahoo.com
I’d try to find whatever you can find which has the specifications which suit what you plan to haul. Almost as important is finding a truck in the best shape that you can afford. If it’s used, try to find one recently rebuilt. Thirdly, make sure that you’re not in too deep. Find a deal where you can afford to park it if things get slow, or you get sick and need time off.
Great video, thanks for the upload. You're 100% correct, they have the power over the rates due to them knowing there's always a o/o that doesn't run his logistics side correctly and needs to get the truck moving at any cost.
Another great video. Most of those lease to own deals look pretty shady. Am always surprised by drivers who don't know their numbers. Good advice! Thank you.
Thank you for the good information. Fortunately I subscribe to the standards you have brought to light. Unfortunately I learned those lessons the hard way but fortunately I'll never forgdet them.
Maan u a real kool Cat.. im pickin up what u puttin down. Just found your video about the Century cab bushing replacement, then Mudflap app.. now this. Ill be checkin your other videos out. I thank u alot!!
Priceless information! Thank you sir, I just subscribed. Also,if you do get into a Lease (do not recommend) 1st don't lease from same company you work for,and 2nd don't do an "escrow mantinence account" with the lease carriers,because you won't see a dime of "your money" trust me.
I really am not seeing the benefits of owning my own truck at this point. I'm making 1500-2200 per week as a company driver hauling refrigerated freight. My only concerns are managing my clock, running hard, and getting loads there on time. Unless I had my own authority I don't see how I could make this much if I leased on to a carrier that takes 20-35 percent.
I was told not to go to a dealership to get new truck. Only ask for quote on the phone an let then send it to your email. Once you print the quote go to different banks on soft pull. Then walk in the dealership and go straight to buy the truck.
You cover so much in your videos i am not a trucker but i want to start a trucking company thought about it 20 years ago i am so into the trucking business i would never want to be a driver this info can apply to any business you cover more info than anyone that i know of i think everything about the trucking business is so interesting and a challenge have you ever read the book why most small businesses fail and what to do about it by Michael Gerber and 9 lies that are holding your business back by steve Chandler both great books thanks for giving all this very important information away
@@aahmed1259 you have to find people who have the knowledge and know how to run and sustain a business the book on why most small businesses fail and what to do by Michael Gerber will help you with that and the outher book will help you with the lies people tell them selfs why there business is failing or failed both great books
Love your videos. I’m lucky to have been financed for a truck but I underestimated the cost of repairs. Plus the cost of fuel, any suggestions to raise capital?
I'm getting back into the business after a 15 year hiatus. My new path includes becoming an owner/op. So...what are the industry norms? How much, if leasing from a carrier, is an average % the carrier keeps/load? What is an average $/mile? Do you suggest leasing from a carrier at all? Is buying a truck outright usually the best bet, or is leasing a good entry point? I have a hundred questions and limited time before I start this next step in my life. Are there medical insurance companies specifically geared toward Truckers? Truck insurance, do you have a preferred company? Is it better to own a trailer and go full-on independent? I know all of those questions pertain to an individual's particular circumstance, and you can't answer them, but I figured I would at least think some of them "out-loud" so-to-speak. :) Good video, thanks.
Those are some deep questions to answer here. O/OP deals are all over the board. Best thing to do buying a truck is control your own asset. I can't possibly answer all those questions here in the comment section, I'm sorry. Come in a live stream some time, or do a membership meeting. That answer is gonna take some time
@@DIYSEMI Thanks for responding, to be honest I didn't think you would even see it, let alone try to answer the questions. I enjoyed your content, and have been watching several of your videos. I'm sure you will be hearing from me again! Thanks again for a REAL video about trucking.
Hello sir, you seem very knowledgeable in this business. I hope you can help me out with my dilemma. I have my own LLC and got 5 trucks OTR. What type of form do I give my drivers? Is it 1099 or W-2...? None of my drivers has EIN. They only have their SSN
@DIY SEMI I don't take taxes out of their checks, and this is where I'm stuck, I don't know if a driver using his SSN is considered as a contractor or not...
Your information is invaluable that you so much for sharing your knowledge. You mentioned a leasing company you thought was okay. Would you mind sharing the name of that company
Did the same. 3 homes, 1 of them built, all with cash. Sold one for profit. Now, I'm saving to buy a class 6 box truck sleeper with cash and I'm finally leaving the healthcare industry. I can't wait for the peace and serenity of the road!
Hey man when someone asks "are you making any money," it means are you making any profit! lol. They're not asking if you're making ANY money whatsoever, because we all know that EVERY single driver is making something. When you say you dismiss a person automatically if they ask you that question, it kind of makes YOU look foolish in not understanding what they are asking. Its implied.
The fact there ar so many broke ass truck drivers out there shows im correct. Most have no frickin clue if they are making a profit. They spend all they gave. Repossesion rates are sky high on trucks. That wouldnt happen if they managed their money. Knownit alls are thr problem.
Would you suggest taking a small business administration course? I have one truck running and two broken down but I want to get them going. I don't think I'm doing things right with money
I would suggest getting all the business education that you can, however, not through the SBA or anything to do with the government. The government doesn't know a thing about running a business. The best education is self education. Read tons of books, listen to podcasts, etc....
Sometimes you can only write off the interest on equipment but a lease you can write off all the payments and interest. Id rather have the $$ in my pocket but some may need the write off.....
So I'm new to the owner operater thing. Have about 6 months in. I know I need to do certain things, like pay myself out of a business account, but I don't really have a business management mind. Should I take a business class or hire somebody that knows more about it than I do.
DIY SEMI, TRUCKING AND MORE
• 59 seconds ago
For great fuel discounts with no fuel card required, watch this video! th-cam.com/video/LjB5Y60p1qI/w-d-xo.html
I agree with almost everything you said, and this is chocked full of great advice. But 1 thing we do is set a weekly salary. But If put pencil to paper the business owes us money. Because most the time we don't need all the salary amount. We only take the amount that supplements my retirement for the most part. We keep the rest in the business account. Because as a corporation we as officers voted to structure our compensation that way. Well I'm being alittle long winded. So great video.
@@cooltrkin I pay myself monthly 20% of what the truck makes, however, 10% goes in personal savings and 10% is what I live on. The rest stays in my business account and I also have a business savings acct. that gets paid 10% so I have money up front for taxes, insurance, licensing etc.
Probably the most honest owner operator on TH-cam. Keep on the good information.
Yo that's solid advice man I appreciate it. I'm in my 2nd year as a operator and my biggest fear was not being critical about the numbers and you know making sure that I have my overhead as low as possible and see a profit from all the work I'm put in to it and just to sit here and listen to this video like a big check mark for me on everything that I need to do and that I am doing in this I really do appreciate the info.
You seem very passionate in this channel that’s awesome! I appreciate the info👍🏼
Priceless information. Thank you!
exactly
Ah we'll charge it to the business. No. Stop that. Whats in the business account is not your money." Bro I like the way you think. Subscribed.
Very informative. You are sharing knowledge that no other trucker is sharing. You teach very deep things about not only trucking but about any business. Keep it up brother thank you.
Good video bud, very true. I learned that info as a construction contractor. I listened to my account and didn't know the tax info on my own and it put me in a bad spot. I also mixed my biz acct with my personal acct thinking I could write off more than I could. Both very big mistakes!
Thanks for sharing
This video is incredibly valuable. I just can say thank you for sharing. God Bless Your Business good man.
I know I am late to commenting here but I wanted to clarify a point. Tax professionals ARE NOT interested in saving your money versus taxes owed. If they are offering representation if you are audited their goal is to not be audited. So if a lucrative deduction is questionable or historically will increase an audit threat they will not include it nor will they inform you they are not including it. I recommend having your accountant/tax professional complete your 1040 (which should ALWAYS be the form you file as a business owner) but you should go over each area with them to ensure they are completing it with your best interest in mind. I actually would recommend taking an online basic tax course and just doing them yourself. There are a couple of good programs on the marketplace that will import spreadsheet data and/or quick books data and complete calculations for minimal cost. Knowing where your money goes is priceless!
What I'm writing is not to have anyone feel sorry for me or anything like that. What I've done is all on me.
I was leased to a carrier. My own truck and trailer. On paper I was doing really well. Part of it was the fact I did repairs and maintenance on my own equipment. Once I had some money into the business account built up I made a decision to help my family out or well ex-wife. She wanted a house and it was her perfect house. Now we had a place. Wasn't necessarily totally idea but we owned it out right. After some fast talking by my ex she talked me into taking money and buying this house. I did do it. I put out little over $20,000 into all the costs related to buying this house. This was all before the time that paper logs were just about to change to electronic logs. That's when things started to go bad. After switching to another carrier as a lease operator I was finally able to save up money again to finally achieve my next goal in business and that was get my own operating authority. Things started slow but really did change quickly because it was kinda the boom of trucking late in 2017 and most of 2018. Things were good for about four months and my old trailer decided that it was time to split in the center going length ways in the middle. Now I'm screwed. Very little money and no trailer. So I ended up doing creative financing to buy another trailer. Wasn't the end of the world but it was now cutting into what I was paying myself big time. Didn't sit well with the wife and I understand her point as well. Well as things were starting to turn around again a major problem arose with my truck. Something that I didn't have the tools or the facility and in Some case the expertise to do myself. Was a $23000 repair on the truck. Bit in big time. One more time of talking to the bank and getting things on an even keel once again. This all happened at the time that I just about had new trailer paid for. So my truck being a little older and what not I had to put everything up for collateral. This left me with very little operating funds once again. Now the eld is looming on us. Can do much to make it up anymore. Yeah buy old 99 truck instead and all will be fine. If that's your thing go for it. My truck was a 2010.
So December of 2018 I told the ex that things were going to get really tight. I didn't just look at the rates of the business. I also looked at how manufacturing was doing at that time. Was starting to see many warehouses starting to go up for lease. That is what told me what was to come. No inventory being stored means freight is slowing and it was doing it fast. So rolls March of 19 my ex decided she needed to refi the house after only six years into the mortgage. Well not only did I have to pay the closing costs out of the business but all of a sudden the bank also wanted something "fixed" on the house. Mind you the house never changed condition in the six years other than a couple of minor upgrade and fixes but the ex wanted this done so I took money from the business to keep her happy. Depleted everything that I had once again. Wouldn't you know it just before June rolls in another major repair needed to be done. Took it in to a shop which should have only taken at most five days turned out to 3-1/2 weeks. That's revenue that is never made back up. Bills still keep coming in so one more time to talk to banker to pay the bill. Got it fixed and four weeks later I'm on the road and I get a phone call the ex wants to meet me on the road. Really odd but I said alright. Yah it was divorce papers. There is a story behind it all and I'm not going to get into that but this is the second time she's pulled this crap so I signed them. From that day forward the out of control spiral kept going. Had to take the truck in two more times for what should have been fixed under warranty by the previous fix and guess what. It wasn't. Instead it cost me more both times. Still wasn't right. I had a tire blow out during the middle of a snow storm in Wisconsin early November. I used what funds I had available to put new tire on but after I did that the problem with truck arose one more time on icey roads. It stuck in gear. Roads did clear up the next day but I new if I kept driving this truck I was either going to kill myself or someone else plus I had no funds to fix anything less alone buy fuel. Once I got home on Thanksgiving day I parked the truck for good because I was bankrupt. Plus I got court signed divorce papers in the mail on day before my 17th wedding anniversary. Nice kick in the teeth.
December 15th I stopped my operating authority. Didn't have the money to continue to pay insurance less alone fuel. I'm not asking for sympathy or any goofy crap like that.
My whole point for everyone one here is even if you do know your numbers you have to hold stead fast on the extra money in the business account. Diy is right. It's not your money.
Sorry, i never i tended it that way. Guess i
Was insensitive
@@DIYSEMI no no. I'm just telling my situation to others to hopefully help everyone else to see the signs before it's to late
Well, in your case i think it was a dishonest mechanic that wouldnt own his work
@@DIYSEMI yah but there is a snowball effect. Ex-wife, choices I should have not made. It all has a factor into the situation. Oh and the fact choices she made as well
@@mikeh1593 hope you're doing good!
Thank you for putting this out there. 5 good points for a trucking business.
👍
No nonsense Wisconsinite. Been one myself for 10yrs. Now am a Californian for 10yrs, lol. A hobo SoCal trucker. Seriously considering being an owner- op myself.
As a new owner-op, I heard, from Smart Trucking, the Canadian, that it's better to begin with a new truck, if you can afford to pay 15-20% down and still have 20K emergency fund. He also preferred Paccar not only for the reliability but for the least amt of wait at a dealer shop compared to Freightliner because there are so many. Wondering what your thoughts are about these things. Leaning towards a KW T680, that's what I have driven at Melton, am a flatbed druver. Now they gave me a new Freightliner with DT15; I so far have no issues with it.
Ohh that's a huge question...first, don't take advice from anyone on youtube... I strongly disagree with what he told you. but I wont discuss it here. you can email me if you want. diysemi@yahoo.com
I’d try to find whatever you can find which has the specifications which suit what you plan to haul. Almost as important is finding a truck in the best shape that you can afford. If it’s used, try to find one recently rebuilt. Thirdly, make sure that you’re not in too deep. Find a deal where you can afford to park it if things get slow, or you get sick and need time off.
Thanks! I'm just researching, considering coming into the industry, and you are a wealth of knowledge.
Great video, thanks for the upload. You're 100% correct, they have the power over the rates due to them knowing there's always a o/o that doesn't run his logistics side correctly and needs to get the truck moving at any cost.
Best advice, every word made incredible sense, thank you
Love the video. All new Owner Ops need to review this!
Why thank you!q
Thank you!
I just ran across your video and I’m still watching. I really appreciate the information. Thank you.
there is nothing wrong with constructive criticism , I like the way you tell it like it is.
Piercing the corporate veil is the phrase you were looking for.
Another great video. Most of those lease to own deals look pretty shady. Am always surprised by drivers who don't know their numbers. Good advice! Thank you.
Hello Tom! How r u doing it would be nice to hear from you soon
Thank you for the good information. Fortunately I subscribe to the standards you have brought to light. Unfortunately I learned those lessons the hard way but fortunately I'll never forgdet them.
Me too
Very good information love these videos!! Coming from a brand new owner operator!!
Maan u a real kool Cat.. im pickin up what u puttin down.
Just found your video about the Century cab bushing replacement, then Mudflap app.. now this.
Ill be checkin your other videos out. I thank u alot!!
Right on!
Me and my wife were finally blessed enough to save100k plus and are intrested in this industry.
Priceless information! Thank you sir, I just subscribed.
Also,if you do get into a Lease (do not recommend) 1st don't lease from same company you work for,and 2nd don't do an "escrow mantinence account" with the lease carriers,because you won't see a dime of "your money" trust me.
If you can't manage your personal finances, you're not ready to handle a businesses finances
I really am not seeing the benefits of owning my own truck at this point. I'm making 1500-2200 per week as a company driver hauling refrigerated freight. My only concerns are managing my clock, running hard, and getting loads there on time. Unless I had my own authority I don't see how I could make this much if I leased on to a carrier that takes 20-35 percent.
Never lease on it makes no sense putting yourself in a bad situation so they can screw you someway or another
Thank you... great information!!!
It's crazy to see all the trucking companies folding up small and large!
Great video, I know I’m late to these videos but great information. Thank you for taking the time to share your knowledge.
Thanks for watching!
Well explained and detailed... My gratitude ..
You are a life saver king respect for the knowledge 🙏🏽🙏🏽
You’re totally right 👏
Good shit. Real good... 👍🏾
Love your advice mAn really helpful
Yes trucking is very risky. Scary times right now
Thanks for the advice, from WI
You're a natural teacher
Its like this video was made specifically for me. Im the audience he is talking to. He hit every ....single....nail on the head.
Thanks for helping us truckers with knowledge of business/ O/O
Good stuff...enjoyed the video how to buy cheaper fuel
I was told not to go to a dealership to get new truck. Only ask for quote on the phone an let then send it to your email. Once you print the quote go to different banks on soft pull. Then walk in the dealership and go straight to buy the truck.
I remember calculating a lease purchase out and truck was gonna cost over 240,000.
My Friend
Good afternoon
Thanks for this valuable information
BEST REGARDS
28 March 2023
Great informative video as always. !
Thanks for your help 👍 I'm Trucking
Great video.
Great video. Just what I need! ✌️
You cover so much in your videos i am not a trucker but i want to start a trucking company thought about it 20 years ago i am so into the trucking business i would never want to be a driver this info can apply to any business you cover more info than anyone that i know of i think everything about the trucking business is so interesting and a challenge have you ever read the book why most small businesses fail and what to do about it by Michael Gerber and 9 lies that are holding your business back by steve Chandler both great books thanks for giving all this very important information away
@Adventure S
So you mean if I get the knowledge iam okay to be handled any business.
@@aahmed1259 you have to find people who have the knowledge and know how to run and sustain a business the book on why most small businesses fail and what to do by Michael Gerber will help you with that and the outher book will help you with the lies people tell them selfs why there business is failing or failed both great books
Great information sir. Much appreciated 👍🏾👍🏾
Excellent video and thank you...
What is your opinion on using a factoring company, right out of the gate as a new Owner Op?
It is not a bad thing. Sometimes necessary. I don't really use it but I don't hate on it.
Good day sir, I'm almost 62 in May and plan on working until 65. If I have 20k, would you recommend leasing or purchasing a truck?
Factiring is a scam
Love your videos. I’m lucky to have been financed for a truck but I underestimated the cost of repairs. Plus the cost of fuel, any suggestions to raise capital?
Great Information
Very valuable information thank you very much
Brother you are best.
For sos alot of trades have their prob just look at the snap on
Ty sir very much
gracia
Great information thanks
I'm getting back into the business after a 15 year hiatus. My new path includes becoming an owner/op. So...what are the industry norms? How much, if leasing from a carrier, is an average % the carrier keeps/load? What is an average $/mile? Do you suggest leasing from a carrier at all? Is buying a truck outright usually the best bet, or is leasing a good entry point? I have a hundred questions and limited time before I start this next step in my life. Are there medical insurance companies specifically geared toward Truckers? Truck insurance, do you have a preferred company? Is it better to own a trailer and go full-on independent? I know all of those questions pertain to an individual's particular circumstance, and you can't answer them, but I figured I would at least think some of them "out-loud" so-to-speak. :) Good video, thanks.
Those are some deep questions to answer here. O/OP deals are all over the board. Best thing to do buying a truck is control your own asset. I can't possibly answer all those questions here in the comment section, I'm sorry. Come in a live stream some time, or do a membership meeting. That answer is gonna take some time
@@DIYSEMI Thanks for responding, to be honest I didn't think you would even see it, let alone try to answer the questions. I enjoyed your content, and have been watching several of your videos. I'm sure you will be hearing from me again! Thanks again for a REAL video about trucking.
@@veracityseven looking forward to it
You absolutely right sir, always great like usually.
Love and respect bro
Thank you very much
Great content. Thanks
Great informations
Hello sir, you seem very knowledgeable in this business. I hope you can help me out with my dilemma. I have my own LLC and got 5 trucks OTR. What type of form do I give my drivers? Is it 1099 or W-2...? None of my drivers has EIN. They only have their SSN
Do you take taxes out of their checks? Are they employees or contractors
@DIY SEMI I don't take taxes out of their checks, and this is where I'm stuck, I don't know if a driver using his SSN is considered as a contractor or not...
Your information is invaluable that you so much for sharing your knowledge. You mentioned a leasing company you thought was okay. Would you mind sharing the name of that company
Yeah.. they changed things. I can't recommend them anymore. Email me diysemi@yahoo.com if you would like to talk about it more
Thanks. Good Info to be sure. Comment: keep it moving...no tangental in the weeds chit chat about..."one time at band camp".. You know what I mean?
Well said!
Great video!
thank you very much
Great videos!
I started with Dave Ramsey and build up the cash to buy a truck with cash and keep rolling with cash. No credit cards
Best plan ever!
Did the same. 3 homes, 1 of them built, all with cash. Sold one for profit. Now, I'm saving to buy a class 6 box truck sleeper with cash and I'm finally leaving the healthcare industry. I can't wait for the peace and serenity of the road!
@@I_Died_2_Weeks_Ago Ok if you need help on the road let me know. Great job!
Hey man when someone asks "are you making any money," it means are you making any profit! lol. They're not asking if you're making ANY money whatsoever, because we all know that EVERY single driver is making something. When you say you dismiss a person automatically if they ask you that question, it kind of makes YOU look foolish in not understanding what they are asking. Its implied.
a foolish question....no it implies nothing on me. It implies people don't track their numbers
The fact there ar so many broke ass truck drivers out there shows im correct. Most have no frickin clue if they are making a profit. They spend all they gave. Repossesion rates are sky high on trucks. That wouldnt happen if they managed their money. Knownit alls are thr problem.
Whats a good place to find a truck to buy?
What's the lease company that your impressed with?
Hello, thank you so much for your info. its a=exactly what i needed to hear, is there a way to schedule a consult
Join channel as an all access member then email me. diysemi@yahoo.com
Great information 🙏
Very good video.
Would you suggest taking a small business administration course? I have one truck running and two broken down but I want to get them going. I don't think I'm doing things right with money
I would suggest getting all the business education that you can, however, not through the SBA or anything to do with the government. The government doesn't know a thing about running a business. The best education is self education. Read tons of books, listen to podcasts, etc....
@@DIYSEMI
Did you know the best podcast business or any recommendations 👍
I just thinking about that truck you just bought, I need my test drive 💖💖😂😂
Appreciate this sir!
My pleasure! If you sign up for the mudflap app make sure to use promo code diysemi to get $10 in free fuel after your first fill up!
Another gem video 👍🙏
Are they still giving trucks away? Or is this a bad time to buy? Thank you for all this information!
Certainly not giving anything away!
Very informative
Sometimes you can only write off the interest on equipment but a lease you can write off all the payments and interest. Id rather have the $$ in my pocket but some may need the write off.....
on a purchase you deduct the interest and then depreciate the equipment. it's almost the excact same end result
Tradesman have shiny syndrome too they see expensive tools, " oh I got to have that " 🤣
Yeah but tools are cool!!! Lol
Solid content 👍
Thanks!
Wake up call..thank you
So I'm new to the owner operater thing. Have about 6 months in. I know I need to do certain things, like pay myself out of a business account, but I don't really have a business management mind. Should I take a business class or hire somebody that knows more about it than I do.
that would be very wise....anything to improve you business I.Q. would be a great investment. and of course...watch my videos😂
That's why Iam not interested in owning any trucks lease only not LP is the way to go and my deductions are endless .. and pay my taxes weekly .
Should I buy my meals on the road with my business card account?
You could....but I prefer not to mix business and personal money. It's for the best to separate the two
Thanks!! 👍
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Definitely not 30 bucks more like 82 dollars I can’t afford at the moment
Brother i need your help. How can i reach you?
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how to pay my self i try to do that but i couldn't fine how to do it pls advice me thanks for youre information
Are u an s Corp? LLC? Sole proprietor? C Corp?
@@DIYSEMI yes ido
llc but my tax ofice they filed S Corp
If u are an LLC just write yourself a c check. If u are an s Corp you need to do a formal payroll. Talk to your accountant on that.
A couple of blown engines
Sounds like your talking to me
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Thank you sir!