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Most owner-operators were company drivers before they bought a truck. Company drivers quickly figure out how to get the time off that they want, and how to get it without significant penalties. But when the company driver becomes an owner-operator, the old company driver habits about time off should change with the new responsibilities. An owner-operator has costs that the company driver does not. One of these costs is “fixed expense”. This is the cost of ownership, and the expense is unrelenting. It is spent every day regardless if the tractor is moving or sitting. A typical fixed expense is about $80.00 and it happens every day until the last tractor payment is made. (After that last payment is made there will still be fixed expense, although it will be reduced.) Unlike a company driver, when an owner-operator takes time off, this expense of about $80.00 a day is still incurred even though the truck is sitting. Because of this penalty, time off has a different meaning for the owner-operator. There are a few clever things an owner-operator can do to lessen the shock of this expense while still having time off. First, look ahead for a full year and set goals based on what is reasonable and what is possible. There are 365 days in a year, and many drivers will say they would like about 550 miles per day. If you do the math, that comes to 200,750 miles. But we’re only human, and that’s a lot of miles! However, you should ask yourself: is 255 working days possible? Is 550 miles a day average reasonable? If these are feasible to you, then the miles would total 140,250. Not too bad! Are 100 days of time off right for you? (Remember to allow time for mechanical issues, bad weather, layover & holidays). Some studies show that if operators commit less than 255 working days per year that their success is only marginal, sometimes worse. Other operators may need closer to 290 working days to be successful. Figure out how many working days remain this year, and then do the same every year following. You’ll be moving forward by mapping out the number of working days you need to succeed, instead of working to catch up without having a plan ahead of time. Understanding freight cycles will give you another advantage. There are yearly, quarterly, monthly, and weekly freight cycles. Every sector of the trucking industry (van, flat, reefer, HHG, tank) will have different cycles and even individual companies in the same segment may have differences. Here are the differences between each type of freight cycle: Yearly. The yearly fright cycle depends on your industry. For one segment of an industry it might be slow in the first quarter (Jan-Feb-Mar) of the year. Then the next two quarters (Apr-May-Jun and Jul-Aug-Sep) things can pick up and are more normal. The last quarter (Oct-Nov-Dec) is often the busiest quarter of the year. Quarterly. A quarterly freight cycle is where the first month of the quarter will be slowest, the next month will be more normal, and the last month will be the busiest of the quarter. Monthly. This is when the first week of the month will be slowest, the next two weeks will be more normal, and the last week will be the busiest week of the month. Weekly. Friday is the busiest day of the week, and Monday is the next busiest. If you are consistent with making the most of these days of the week, it can help your business to thrive. If you can get in synch with these cycles, you can use them to your advantage. Match your time off with the slowest time of the calendar. Then take your time off accordingly, and when it will affect your business and productivity the least. Give yourself the advantage by being available for work during the busiest times on the calendar. Here are some additional ways to ensure that you make the most of your time: Ask your fleet manager or operations manager to explain your company’s freight cycles to you. Mark the cycles on a calendar for the rest of the year, then plan your time off and availability for work accordingly. Plan vacation time (and any major truck repairs) in the first quarter when it is usually the slowest. Stay out and stay in service during the busiest quarter of the year. Never take time off during last week of the month, or during the last two weeks of the quarter when it is the busiest. Set a goal every week for how you can make your business more profitable. Set another goal for the month, and for the year. Make the most out of Fridays and Mondays, since they are the busiest days of the week. Don’t be tempted to refuse “bad loads” late in the week – they could be the key to what makes your business more profitable. Try staying out for a longer period right before you’re planning to take time off. Then you can make up for it by bundling more days off together (instead of keeping them spread out). One good way to make the most of this would be to run hard the last weeks of the month, then use your time off during the first week of the month when it’s slower. Take loads through home instead of to home. Once you stop productivity, it’s harder to start back up and get the momentum going again. If you lose a day on the road, stay out an extra day and make up for it. An owner-operator must be sure to look at time off differently than a company driver. By following these key strategies you can minimize the outgoing expenses of your company, and maximize the income. Returning to work after taking time off should not be an added stress. Have peace of mind knowing that your foresight in planning ahead for time off will keep your business running strong in the future. Image Source (thumbnail): https://www.flickr.com/photos/alancleaver/ Image Source (article): https://www.flickr.com/photos/smemon/

Placing your money with a bank or a credit union can be an important decision for your family. Each option comes with pros and cons, but we are here to help you navigate this decision and identify the best option that works for your needs. After the recent recession and housing collapse in America, banks don’t have the reputation that they once did. More and more people are getting fed up with their yearly multi-million dollar profits and fees that cost you money in the end. However, banks do have a few advantages like having open membership and often nationwide or regional locations, which is a benefit for truck drivers who travel the country for weeks on end. According to the   Credit Union National Association , over 100 million Americans use approximately 7,000 credit unions across America today. So what makes a credit union different than a bank? Credit unions are not-for-profit therefore their CEOs aren’t making millions of dollars a year in bonuses. Since credit unions are nonprofits, they can offer you higher interest rates on savings accounts and lower rates on loan products meaning you get more for your money. Banks are owned by their stockholders. Credit unions, however, are a cooperative, which means it is owned and operated by its members. You have a say in your credit union’s decisions. Since a credit union is membership-based, you will have to meet certain requirements. Membership varies, but it could range from your employer to where you live. So, what do you choose – credit union or bank? The Pros and Cons of Credit Unions PRO:  Credit unions generally offer higher interest rates so you’ll get a better bang for your buck. Credit unions rates typically range from 4 to 10 times higher than what you would get at a commercial bank. However, online banks tend to still be the highest in the industry. PRO:  Unfortunately, there is no such thing as a free loan. However, credit unions have some of the lowest APRs on mortgages, personal loans, and even credit cards. There is no reason you should pay more than you should. PRO:  In a world where the banking industry will nickel and dime you for everything, credit unions have far fewer fees compared to national banks. Most credit unions offer checks, withdrawals, and electronic transactions for free. Additionally, many offer free checking accounts without a monthly minimum or service charge. That alone can save you hundreds of dollars a year, meaning more money in your pocket. Unfortunately, not every fee is excused in credit unions. Most will still charge for things like bounced checks and overdraft fees. CON:  Credit unions offer fewer options than large commercial banks. For example, Bank of America offers 5 different types of checking and savings accounts, but most credit unions will only have one or two options. CON:  Credit unions have far less physical locations than commercial banks. If you’re on the road a lot, like most truck drivers, you won’t find your local credit union across the country. If you live far from the credit union branch then you might have to mail in your checks. The Pros and Cons of Commercial Banks PRO:  Large commercial banks are very accessible across a region or the country. They have multiple branches and ATMs on every corner. Banks also have more money to invest in mobile and online tools and technology that make your experience and accessibility on the road easier. PRO:  Bank accounts are open to everyone. There are no membership requirements to be met to open an account. CON:  Banks have higher fees on everything from overdrafts to monthly maintenance fees. According to a recent  Moneyrates.com survey , the average monthly maintenance is about $12 or about $150 a year! CON:  Some commercial banks have a reputation of bad customer service. Since 2012, banks have gotten better, however on the American Customer Satisfaction Index, banks still rank lower than credit unions. The Final Verdict Choosing which type of banking institute you would like to do business with is a personal decision. There are pros and cons to each institute. If you want to save more money and have a better customer service experience then credit unions are the way to go. However, there are membership requirements and credit unions often only have a few physical locations. If accessibility and having the best mobile technology is what you need, choosing a bank is probably your best move. Each bank is different. You have large national banks like Bank of America and small regional banks. Regional banks often run more similar to credit unions. Whether you choose a credit union or bank, remember to make sure you are putting your money to work for you. Image Source -  https://www.flickr.com/photos/i5design/ This article was originally featured on  TeamRunSmart.com .

Most of us decide to put things in our bodies that we probably shouldn’t. When you eat a big huge chili dog with extra onions, you may feel some rumblings in your stomach and reach for the antacids. Those problems in your stomach are a byproduct of consuming something that’s difficult for your body to digest. A similar thing happens in your truck, as some of the byproducts from the combustion of diesel fuel are acids. When nitrogen from the air and sulfur from fuel combine with water it forms nitric and sulfuric acids that will attack engine metals, causing damage that can eventually result in engine failure. For the chili dog, the simple solution to indigestion is grabbing an antacid to neutralize the acids in our stomach. In order to combat byproduct acids in a diesel engine however, the manufacturers of diesel engine oil must blend in acid neutralizing detergent additives. The most common ingredients to neutralize acid are magnesium and calcium. Total BaseNumber (TBN) is the measurement of the amount of these acid-neutralizing additives and is commonly referred to as the “reserve of alkalinity”. New diesel engine oils typically have a starting base number of around 10. It is generally recommended that diesel engine oil be changed or “sweetened” when the base number is 25% of the starting base number for the new oil. For example, engine oil with a starting base number of 10 should be changed or sweetened if the base number drops to 2.5 as determined by oil analysis testing. At a value of 2 the oil becomes acidic and damaging to the engine. The act of sweetening the oil involves draining 30% to 50% of the used oil and replenishing it with the appropriate amount of new oil - thereby refreshing some of the acid neutralizing additives. In simple terms, the TBN of engine oil is akin to a “Tums”, used to neutralize acids in our stomach. If you are running extended oil change intervals, engine oil analysis is a must. Your oil’s TBN is a very valuable factor in evaluating the condition of the oil and helpful in determining when to change it. Don’t let your truck get terminal heartburn! Be sure to keep an eye on that Total Base Number.

Your money is important to you and your business, therefore it’s vital to do your homework and find the right person to help you manage your money. A good starting point in finding a financial advisor is to ask your friends, family, or colleagues for recommendations. You can do additional research online, but your personal resources are a good place to begin. It’s important to remember that when taking financial advice from a professional to ask them if they personally invest in what they are recommending you invest in. Consider asking, “Why would I invest in something that you would not invest in yourself?” If they can’t give you an answer that makes sense, you may need to keep looking. Here are some additional things to keep in mind when finding a financial advisor: Look for a fiduciary. This word is very important. It means that the financial planner has your best interests in mind at all times. Advisors who carry a fiduciary responsibility are legally bound to do the very best for you, and to put you first in all their planning and product selection. Keep in mind, these products may not always be the best for you, and it’s always okay to ask questions. Look for a planner that is a CFP. CFP stands for Certified Financial Planner. CFP’s are licensed and regulated, and take mandatory continuing education on ethics and other aspects of financial planning. Understand how the planner gets paid. This is an important one. You should know what type of financial advisor you are working with: fee-based or commission-based. You typically want to avoid commission-based advisors, as they may suggest products or investments you do not need or want. Planners who work on commission may also have incentives to push a certain brand or type of mutual fund if they’re getting a cut of the revenue they generate from the product. Like their personality. To be able to work well with someone, you must have good communication and have the ability to get along. A good advisor will be friendly and professional, and be available to you (calling back promptly) to have your best interests in mind. If you can see them as a friend or colleague, you will be able to communicate openly with your needs and what is best for you. When looking for an advisor, always be sure to do your homework. Do some research, talk to people, search around online. You can always meet someone and change your mind if you don’t feel good about them. Remember, this is your money – it’s your job to decide what’s best to do with it! Additional Resources: Resource for finding fee-only advisors (not commission based): http://findanadvisor.napfa.org/Home.aspx Additional questions to ask when looking for an advisor: http://www.forbes.com/sites/laurashin/2013/05/09/10-questions-to-ask-when-choosing-a-financial-advisor/ Source: http://money.usnews.com/money/personal-finance/financial-advisors/articles/2014/02/26/how-to-find-a-financial-advisor-if-youre-not-rich Source: http://guides.wsj.com/personal-finance/managing-your-money/how-to-choose-a-financial-planner/

People work in many different ways, but truly successful drivers have found a routine that not only functions for their needs, but also works well in the transportation industry. Long-lasting success won’t be achieved if there isn’t a constant focus on bettering your business daily. It’s important to apply these basic principles to your daily life to make sure that nothing falls by the wayside, and ensuring that you’re constantly driving your business towards success. So what differentiates successful people from others? 1) They see every day as an opportunity. People who are more successful don’t just punch in and punch out every day. They start their workday not just thinking about what they need to accomplish, but they see it as a stepping-stone towards their future. They think of it as a way to work towards accomplishment, and reaching future goals. They don’t see it as a means to an end – they see it as an opportunity for bettering themselves, and paving the road to their future hopes and dreams. They have a passion for what they do, and it shows. 2) They are healthy Successful people know that keeping their bodies healthy is a key component in running their business well. Eating unhealthy foods and not being committed to exercise will mean more doctors’ visits, and therefore less time on the road. On top of that, you’ll be sluggish, unfocused, and probably unable to get the best sleep. By keeping on top of health, truly successful people have more energy, and aren’t irritable when meeting customers or talking to their dispatcher. 3) They have their eye on the prize Those who continuously raise the bar by creating new goals for their business can always find success. They are driven by these measurable goals, and are constantly striving to reach them. It’s not just about having the desire to run a business well, it’s about acting upon it regularly, seeing the results, and always striving for doing better. 4) They don’t make excuses Successful people know that complaining and placing blame in a bad situation does not fix anything. They know that when things go wrong they can either bite the bullet and work to change it into something better, or be defeated by it. A truly successful person sees mistakes as a learning opportunity, not as something that will break their business. 5) They are focused People who run successful businesses create healthy habits – such as writing down their daily goals or aspirations each morning. They aren’t distracted by social media or addicted to every new TV show that is released. They understand the importance of taking a break from work, but when it’s time to put their mind to the business they are focused 100%. 6) They take risks This doesn’t mean that they make thoughtless business decisions, and careless investments. It means that they will take the risk to aim high, even if it means that they have the potential to fail. They understand that playing it safe isn’t always the best way to move forward, and they aren’t afraid of failure because they see it as a learning opportunity. They don’t worry about what others think, and do not fear their judgment. They thoroughly research opportunities before making a big decision, but accept any outcome and have the confidence that they will bounce back. Applying these tactics to your daily life and your business will create big changes. Success looks different for everyone, so don’t measure it against others. Create your own personal goals, and go from there by creating good habits and working towards them every day. Over 150,000 owner-operators have made the choice to hire ATBS over the past 20 years. We offer a variety of services including accounting, bookkeeping, and tax preparation. We also offer unlimited business consulting for our RumbleStrip Professional clients. A dedicated business consultant will help you keep your business “between the lines,” just like rumblestrips on the highway. If you’d like to learn more about ATBS services or want to get started today, give us a call at 866-920-2827.

There are a lot of stereotypes surrounding truck drivers. But in reality, these drivers are just like you and me – they are hard workers with families, friends, pets and hobbies. They are amazing people that do great things every day, but when it comes down to it – they’re just trying to make their way in life. Here are a few things you may not know about being a truck driver, and ways you can make their lives a little easier. 1. Truckers bring you everything If you’re a regular Joe, you may not put too much thought into where that shirt you just bought came from, or how that apple got into your grocery cart. But chances are, a truck driver brought it to you. Truck drivers are a vital part of our society and economy. Think about all of the things you used today: The shampoo in the shower, the towel you dried off with, the coffee you’re drinking, the mug you’re drinking it out of, the computer you’re reading this article on, your cell phone, your eggs and toast. All brought to you thanks to a truck driver! These daily comforts don’t magically show up at the store. They are brought to us from locations all over the country, usually in the back of a truck. 2. Truckers are a lot like you They are a husband or a wife. They have kids. They are smart. They have hobbies, read books, and watch the TV shows that you watch. They own houses, they work, and they relax. They have good days and bad days. A truck driver’s office is on the road, and when they’re driving they are working. They appreciate the kindness and consideration of other drivers on the road. When you pass a truck driver, just remember they’re a lot like you! 3. Patience is always appreciated Driving a big rig takes a lot of practice and training. These big trucks need more time for everything, including accelerating, turning, and stopping. I used to own a small car with no pick-up at all. When climbing a steep grade, I could have my gas pedal to the floor and still be chugging along at 45mph. The drivers that were forgiving and respectful of my situation were the ones that I really appreciated. Patience and understanding for your fellow driver or truck driver makes everyone’s life on the road easier, and also much safer. 4. A little extra effort goes a long way Good driving manners result in a less stressful life. Relax and think about your fellow drivers on the road, especially the truck drivers out there. Remember the first item I mentioned at the top of this page? These drivers bring you everything! If they’re merging onto a busy highway, maybe hang back or merge left to let them in. Give them some space, don’t tail, and don’t cut them off. These things can be frustrating when they happen to a regular driver on the road, but for a trucker they’re downright dangerous. Your safety is important, and your actions and decisions on the road perpetuate that. Put yourself in a trucker’s shoes, and drive accordingly! 5. On a similar point, drive cautiously Truck drivers need more space to maneuver, which means wide turns. They need a lot of room, so do your best to try and give it to them. A little thought ahead of time goes a long way. If you see a driver with their turn signal on, stop early and give them some space. The same goes for blind spots. Be aware of those areas (if you can’t see their mirrors, they can’t see you), and drive accordingly. It’s for your own safety! Another good thing to remember is that these drivers travel all over the United States. They probably don’t know the area as well as you do, and sometimes Google Maps directions aren’t always the best. Not only are these drivers trying to find their way, but they’re also driving a very large vehicle at the same time. 6. Truck drivers appreciate you Drivers that respect others on the road always end up on top. Truckers work hard to drive safely, and they appreciate it when others do the same. Everyone is out there just trying to get from point A to point B safely, and then get home to their families at the end of the day to relax. So next time you pass a driver, maybe give them a wave or say “hello” – even “thank you”! Without them, we wouldn’t have a lot of the luxuries that we have in our lives. Be sure to show them a little love!

If you're a football fan, you probably admire the way quarterbacks direct their teams. But as an investor, you can learn something from the big game by putting together your own team to help you achieve your financial goals – and you may find it helpful to have your own “quarterback.” Who should be on your team? Your financial strategy will involve investments, taxes and estate planning, so you will likely need a financial advisor, a tax professional and an attorney. Ideally, your financial advisor – the individual with the broadest view of your financial situation – should serve as the quarterback of this team. And, just as a quarterback on a football team must communicate clearly with his teammmates, so will your financial quarterback need to maintain consistent contact with the other team members. Let’s look at a couple of basic examples as to how this communication might work. First, suppose you are self-employed and contribute to a Simplified Employee Pension (SEP) IRA. Because your contributions are made with pre-tax dollars, the more you put in, the lower your taxable income. (In 2018, the maximum amount you can contribute is $55,000.) Your financial advisor can recommend investments you can choose from to help fund your SEP IRA. Yet you will want your financial advisor to share all your SEP IRA information with your tax professional. When it’s near tax-filing time, your tax professional can then let you and your financial advisor know how much room you still have to contribute to your SEP IRA for the year, and how much you need to add to potentially push yourself into a lower tax bracket. Now, let’s consider the connection between your financial advisor and your attorney – specifically, your attorney handling your estate planning arrangements. It’s essential that you and your financial advisor provide your attorney with a list of all your financial assets – IRAs, 401(k)s, investments held in brokerage accounts, insurance policies and so on. Your attorney will need this information when preparing your important legal documents, such as your will and living trust – after all, a key part of your estate plan is who gets what. But it’s imperative that you and your financial advisor convey some often-overlooked details that can make a big difference in the disposition of your estate. For example, your financial advisor might suggest that you review the beneficiary designations on your IRA, 401(k) and life insurance policies to make sure these designations are still accurate in light of changes in your life – new spouse, new children and others. These designations are meaningful and can even supersede the instructions you might leave in your will or living trust. Consequently, it’s important for you and your financial advisor to share this information with your attorney. It can be challenging to meet all your financial objectives. But with the right team in place, and a quarterback to help lead it, you can keep moving toward those goals – and you might cut down on the “fumbles” along the way. This article was written by Edward Jones for use by Greg Hall, Financial Advisor with Edward Jones. He can be contacted via email at greg.hall@edwardjones.com or via phone at 303-985-0045.​

There is nothing worse than being in the middle of nowhere with a major toothache. You can’t eat, your teeth are sensitive to cold water, and you can’t sleep because you’re in agonizing pain. Not to mention you might not have dental insurance and you’re afraid of the dentist. Dental emergencies and tooth pain happen to the best of us. Of course, it usually happens when you are 1,000 miles from home. While no one is a fan of visiting the dentist, if you experience severe tooth pain or injure your teeth while on the road it is important to see a dentist immediately. While a toothache might not seem like a major health issue like a broken arm, any injury to the teeth or gums could be potentially serious or even life-threatening. Don’t ignore dental pain as it can increase your risk of developing permanent damage that could affect your dental health and put a big dent in your savings account. What to Do If You Have a Toothache Toothaches can mean a variety of things so it’s important to see a dentist as soon as possible. Taking an over-the-counter painkiller should help relieve some of the pain in the meantime. If you experience any swelling, you can apply a cold compress to the outside of your mouth. What to Do If You Have a Broken, Chipped or Knocked-Out Tooth Save any pieces. Rinse your mouth out with warm water. If it’s possible, you can try to put the tooth back into the socket, but if you can’t, place the tooth or any pieces into a cup of milk. The calcium helps preserve the tooth. See a dentist immediately because you have a high chance of saving the tooth if it can be returned to the socket within an hour. What to Do If You Lose a Crown Crowns are expensive so you definitely don’t want to lose it. If a crown falls off one of your teeth, save it and then make an appointment to see your dentist as soon as possible. You might be able to slip the crown back over the tooth and glue it in with over-the-counter dental cement or denture adhesive. What to Do If You Develop an Abscess An abscess is an infection around the root of a tooth or in the space between the teeth and the gums. Abscesses are a serious medical condition that could lead to permanent damage to the tissue and the surrounding teeth, and could potentially spread to other parts of the body if you leave it untreated. See your dentist immediately for antibiotics and possible drainage. An abscess looks similar to a pimple and may lead to swelling of the gums. Prior to seeing the dentist you can help alleviate the pain by rinsing your mouth with a mild salt-water solution multiple times a day and taking an over-the-counter painkiller. How to Find a Dentist on the Road Being far from home can be problematic if you have a dental emergency, but you can easily search the Internet for dentists located nearby you. Dental franchises like Aspen Dental and Gentle Dental are found throughout the country and take walk-in dental emergencies. Dental emergencies often come with a big price tag. A root canal and crown will set you back on average $2,000 to $3,000 without dental insurance. Even with dental insurance be prepared to shell out some cash. It’s always a good idea to have an emergency fund for things like this. Health issues on the road, like dental pain and emergencies, are no fun. While toothaches may seem minor at the time, it’s important to seek out a dentist as soon as possible before you have permanent damage. Of course, regular preventative care like brushing, flossing, and regular dental cleanings can help prevent dental emergencies. This article was originally featured on Teamrunsmart.com. Image Source - https://www.flickr.com/photos/angel_ina/

Reversing a longstanding trend among owner-operator clients of the ATBS business services firm, miles run were up in 2015 among all segments toward yet another record year for net income, says ATBS President Todd Amen. ATBS clients, largely leased operators but including a sizable subset of independent truckers with authority with various trailer types, “broke $60,000 in net income for the first time since we’ve been tracking this data,” more than 13 years. READ MORE

American Truck Business Services (ATBS) has developed a new resource for truck drivers who find themselves with some free time on the road this summer. READ MORE

Large fleets that have adopted electronic logging devices in recent years learned that productivity dropped, said Todd Amen, president of owner-operator financial services provider ATBS. READ MORE

ATBS’ Richard DeForest opened the Friday session of the Overdrive/ATBS Partners in Business seminars last week at the Great American Trucking Show by asking for a show of hands. Who thinks there’s a problem with a driver shortage? he asked. Just a few hands among the scores assembled were raised. READ MORE