This is probably one of the most important episodes you can listen to. Listening to the episode is just step one, but what you really need to do is adopt the habits we talk about in this episode. Owner operators who live by the principles we discuss in this episode are the ones who are significantly more likely to succeed and ultimately THRIVE.
What to Expect From Episode 18
Last week we talked about how much money I made during the first three full months operating my trucking company. In this episode, we talk about what to do with that money. Much to the disappointment of my wife, it’s not give it to her. Like I have been preaching, you need to have an owner’s mindset and that money needs to stay in the company for future expenses and unforeseen challenges.
Below you can see the Balance Sheet for Haulin Assets that covers the months of May, June, and July. (If you have a slow internet connection, it might take a bit of time for it to show up). We cover it in detail during this episode. It is best to look at the balance sheet as you listen to the episode, so you can follow along.
The main thing I want to point out here is watch the savings account grow. In May I added $1,519.70 to the savings account, in June I only added $863.98 because it was such a rough month, and in July I added $1,802.08. By the end of July, the savings balance was $4,185.76.
You can see on the balance sheet I have broken the savings down into several categories. We cover what each one of those are during the episode. I also talk about how I determine how much to put into each category. I use a spreadsheet to help me figure that out. You can download the spreadsheet and learn more about how to use it on this page on Motor Carrier HQ’s website.