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Headlines are saying we're currently in the best economy for truckers that the industry has ever seen. Some experts even predict things will be great for truckers into the year 2020. We love it that Owner Operators are making more money than ever before. However, this might be a good time to plan ahead and consider that things always change. In fact, change is probably the one thing in trucking that we can always count on. Business is great, but the pendulum always swings back, in part because trucking is a supply and demand business. When demand (freight) is strong and supply (truckers) can't meet that demand, then prices and compensation increase – like now. But nothing lasts forever and it wasn't so long ago when supply was strong and demand was weak which meant flat or even falling freight rates. It's a great time to be an Owner Operator, but I remind myself of the words of Richard Stocking when he was CEO of Swift, “Fortunes aren't made in the good times, they are made by surviving the bad times." Most of you have already survived the bad times so it doesn't hurt to prepare for more change. This could be the best time to take stock and consider a few ways that might be helpful in the future: Pay down some debt. This is always a good thing to do. Start with the high interest debt or pay-off the smaller accounts first. Doing either or both of these frees up money to attack other debt. Ask your banker about steps you can take now when profits are high. You may have some good options. Pay cash for everything and don't take on more debt. There's a lot to be said for living debt free with less worry and less stress. Get things done that have been postponed. It will be easier to pay for it now but schedule things like an equipment repair when it's a little slower (like the first week of the month) when it will hurt your business less. Start a new fund or accelerate deposits into a current fund. Retirement or future college expenses are worthwhile and satisfying when you can put something away for the future. Have some cash tucked away in case an opportunity comes your way like, perhaps, to upgrade your truck. If opportunity doesn't come along, you'll have the money either way. Reward yourself with a day at the beach or some new boots you've had your eye on. A few modest personal rewards are something you've earned. Just don't blow the budget. Speaking of budgets, have one. These are amazing tools that make sense of your work life and maybe even your home life. Following a budget is good for you and for your family. I like to make fun of my farmer friends who today will say, “If it doesn't rain, it will ruin the crops." then tomorrow will complain, “If the rain doesn't stop, it will ruin the crops”. Like the rain, it's inevitable that things in trucking do change. Don't blame yourself or anybody else for those changes, just be ready. It's only natural that when things change, it impacts all drivers and all carriers.

The Saver's credit can be claimed for your contributions to a 401k, 403(b), 457 plan, a Simple IRA or a SEP IRA. You can't claim your employer's contributions to these accounts, however your contributions to a traditional IRA or a Roth IRA are also eligible for the saver's credit. Here are some key facts that you should know about this important tax credit: Maximum Credit: The Saver’s Credit is worth up to $2,000 for Single Filers and $4,000 for Married Filing Jointly. The credit you receive is often much less than the maximum Formal Name: The formal name of the Saver’s Credit is the Retirement Savings Contribution Credit. This Credit is in addition to other tax savings you get if you set aside money for retirement. To Claim a Saver's Credit: You must be age 18 or older Cannot be a full-time student Cannot be claimed as a dependent on someone else's tax return Your retirement contribution must have been made during the tax year for which you are filing your return and must meet the income requirements Income Limits: You are eligible for the credit on your 2018 tax return if you are: Married filing jointly with income up to $63,000 Head of household with income up to $47,250 Married filing separately or a single taxpayer with income up to $31,000 Contribution Date: You must have contributed to a 401(k) plan or similar workplace plan by the end of the year to claim this credit. However, you can contribute to an IRA by the due date of your tax return and still have it count for 2018 - the due date for most people is April 15, 2019.

Thanksgiving is the kickoff to the holiday season. It’s a time to slow down, relax, and be grateful for all the year has brought to us. But what do you do when you are working over the holiday? The nature of the job for owner-operators often runs 24/7, and the kickoff to the holiday shopping season increases the workloads for many during Thanksgiving. However, you can still have an enjoyable Thanksgiving holiday while out on the road. You don’t have to miss out on a delicious feast while you are out on the road. Many restaurants will provide the favorite dishes that are traditional to this holiday. You can also recreate that warm community feeling of home by stopping into a local church. Traditionally, churches have provided a Thanksgiving meal to those in need, but many ministries are reaching out to provide a welcoming feast to those who are working or out on the road. Many of your favorite truck stops along the way will offer a Thanksgiving meal as well, and some stops will even offer it for free with proof of CDL license. If you have time to stop at a hotel, many will also be offering up a special holiday meal. Higher demand has required many workers to spend their holidays in the office, at work, or on the road. However, there are plenty of ways to stay connected with loved ones. Arranging a time to call, Skype, or FaceTime with family members on Thanksgiving is a great way to be there remotely. You can even ask family members to set up the computer at the table so that you can jump in on the conversation, and see everyone passing around the helpings of turkey! Having this technology at our fingertips is something to truly be thankful for – it helps us virtually be with the people we love, even if commitment to the job takes precedence. If you are into preparing your own meals, cook up something special! It doesn’t take much to make a quick Thanksgiving meal for yourself, as you can easily find instant mashed potatoes, cooked turkey breast or rotisserie chicken, and all the other sides you need at the grocery store. Even better, make a little extra and share your meal with other drivers that are stopped in the same area. You might make a new friend, and everyone will appreciate spending the holiday with someone rather than alone. Finally, Transport for Christ is a mobile chapel community that has placed truck stop chapel locations all across North America if you wish for spiritual solace while on the road. During this time of year, it’s important to make the most of what you have. No matter what your situation, there are plenty of ways to keep your holiday traditions alive even when away from home. Have a happy and safe Thanksgiving! Image Source 1: https://www.flickr.com/photos/marfis75/ Image Source 2: https://www.flickr.com/photos/17708700@N07/

When you want to sell your product or service to a customer, you won’t be able to persuade anyone to buy anything from you until you fully understand what it is that your customer wants. When you’re working in business and you determine what the needs are for your customer, you can then sell to them with the knowledge of what is in their best interest. Customers will look for a business that offers something for them as they need a reason to buy a product or service. Find out what makes your business unique from the competition and ask yourself “why would this customer want to buy from me.” It’s always good to ask your customer why they purchase from you as you might be thinking they are using your product or service for another reason. When making sales calls and working with customers, the more you know about them the more effective your presentation can be. Find out who they are, what they buy and why they buy it. Find out who the contact person is that you will need to establish a working relationship with as this is the decision maker. Get to know your customer and find out why they are buying the product or service and what is important to them. Find out what their future needs may be. You want to emphasize the benefits to using your business and offer solutions to any challenges they may have. Anticipating future needs and staying current with the market will make you better able to assist them with future purchases. Keep in mind that when making a sales call to a potential customer, they are most likely using another company. This is why it’s important to know who they are currently using, are they satisfied with their current supplier and how can they benefit from purchasing from you. You will need to consider your benefit offerings, price and how your business can serve this client. Getting to know your client can help develop a strong working relationship with repeat business for many years to come. Take time to learn about him or her, their family, pets, hobbies and background. Always follow up and stay in touch with clients, even if they have not purchased from you in a while. This will help them to not forget about you and your business. Place a phone call just to say hello or take them to lunch to catch up if you have not connected in some time. Staying in touch shows you care and can keep you current on their business needs. This article was originally featured on Teamrunsmart.com.

Things evolve. To paraphrase the great Red Greene - I am old. I can change if I have to. It does seem that the older I get the harder it is to adapt to changes in technology. You may have noticed the changes to the website. They are designed to make the site more user friendly. Unfortunately, that means that we have to change how we upload our blogs. I had enough trouble trying to figure out the old way - now you change it! I (we) need to get over ourselves. People don't change things just to be mean. Things change in order to improve. I couldn't upload my text. Turns out the web browser I was using doesn't want to work with this software. Really? So now I have to use the web browser I couldn't use before, because it didn't work with that software! Here's the thing. I will get this figured out - eventually. People will help me. It used to be that I did not want to ask for help. These days, I am begging for it. Computers just are not my specialty. My grandchildren are better with them than I am. And yes, I have sought their help. Hopefully, old age comes with some wisdom. Wisdom has taught me to ask for help. Hopefully, there won't be too many sighs on the other end of the phone, because I remind the tech of their mom. This is not true with just computers. These new trucks have evolved as well. Some of us old dogs have struggled with the new trucks. I could not change the band on the radio for about 300 miles. Worst part was that I was stuck on the weather band. At least fellow Team Run Smart Pro Henry Albert was stuck on FM. Eventually we both figured it out. The more I learn about the new technology on this truck, the more I realize just how cool it is. The idea that I can change the cruise control setting with my fingers is incredible - and convenient. Some of the traits of the new trucks can really throw us old dogs off. The power band is at a lower RPM. The new trucks have more torque than the trucks I learned to drive on. We just have to know where it is and why it is there. One cool thing that I discovered was that at 65 MPH, it is already in the power band. Since it is already in the power band, you don't get that lag at the bottom of a hill. It starts pulling immediately, and because of that it sustains momentum. When you combine the change in the torque curve with the extra torque, this truck really pulls. That is an awesome thing. This article was originally featured on Teamrunsmart.com.

Whether you have overdue loan payments, years of high credit card balances, or accounts turned over to collections, there's always a way to repair your credit score. It's worth fixing it sooner rather than later. Poor credit may keep you from being approved for new lines of credit, or cost you money as you are forced to pay higher interest rates. If your credit score needs some damage control, it's easy to be tempted by scams that promise a quick fix. However, the best way to revamp your credit score is to do it yourself. Don't fork over cash to companies who promise an overnight credit score miracle -- repairing your credit is a job you can handle yourself with these five steps. 1. Do Your Research Your credit score is a number between 300 and 850. It helps lenders understand whether you're low-risk enough for the best credit cards and lowest loan rates. Plus, you can't start repairing your credit without knowing where you stand! To start, you'll want to get copies of your full credit reports from all three major bureaus: Experian, TransUnion, and Equifax. You can request your reports for free, once per year at annualcreditreport.com. Steer clear of other sites, which might require you to pay for a report even though they claim to be free. If you prefer to use apps, there are a few reputable choices to pick from. Credit Karma and Credit Sesame are both trustworthy options for free credit score tracking. An app can help you see your credit score start to tick up over time, which is a great motivational tool! 2. Dispute any Errors Once you have your credit reports in-hand, go through them in detail. While bad credit is most likely caused by your own habits, it can also be caused by errors. If you find any errors, it's worth your time to get them resolved. As you go through your credit report, review the list of your credit cards, outstanding debts, major purchases, and loans. If you see any mistakes or items that look questionable, make a copy of the report and highlight the error. Then, double-check the error against your own records. You'll need proof, like a copy of your bank account statement, to get the credit bureau to fix the mistake. File any disputes online following the FTC's advice. 3. Establish and Automate Your Budget Repairing your credit also means changing your unhealthy habits. Start by making a budget and prioritizing your regular monthly expenses, like rent, insurance, truck payments, and other necessities. Getting your spending under control is crucial if you're going to succeed with the final two steps. Budgeting doesn't have to be boring or complicated though. You can work with an ATBS business consultant to create a personalized profit plan (budget). As you make your profit plan, set up automatic payments for utilities or other bills so that you can avoid late payments. Paying all your bills on time is the single most important aspect of building good credit. Missing even a single payment can do further damage to your score. 4. Pay Off Outstanding Balances With your freshly-minted budget, you'll have more room to start chipping away at your outstanding balances. Start by paying off credit cards that are maxed out or close to their max. This is because your credit score is partially based on the amount of available debt you utilize. For example, if you charge $1,000 on a card with a $2,000 limit, you've used 50%, which is better than charging the same amount on a card with a $1,500 limit. As you pay off each card, you might be tempted to close the account completely. It's counterintuitive, but leave the credit cards open! Each card contributes to the total amount of available credit, which also impacts your score. If you really need to eliminate the temptation, it's best to take the card out of your wallet and store it at home. 5. Stay Away From New Credit As you take the steps to repair your credit, you'll need to resist the urge to open a new credit card. Even if your score is starting to improve, opening a new card can hurt in a couple different ways. First, the "hard inquiry" from your application will show up on your credit report. Having too many of these inquiries in a short period of time can hurt your score. Second, a new credit card decreases the average age of your accounts. Don't undo all your progress by adding another card or loan too soon! Repairing your credit is always a worthwhile journey. It could take months or even years, but it can help you in the long run. If you’re planning to purchase a new home, it can reduce your interest rate and the overall cost. No matter how long it takes, you can do it!

What kind of lifestyle do you hope to have in retirement? Do you have a strategy to get there? If you don't have confidence in your plan, it may be time to engage a financial professional. But how do you choose the one who's right for you? These days, you have more options than ever – including so-called robo-advisors. Robo-advisors typically use algorithms to assemble investment portfolios, with little to no human supervision, after customers answer questions online. Generally, robo-advisors are fairly cheap, and their recommendations are usually based on sound investment principles such as diversification. However, when considering a robo-advisor, you should determine if an algorithm can address your needs as well as a human being – someone who actually becomes familiar with your life and all aspects of your financial situation. Furthermore, a robo-advisor can’t really handle the new wrinkles that will inevitably pop up. If you're an owner-operator, you probably don't have a 401(k). But if you used to be a company driver or worked in a different industry then you might have set one up in the past. What happebed when you change jobs? You might like to know what to do with your 401(k) from your previous employer – leave the money in that employer’s plan or roll it over to an IRA. You probably couldn’t receive a personalized evaluation of your options, based on your individual goals and circumstances, from a robo-advisor. So, if you decide to work with an individual financial professional, what should you look for from this person? Here are a few questions you might want to ask: Who is your typical client? By asking this question, you may get a sense of whether a particular financial advisor has experience working with people in your financial situation and with goals similar to yours. What’s important to you? The quality of your relationship with your financial advisor is important – after all, you may be working with this person for decades – and he or she likely will be involved with many of your most personal decisions. Consequently, you’ll want to work with someone you connect with on an individual level, as well as a professional one. So, if an advisor seems to share your values and appears to have good rapport with you, it could be a positive sign for the future. How will we communicate – and how often? If you’re interviewing candidates, ask them how often they will meet with you in person. At a minimum, an advisor should see you once a year to review your progress and suggest changes. Will they also call or e-mail you with suggestions throughout the year? Are you free to contact them whenever you like? Will you get a real, live person every time you call? Will they send out newsletters or other communications to update you on changes in the investment world? If so, can you see some samples of the communication vehicles they send to clients? How do you get compensated? Some financial advisors work on a fee basis, some on commissions, and some use a combination of both. Find out how your advisor will be compensated, when you’ll need to make payments and how much you’ll be expected to pay. By asking the right questions, you should get a good sense of whether a particular advisor is right for you. And since this likely will be one of the most important professional relationships you have, you’ll want a good feeling about it, right from the beginning.

Unless you live near an amusement park that does a lot of advertising, you probably didn’t know that Aug. 16 was National Roller Coaster Day. Actual roller coasters provide people with thrills. But as an investor, how can you stay calm on the “roller coaster” of the financial markets? Here are some suggestions: Know what’s in front of you If you’ve ever ridden a roller coaster in the dark, you may find it scarier than if you boarded it in daylight – after all, it can be unsettling not to know where you’re going. The same can be said about investing: If you have no idea what’s in front of you, you might find the journey unnerving – and if that happens, you could make panicky decisions, which are usually bad ones. So prepare for the inevitable market volatility – it’s a normal part of the investment landscape. Also Read: Can You Free Yourself of Some Investment-Related Taxes? Buckle up When you’re on a roller coaster, you need to buckle your seat belt or use a restraint. You want to have the excitement of the ride, but you certainly don’t want to take unnecessary risks. And you can enjoy some of the excitement of investing without incurring more risk than you are comfortable with, too. One way to lower your risk level is to diversify across a range of investments – stocks, bonds, government securities, and so on. That way, if a market downturn primarily affects just one type of investment, you’ll have some protection. However, although diversification can reduce the impact of volatility on your portfolio, it can’t protect against all losses or guarantee a profit. Choose a strategy for the journey Different people have different ways of handling a roller coaster ride. Some like to throw their hands up, enjoying the feeling of abandon, while others hold on tightly to the bar in front of them. When you invest, you also need a strategy that works for you, and the best one may be the simplest: Buy quality investments and hold them for the long term. How long is “long term”? It could be 10, 20, 30 years or more. Famed investor Warren Buffet says his favorite holding period is “forever.” If you’ve chosen a mix of quality investments appropriate for your risk tolerance, you may be able to hold them until either your goals change or the investments themselves undergo some transformation. Stay for the whole “ride.” When you hop on a roller coaster, you’ve got no choice – you’re staying until the ride is over. As an investor, though, you can exit the investment world whenever you like. But if you take a “time out” from investing every time the market drops, you risk still being out of the market when it rallies – and the early stages of a rally are often when the biggest gains occur. Furthermore, if you keep investing during a “down” market, you’ll be buying shares when their price has dropped, which means your dollars can go further – and you’ll be following one of the basic rules of investing: “Buy low.” You can’t take out all the twists and turns of the investment road, but by following the above suggestions, you can help make the ride less stressful – and possibly more rewarding. 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.

You have probably heard that diversification is a key to investment success. So, you might think that if diversifying your investments is a good idea, it might also be wise to diversify your investment providers – after all, aren’t two (or more) heads better than one?  Before we look at that issue, let’s consider the first half of the “diversification” question – namely, how does diversifying your investment portfolio help you?  Consider the two broadest categories of investments: stocks and bonds. Stock prices will move up and down in response to many different factors, including good or bad corporate earnings, corporate management issues, political developments and even natural disasters. Bond prices are not immune to these dynamics, but they are usually more strongly driven by changes in interest rates. To illustrate: If your existing bond pays 2 percent interest, and new bonds are being issued at 3 percent, the value of your bond will fall, because no one will pay you full price for it. (Of course, it may not matter to you anyway, especially if you planned to hold your bond until maturity, at which point you can expect to get your full investment back, providing the bond issuer doesn’t default.)  Here’s the key point: Stocks and bonds often move in different directions. If you only own U.S. stocks, you could take a big hit during a market downturn, but if you own domestic and international stocks, bonds, government securities, certificates of deposit and other types of investments, your portfolio may be better protected against market volatility, and you’ll have more opportunities for positive results. (Keep in mind, though, that even a diversified portfolio can’t prevent all losses or guarantee profits.)  So, it clearly is a good idea to diversify your investment portfolio. Now, let’s move on to diversifying financial service providers. Why shouldn’t you have one IRA here and another one there, or enlist one advisor to help you with some types of investments and a different advisor assisting you with others?  Actually, some good reasons exist to consider consolidating all your investment accounts with one provider. For one thing, you’ll keep better track of your assets. Many people do misplace or forget about some of their savings and investments, but this will be far less likely to happen to you if you hold all your accounts in one place.  Also, if you have accounts with several different financial service providers, you might be incurring a lot of paperwork – and many fees. You can cut down on clutter and expense by consolidating your accounts.  But most important, by placing all your accounts with a single provider, possibly under the supervision of a single financial advisor, you will find it much easier to follow a single, unified investment strategy, based on your goals, risk tolerance and time horizon. You won’t get conflicting advice and you’ll receive clear guidance on important issues, such as the amounts you can afford to withdraw each year from your retirement accounts once you do retire.  Diversification and consolidation – one is good for building an investment portfolio, while the other can help you invest more efficiently and effectively. Put the two concepts together, and make them work for you. 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.​

We’re getting close to the Fourth of July, when we celebrate the freedoms we enjoy in this country. The U.S. constitution grants us many of these liberties, but we have to earn others – such as our financial freedom. What steps can you take to achieve the financial independence you need to reach your long-term goals? For starters, always work to build your resources. Contribute as much as you can afford to your IRA and your 401(k) or other employer-sponsored retirement plans that you might have. At a minimum, put in enough to earn your employer’s matching contribution, if one is offered. If you don’t take advantage of this match, you are essentially leaving money on the table. While how much you invest is an essential factor in gaining your financial freedom, how you invest your money is equally important. So make sure you have sufficient growth potential in all your accounts. While growth-oriented investments, such as stocks and stock-based vehicles, carry investment risk, you can help moderate this risk by also including other investments, such as bonds. Another way to gain your financial independence is to liberate yourself from the shackles of debt. This isn’t always easy, of course – most of us have experienced times when our cash flow simply wasn’t sufficient to meet our expenses, so we had to take on some type of debt, either through a credit card or a loan. But the more you can control your debts, the more money you’ll have to save and invest for your future. One way to manage your debt load is to build an emergency fund, containing three to six months’ worth of living expenses, which you can use to pay unexpected costs such as a major car repair or a large medical bill. Ideally, you should keep this money in a liquid, low-risk account, so you can access the funds quickly and without penalty. Aside from possibly helping you control your debts, an emergency fund also may enable you to avoid dipping into your long-term investments to pay for short-term needs. Thus far, we’ve only discussed achieving your financial freedom through methods of saving and investing. But you also need to consider your protection needs, too. If you were to become ill or suffer a serious injury, and you could not work for a while, your financial security could be jeopardized. Your employer might offer you disability insurance as an employee benefit, but it may not be enough for your needs, so you might need to purchase some additional coverage on your own. And to help ensure your family’s financial security, you’ll also need sufficient life insurance. You also might want to protect yourself from the catastrophic costs of long-term care, such as an extended nursing homestay. The average annual cost for a private room in a nursing home is more than $92,000, according to the 2016 Cost of Care Study issued by the insurance company Genworth. And Medicare generally covers only a small percentage of these expenses. You may want to consult with a financial professional to learn about ways you can protect yourself from the long-term care burden. By following these suggestions, you can go a long way toward declaring your own financial independence. Consider taking action soon. 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.​

When you retire, some of your expenses may go down – but health care is not likely to be one of them. In fact, your health care costs during retirement may well increase, so you may want to plan for these costs well before you decide to retire from driving. How much can you expect to spend on health care during your retirement years? Consider these statistics: A 65-year-old couple who retired in 2016 will need about $288,000 (in today’s dollars) during retirement just to pay Medicare Parts B, D and supplemental insurance, according to HealthView Services, a company that provides health care cost projections for financial services firms. If out-of-pocket costs such as deductibles, co-pays, hearing, vision and dental are included, the lifetime figure rises to about $377,000 in today’s dollars. The national average for a private room in a nursing home is more than $92,000 per year, according to a survey by Genworth, an insurance company. And the services of a home health aide cost more than $45,000 per year, according to the same survey. Medicare typically pays very little of these costs. To cope with these expenses, you’ll want to integrate them into your overall retirement saving and investing strategies. Knowing the size of a potential health care burden may help motivate you to put as much as you can afford into your 401(k), IRA and other retirement accounts. Even when you’re retired, part of your portfolio should be devoted to growth-oriented investments, such as stocks, to help pay for rising health care costs. It’s true that stocks will always fluctuate, and you don’t want to be forced to sell them when their price is down. However, you can help yourself avoid this problem by also owning a good mix of other investments, such as investment-grade corporate bonds, government securities and certificates of deposit (CDs), whose value may be more stable than that of stocks. Another way to help defray the costs of health care is to work part-time a few years after you had originally planned to retire. This added income can help you delay tapping into your IRA and 401(k), thus giving these accounts a chance to potentially grow further. Plus, you may be able to put off taking Social Security, and the longer you wait until you start collecting benefits, the bigger your checks will be, at least until they top out at age 70. These suggestions may help you meet many of your typical medical costs during retirement, but what about long-term care expenses, such as an extended stay in a nursing home or the need for home health care assistance? As mentioned above, these costs can be enormous. Fortunately, the financial marketplace does provide some cost-effective solutions for long-term care – solutions that may help you avoid “self-insuring.” A financial professional can provide you with some recommendations in this area. It’s probably unavoidable that your health care costs will rise, and possibly keep rising, when you’re retired. But by being aware of these expenses years in advance, and by following a diligent saving and investment strategy – one that may also include a long-term care component – you can improve your “financial fitness” for dealing with health care costs. 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.