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Ignoring our own pay, why’d we do that?


Morning leaders ☕️

An Opertating Cost Tutorial 🤔💵💸

I'm sharing a Continuation from the Truck Business Network Groio I maintain. With the sharing of data available from ATRI’s research information to study.

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Would you go to work for a company, for the same wages and benefits you pay yourself?

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I find as owners there’s a propensity to ignor our own pay. Why do we do this?

When one of the biggest complaints aired by drivers and owners is that the companies are not paying high enough wages!

I confess for years I was not as focused on paying myself. In my case, and I’m not saying this is a good excuse, growing up on a family farm there just wasn’t ever any talk of paychecks or much about income in general.

But as I’ve matured I began to recognize what a huge mistake this was. A lot of the change I think grew out of my wife’s work and watching how Marcia managed not only her pay and benefits but all of our income. Abd I credit our tax and financal advisor.

Our farm family like many if not most view the farm as everything! And the farm was just going to always provide for our needs.

Working and investing every year to try and not pay any taxes, SS, or Medicare and not saving for retirement or emergencies. I mean, why we got the farm! We are investing in the farm!


I see a lotta truckers living and working with the same mindset. Why worry we are working and investing in the truck! And then the reality of life hits and there’s medical emergencies and loss of the ability to drive the truck one spouse passes away and the income stream drys up.


It does not have to end this way! If you are trying to figure out a better way abd see the need to make changes. These help available, not sure how to find help or where to start?

Just ask, gary@truckbizcoach.com I may have sone helpful suggestions but realize the first steps begin with writing down those goals, a plan of action and figure out how the setup some type of accountability system.

In the meantime read the ATRI report.


Gary

Truckbizcoach

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There’s a lotta insightful information in this ATRI report, I suggest you download a copy and review and pull out your business plan and compare. Don’t have a business plan, ok then this may be helpful to you in putting at least an outline of sorts and kickstarting your efforts.

Gary

This is from the latest published ATRI info.

Line-Item Analyses

Driver Compensation

Carriers spent $0.809 per mile on average on driver pay and benefits in 2021. As shown in Table 7, this year's total driver compensation surpassed 2018 as the highest recorded.

Total driver compensation was highest among LTL fleets, which spent a total of $0.987 per mile on average or 22 percent more than the overall average. Specialized carriers spent $0.847 per mile on driver compensation, 5 percent more than the overall average.

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