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Proactive income management ideas.

Morning thoughts 🤔☕️

Prepare for the what if’s and manage your personal risk exposure.

The Silicon Valley Bank collaps and the decisions coming this week. We are likely going to hear it was “To Big Too Fail” or too big to allow this to fail.

The reason is simple I believe as our own confidence is such a powerful force supporting the very foundation of our economic network.

And confidence in our own banks is such a key influencer.

And since trucking is smack dab in the middle of all of this. transporting +- 70% of all the things people want and need.

This bank failure may push the recession recovery out farther than the predicted 6-8 months.

The Fed’s actions coming in the next 7-14 days could be key. Just think back to the 2020 Pandemic response the checks mailed out to individuals, the PPP and Economic Injury Disaster Loan (EIDL).

These loans and grants are still proping up businesses. We still don’t know how those actions will end.

What can you as a truck owner do?

• Balance need to pay your bills vs Cash flow

• Find a way that you know everyday what it’s going to cost you to pay your home bills and your business cost.

• Recognize your time is now your most valuable asset

• Figure out how to build a plan 2-7 days ahead.

• Cut personal spending, I have too many owners tell me they have to have $1600-$2000+ to pay the bills at home every week.

That equals after taxes $83,200-$104,000

• Earned income before taxes would have to be I estimate - $112,725 - $150,000 profit per year.

• Yes you will have to pay taxes to send third money home.

• Look back at your history, have you ever had this kind of disposable income?

• Stop spending the business operating money to pay bills at home. ( a 1099 settlement is not a personal paycheck!)

• While setting yourself up as a W2 empoyee is a great business & personal money Managment

Tool. (If your business profits are greater than $70,000-$80,000. If less, You don’t have too. the other way is a simple allowance transfer a set salary to your home checking account each week.

If your unsure condider these suggestions and if you can't seem to find your start button? Ask for help.


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