The EASIEST Way To BUILD WEALTH as a Truck Driver
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- Опубліковано 23 лип 2021
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ABOUT ME:
What’s up y’all? I’m David McGill, a 2007 graduate of Indiana University’s Kelley School of Business, an experienced accountant, trucking business owner, and consultant. I created Trucking From Scratch®️ to help other entrepreneurs start, run, and grow successful trucking businesses by breaking down the business side of trucking.
My NEW channel / @1davidmcgill
📸 Instagram: / 1davidmcgill
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🖥️ Website - truckingfromscratch.com
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DISCLAIMER:
The information provided in this video should not be construed or relied on as legal, tax, investment, or business advice for any specific fact or circumstance. It's content was prepared by McGill Accounting LLC, with its principal office located at 1075 Broad Ripple Ave., PMB 390, Indianapolis, IN 46220. This video is designed for entertainment and informational purposes only. Viewing this video does not create an accountant-client relationship with McGill Accounting LLC. You should not act or rely on any of the information contained herein without seeking professional legal advice.
Trucking From Scratch®️ is a registered trademark.
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The Shell Rotella in the baby seat 😂😂
and he has it strapped in....
must be a hell of a check....
I was just being silly for the video. It’s not sponsored
Yea lol. Best part
😂😂😂
😂🤣😭💀 that shyt is too funny I appreciate the videos though. Rotella got him strapped in lol
I always look forward to your old and new information. You are my go to person for knowledge of my trucking business 😊
You are such a nice person
Thank you for your videos
And so knowledgeable!
Always grateful for your time
Great video as always David!
This was a great way to explain it. Thank you fir the great content. Keep up the good work sir!!!
Great info young brother....each one teach one.
Tem Dem
Peace and blessings
Awesome videos man! You’ve helped me understand a lot about trucking business.
Keep up the great work!
God bless
Black trucker dropping knowledge my people coming up.
David! Good to see you Back on UA-cam. Hope you are doing well
Good information as always,eye opener for me.
Thanks for the information
Dmac Always provides great content
Great clear explanation!
Great information.
Hey what’s up! I love your videos. Thanks for the information. Can u make a video about how do u do accounting for trucking company! I just don’t know what I need for that! Thanks
Dropping Nuggets..!! 🔥 🔥
Another ace video..
Great explanation
Hey man love the channel. Can you do a video of what all you would need to do to get a business loan to start a trucking company?
This man is a genius 💯💪
Good video.
Good information with your videos brother, thanks. Your Thoughts on using retirement money from old employment to use as a down payment, start up costs, and few months operation costs set aside? Used truck I’m extremely maintenance minded and used to work on these things as well. 22 year’s trucking dispatcher and mechanic experience during the course of my 22 years in this industry. Look forward to hearing from you and keep up these informative videos.
Subbed!
Scheduled a meeting with David, and it was awesome!! He’s very personable and knowledgeable!! It was well worth it! Got the pointers I needed!! 🚚🚛
Hi David. Thank you for this informative video. We are a carrier based out of Indianapolis as well running LTL on a 26 Ft straight truck. Could we email you directly regarding networking with local shippers here in Indianapolis? We thought it wouldn’t hurt to ask and your videos are very motivating. Thanks again for dropping these gems. 💎
Another good one. Good thing to add to this video is to think about the 401k like a truck savings. After 3-5 years pull the money down take the hit and use that money to put down on a truck to get your business going.
Exactly.... I been saving in my 401K since end of 2015 and at the moment saving some cash to go with it to get my own Authority when I get my Truck.
You end up paying more in taxes if you withdraw it early from a 401k you’d be better off putting it in a Roth IRA or another savings account than a 401k.
U are partially true. A Roth is already -tax dollars but you still don't get a company match adding to your 401K savings also you see more of your paycheck with pre-taxed dollars going straight into the 401K.
Mind your Trucking Business 🔥🔥😂😂 I like that.
I appreciate all the information my brother! I definitely need you to hook me up with a good accountant
Yoo he got the rotella in the car seat
In a car seat 😂🤣😂
I was crying as soon as video started lol
He takes care of his oil & engine like he takes care of his kids 😁
🤣🤦🏿✌🏾😋
LOL...that's funny, that's the first I noticed too...
Good info brother. Now When recruiters come to my school looking for drivers I will be asking about their 401k plan. Thx
Make sure you run 10,000 miles a month for your bonus,they won’t tell you this in school
I sent my boy Rj from truck&hustle your page would love to see you on the podcast I run OTF logistics LLC.
After talking to people that are owners that don’t operate the common denominator is that it’s very hard to find drivers and very very hard to find a great driver. Does that ever make you worried that you will have inactive trucks costing you money? What is the longest time you have gone with a truck being inactive do to no drivers?
Can you make a video about the truck market. That used semi trucks is high right now
Facts
I needed this reminder thank you.
Good oil rotella
Very good real world example. Since you now have a small fleet. Last I heard was five trucks. Do you offer benefits of any kind medical, dental, or 401k?
Question: what should I do to add my wife as driver with me on box truck?
Currently waiting for my DOT to become active
Hey David great video, do you have any credit card recommendations for a otr truck driver to use on hotels occasionally?
Compound interest is the business.
$4500 per year invested over 40 years with an average 8 percent return is $1,418,358! And you only contribute $130,000 of that as principle
Damn, that changes everything for me. I'm going to start it now.
@@louiskwaku8879 also this isn't assuming there is even any contributions from your employer, it's also not including the extra money you don't hav e to pay the IRS
@@LegacyFarmandHomestead definitely going to start now.
401k is paying these hedge funds managers tabs on gambling. You get better results in property or even whole life insurance policies.
@@iamOAKland ? So don't invest in hedge funds. A 401k is just a tax sheltered bucket to put money into.
Hello David I want to know do you have any recommendations for insurance for someone who have less than 2 years.
David what are your thoughts on the possible insurance cost increase to possibility to 2million dollars for owner operators
Will you do one on Ira and 4o1 k
hello, do you offer a mentorship program at all?????
what if I wanted to drive my own truck, like an 86' freightliner flc
My Roth 401k has returned 52.7% gain this past year :)💰
Where can I get ur online template
That shel Rotella though🤣🤣🤣
are you still running box trucks out of indy
Do self directed 401k
are some of you guys only using an ira acc vs the traditional 401k?
Question: Is it better to register the truck under my name or under business name ?
Question from a new subscriber
When filing FMCSA can I use my home address as business address?
Yes but you can't use virtual
As a not english speaker i understand you perfectly .
Hey man do you still Offer culsultations? If so how can I book? Watched all the vids I needed to but still have a few questions. Already started my LLC currently waiting on it to be approved. Ready to take the next steps. Hopefully you see this!!!
davidmcgill.as.me
I see what your saying but if he is trying to safe money to start a business that would give him capital to contribute all of that back plus more with a Roth 401k or what ever IRA I understand him taking the money out to start the business or stop the contribution until he get his business running. But yes we must all invest wisely in our retirement.
40k is good if if are never looking to switch over to owner operator, I’d invest that money into doing that or saving some more money and buying some properties that can build up way to whealth, this is my opinion and I’m no where near this level yet but I’m starting school next week and this is my plan, the goal should be finding your exit strategy out not investing more time in unless you want to work 30 years+
Great info!!
what’s when you try to pull that money out??
Before retirement age; taxes and penalties. After retirement age; just taxes
But driver number 2 get tax when he goes to cash in that 401k right. So that’s twice he gets taxed?
Peace king
Can u activate an authority just to age it? with say something like a pick up truck or van so while I'm working under somebody else authority i can pay the least amount to let my authority age?
Did you find the answer?
💪🏾💪🏾💪🏾
Man... I wish you could've been one of my math teachers back in the day..
That’s funny bc I actually used to be a math tutor
@@TruckingFromScratch ahaha my man people ready to crunch numbers these days.
Very Well done! would love you come share your story with my fb group
What’s your email
rotella strapped up so its safe.
What are some examples that our 401k is not safe? Would a downed economy or anything similar put a 401k in jeopardy?
do you think its worth it to be a owner operator now ? I heard it isnt ?
What do I need to prepare to spend? Do you have an eta for its completion date?
Watch my video “how much it cost me to start my trucking business”
How can I talk with you...I'm a Indiana resident needing a tax agent...
How do cdl a drivers get in contact with you for consultant business especially if you are in the Midwest area?
davidmcgill.as.me
How can I reach you?
Hey man I’m 23 years old and recently just got my cdl permit I’ll have my cdl within the next 30 days but in June 2018 I was convicted of a felony for marijuana I just had some questions for you like if you think it’s worth it to continue getting my cdl I’m a really good guy I’m ambitious and have goals of working for a while saving money and buying my own truck. Not sure if I’ll be able to get hired
Look for owner operators with 2 or more trucks, people in your community, ask if they need a driver, they can easily train u in a month and you'll be on your own. Drive for them while saving up until you can get your own truck. Once you do that, you can run under someone else's DOT and pay the 10-12% charge per load. Once you do that for a year or two and save up as well as learn how everything works (trust me, its very easy), start your own LLC and buy another truck. Hire a driver and make passive income. This driver you will be hiring can be someone like you for example or someone with experience, at the end of the day, you are the boss. I hope this makes sense! bless
Do you handle other drivers taxes?
The one thing they must also know is to get your 401k completely matched you have to also be a company worker for 40yrs plus until retirement. (Please Correct me if I'm wrong) But In less than 3 yrs depending on your situation you could have already started your own business and begin to manifest twice your income. Many of the business owners who have got over that hump actually had to take the risk in order to make their first million.. Working for a company to receive benefits isn't always guaranteed because life happens. I've taken out my money at least 3 times from all 3 of my city jobs and the pay out is fruitful if you retire from the company. So unless you started with your company at a early age be prepared to work well into your 60's before you see the full benefits. I personally trust myself more than a company that let release at anytime. Just my perspective as a former city worker since 2013. Working for myself has opened up the floodgates to any of my dreams of becoming an entrepreneur.. Great breakdown and thank you for sharing this.. Peace and Blessings..
My jobs matched my 401k contributions on the same day I made them, not 40 years later. I personally prefer to start my own company vs working for a company until retirement, but for some people (including myself) it makes sense to take the free company match as long as you’re working there; whether it’s 1 year or 40 years.
You’re talking about a pension plan. They are all different, some are vested in the first year while some are 5 years or more. Same thing with 401k. If your company match is vested after 3 years and you work for that company for 2 years when you leave they will take back the money they added into your account. You cannot take money out of your 401k until a certain age or you will take a massive hit in taxes.
You can use a 401k to start a business without penalties
Is this a fact
Thank you for this information. What if you plan to only stay with the company for a year? Does it make sense to join the 401k program
No
Not at all
The problem with 401k plans is the taxes and fees I never had one never want one . I would just my checks 35k you get into trucking . Me personally Iam not working nowhere for 40 yrs.
what taxes and fees?
@@MrKern23 This is only example . Let's. you have 1M when you retire you are still on the hook for federal and state taxes and from what I understand 14% is take taken out by the wall street companies who management the your account it can vary. So that 1M is about 600k but the cost of living is going to be higher also hopefully you don't need medical care . I think Roth IRA is better because you pay your taxes up front but you still going to have to pay them fund managers . I knew a doctor in 2008 lost 40k and she just went on and retired without it . I trade in the stock market and can get some better returns than that even with loses they can be put towards my other taxable income and get some money back . Not recommendation to seek business or to personal advice.
@ jaja jaja Oh ok, i hear you. you’re gonna pay taxes and fees either way. i also invest , i have a 401k and a roth ira. And i’ve never heard of any portfolio manager charging a 14% fee.
@@MrKern23 maybe you didn't understand what I said 14% was JUST A EXAMPLE IT CAN IT CAN BE HIGHER OR LOWER . Your 401k or Roth are put in mutual funds and etf's . Theirs a person on wall street who's job is to manager it not your job This person or company or companies is taking your money and putting it different investment's as a result they get paid to do that over the years. They get paid when you take your money out that's fact's . It dont matter if your retirement plans make money or lose money you will pay fess . I think they add fees each yr or base on percentages. Please look into what you sign up for by Google it . Your Welcome
@@MrKern23 yea his numbers are off no FM is charging 15% they wouldn’t have a fund🤣🤣🤣
Hello David I would like to hire you as a consultant for my business. How can I get in touch with you
davidmcgill.as.me
hey man, I just have a small logistics company in Chicago a couple of months ago and I still struggle to hire a CDL Class A some give us the idea to post a job at the recruitment website but we have to compete with the big company that offers more than what we can offer and at the end, we will never get any driver do you have any advice on how to get the CDL driver? thank you for your help.
Pay them in BTC
Do you hire cargo vans ?
The penalties though if I need to cash out.
How do I book a consultation?
davidmcgill.as.me
Driver Makes $100,000 ? Where do I sign up ?
Just a question can they contribute to my Roth IRA instead of a 401k
Ask your employer. I’m not sure they usually do though. I’m assuming you already know how the two are different. The Roth IRA is powerful
I appreciate what you are trying to do but you ignore future taxes. Also you should redo this with a calculator and use realistic tax percentages
Can you talk about a solo 401k as an owner operator with only one truck?
Check out SEP IRA 👍🏿
I would recommend talking to a brokerage (Vanguard) and a payroll company (ADP) to get more information on how self employed retirement products like solo 401k & sep IRA
Ok thanks
Hey bro do you do consulting?
Yes the link is in the description
Thanks a lot.
Short question, please.
Is an employer obliged to put 50% into his employee's 401K account? Should emploee remind to his employer about this or the employer does it automatically?
Thx.
That’s a tricky question. Employers aren’t required to offer a 401k plan. If they do though, the employer match is usually automatic, at least from my experiences. Check with your job’s payroll department or HR department on that.
Also, the amount of the employer’s match would be outlined in the company’s benefits package.
@@TruckingFromScratch thank you!
50 %. Hell no, some companies will match up to 6 % if you’re lucky
It’s usually worded as 50% match up to 6%
Where can I purchase 20’ or 40’ trailers from?
Not sure, but I would start with Google and truck paper
@@TruckingFromScratch Could I Be Able Use Your Information In Barbados?
Hey bro how can I get a hold of you ?
davidmcgill.as.me
How do we book consultations?
davidmcgill.as.me
Are you a cpa?
Thank you very helpful but how would a owner operator pay into 401k when there is no company?
You can use a IRA. Individual retirement accounts. Or Sep IRA. Self employed Individual retirement accounts.
@@michaelstewart9499 Thank you 😊
Yeah, but you don't mention all the taxes. Associated with the 401 k, the 4, 01K is not the best investor.
Hi I’m Darrius I really would like to speak to you about pay to my employees. I’m willing to pay for your time
What happens when the company goes bellyup suddenly. Example: Surprises where out of business. Don't come in Monday, checks in the mail.
Do you not get penalized for using YOUR money in your 401k?
Depends on how the company set it up most companies set it up so u can’t use that money. When you leave the company u can withdraw it but u will get taxed.