How To Get Rich In Trucking, Build Wealth, Corporations & Pay Yourself LEGALLY

Рет қаралды 46,598

Күн бұрын

We have this question asked all the time! Should I open a corporation? How to maximize my income? How to properly purchase a truck?
In today's video Ronen answers all of the questions regarding building wealth through your corporation. Are you a seasoned Owner Operator? Are you thinking of switching from being a Company Driver? Are you just getting your CDL? Leave a comment below.
Chapters:
00:00 The how and why of corporations
01:00 How to properly buy a truck through your corporation
04:15 How to properly pay yourself a salary (Pay statement)
09:38 Misclassifying your employment status
12:38 Consequences and solutions
Check out this video for more ideas on building passive income as a truck driver:
• Passive Income Strateg...
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#trucker #wealth #corporation

Пікірлер: 101

@CheddarCheeseBandit 2 жыл бұрын

This does not apply to single member LLCs in the USA unless they have filed with the IRS to be classified as an S-corp. Single member LLC are disregarded entities and unless you convert to an S-corp you are liable for all income regardless of how much you pay yourself.

@nicolagaballo3120 Жыл бұрын

Llc s corp. For the portion you don t pay yourself you re liable for income tax, but not FICA tax that is 16.5% (ss, madicare).

@sumeetsinghgill4220 2 жыл бұрын

Thank you Ronin for giving this such a valuable information

@markhouck5258 2 жыл бұрын

Always GREAT INFORMATION! "Drivers - Share With Others"

@svsoleil3255 Жыл бұрын

I have to say Ronen, your channel brings allot of value to new truckers / owner operators. I appreciate fully your work...am very grateful for this content....Its too bad your in Canada, we need more businesses like yours here in the USA....SUSCRIBED FOR LIFE.

@lionthesevensimba 2 жыл бұрын

Thank you R O N E N, and happy New Year 🎊!!! 😃😃

@markeshbhatt8151 Жыл бұрын

I was looking for a mentor and you the Man !! Thanks Ronin

@evguenimertodjan9783 2 жыл бұрын

As usual You very helpful for our community!👍

@churchillcoins8519 Жыл бұрын

Thank you for this very in-depth overview.

@bigjuvbankroll246 Жыл бұрын

Thanks alot. I'm definitely taking notes.

@tommyking641 2 жыл бұрын

You are are dropping gems 💎

@SAT1337 2 жыл бұрын

Can you talk about the work life balance and if it’s possible to make a great income without practically living on the truck. That is being back daily, and able to spend time with family and pursuing hobbies and activities whilst also making good money as a trucker. Is this something that is possible?

@harindersingh-rx3yy Жыл бұрын

Best yt channel in canada for truckers..

@johnapstrader3459 Жыл бұрын

Keep the excellent content coming l!!!

@shawnr409 Жыл бұрын

Great info to have, Thanks

@vin605 Жыл бұрын

Very informative thanks for sharing

@forgetfulfarmer4089 2 жыл бұрын

Really beneficial information in your videos thank you very much

@neteaadrian1654 2 жыл бұрын

Thank you for the video. Merry Christmas and happy holidays. Wish you all the best!

@NorthAmerican-Trucking-News 2 жыл бұрын

Thank u Same to u and your family (Ronen)

@manuelnavarro2240 Жыл бұрын

Ronen; This is a good example to do all Truck Trailer Driver,,,

@joyona7430 2 жыл бұрын

Wow : )! Thank you )! ps. The thumbs up counted this time.

@AKSHAYKUMAR-gx7to Жыл бұрын

thank u so much brother

@robertvondeusche6245 Жыл бұрын

Useful info Wouldn’t be a bad idea to take a class of two on this.

@azarbashir4429 2 жыл бұрын

Excellent content

@NorthAmerican-Trucking-News 2 жыл бұрын

Thank u Appreciate the feedback :)

@kwhopper1100 2 жыл бұрын

If you keep your living expenses low and invest 2500 a month in a basic index fund you will have 180000 . So if you have expensive cars with payments get rid of them get rid of your high interest debt if your single maybe live in your truck or at least rent or buy the least expensive thing that will work pack your own food instead of eating out . In five years you would have cash to buy a brand new truck with no loan . Or look for a series 60 powered century or Columbia you could rebuild those truck several times over with that kind of savings. You get sick and you have a paid for truck no big deal . You have a multi thousand dollar truck payment to make every month you don’t get the chance to take sick days you have to run or risk defaults. If your new coming into the industry don’t rush to get your own truck drive a company truck keep your expenses low learn as much as you can and save and invest as much as you can for a few years and just pay cash for a truck .

@justanothertrucker7856 2 жыл бұрын

This is sort of where I'm at. I started solo driving for my first company last June and have no outstanding bills. Living in the truck and saving money. Figure I can probably do this another 2 years and reevaluate if I wanna keep going or not

@user-uy5ut9tc5v 8 ай бұрын

Thank you sir

@NorthAmerican-Trucking-News 8 ай бұрын

All the best!

@victormejia512 Жыл бұрын

A video you should keep guys wise choices.

@williamq5627 2 жыл бұрын

Exelente👍🏼👍🏼

@DeWayneWillingham 2 жыл бұрын

@ET Transpot do you guys have a video on "understanding your numbers" in the trucking industry?

@domingofernandez4359 2 жыл бұрын

Can you name a few of those companies that are good to become OO. I love your Chanel guy’s.

@nunyabidness7204 5 ай бұрын

Another great video. I live in the US and have had my authority since 1996. You do a awesome job with your channel, and even being in the industry as long as I have, I find many of your videos interesting. Just a question, and a couple points of interest. 1. In your example of setting up your corp. where you “loaned” your corporation the downpayment, how do you get those funds back to your personal account? Do you get them back through your payroll? In my case, waaaay back in the beginning, when I loaned my company the startup funds, I drew up formal loan documents just like a bank. I paid myself back monthly with 5% interest. I did claim the interest as income personally on my personal return. Not sure it is the best way to do it, but insured I got my initial investment back over time. 2. In the US you would only go to jail for tax evasion if you are a conservative. 3. 35-45% Tax bracket?😳 Holy shit, y’all need to tell Justin to cut a brother some slack! 🤦‍♂️😂😂

@glenhazlett4360 Жыл бұрын

In USA if you setup an S-Corp you're locked in for two years. You're unable to switch back to an LLC until year three. Under an S-Corp your corporation will have to pay corporate tax and as an employee under that corporation, you'll have to pay personal income tax. So you will pay twice, corporate and personal. S-Corp will give you better protection for your personal assets. Under an LLC you'll be able to use the business expenses to reduce your personal income tax though your income will be higher because all of the business income will be counted towards you. LLC's do give you some legal protection though it depends on the state you're setup in. It's easy to setup an LLC. It may take you a couple of hours.

@s.philpott561 2 жыл бұрын

great video. I have a sole proprietor business but planning on incorporating. my question is how do I get my financed truck from my personal name to the incorporated name? thanks for all the great info, your videos are great help.

@NorthAmerican-Trucking-News 2 жыл бұрын

Send a message to the finance company to add the corporation name to the lease / financing Also provide them with updated void check of the Corp. Hope this helps (Ronen)

@KG_BM 2 жыл бұрын

Im not even a trucker and im glad i found this channel

@NorthAmerican-Trucking-News 2 жыл бұрын

Glad u r enjoying it Appreciate the positive feedback

@leontrimble5011 Жыл бұрын

I have heard this term in several of ronin's videos, but what is an HST? Or is that specific to canada?

@theresadavis9962 Жыл бұрын

Also the deposit amounts cannot be at or over $10000k at any one time. IRS sees it immediately

@palam112 Жыл бұрын

Hey! Quick question Currently I’m working as a owner operator with carrier company and Now I got my company as well but as you know new companies need more time to get on track! is that ok if I can still work with old company as a owner operator and whenever I have My company I can do that also ? Is that possible? I’m working local! Thanks

@DTMFJeff 11 ай бұрын

Ronen I just passed my DOT physical, drug screen, background and MVR and have my CDL learners permit. Starting school in 2 weeks (after a vacation). My LLC is setup and have 200k cash to start but, I'm torn between a heavy haul HotShot (50k GCWR) with a sleeper or a single screw semi FB or step deck with sleeper. I'm out of central Florida. What are your thoughts? With HotShot I could start with all new gear and be debt free, semi I would have to go used to be debt free which concerns me. TIA

@Parasefvirte 6 ай бұрын

This may work in a good pay market Not at this time when loads pay not even fuel money , load Georgia to California paying 2500 dollars Before you go in trucking get a load board and monitor market to see if it worths trucking

@user-wh5kn2xj1g 2 жыл бұрын

Thank you very much for sharing good information to everyone. I cleared your explanation. 🙏👍💯🥰

@user-ov1mn8zg3e Жыл бұрын

i want that shirt

@vancefitzgerald6995 10 ай бұрын

What is the difference between Corporation and an LLC?

@anasmoukrim1352 Жыл бұрын

Is a lease operator considered a company driver?

@akhiltharakan2239 Жыл бұрын

could we issue dividends?

@samihdaifallah3590 2 жыл бұрын

This is local right?

@garrygiesbrecht4544 2 жыл бұрын

I have 10 years left in my career… what sound advise can you give me to maximize my retirement. And then how do I get out?

@NorthAmerican-Trucking-News 2 жыл бұрын

For that we need to arrange a phone call Message me your contact information Sponsorship@ettransport.ca

@MaryHernandez-lq8kq 2 жыл бұрын

It is irresponsible to say that it does not matter. Kids today have sense but they don't always have time to teach their kids alone. It does matter. Needs to protect our communities...end of rant Truckers need a lobby for things like insuring there are properly placed rest stops. City planners & Designers need the input.

@Daniealddoxford 2 жыл бұрын

Awesome video thank You for all the useful information. Keep up with these amazing videos

@NorthAmerican-Trucking-News 2 жыл бұрын

Thank u Appreciate the positive feedback

@johnf.3286 3 ай бұрын

How can I reach out to you personally I'm a new trucker and I'm starting as an owner operator right out of the gate.

@NorthAmerican-Trucking-News 3 ай бұрын

To connect with Ronen, the expert providing consultations for aspiring truck drivers, owner-operators, and small fleet owners, please don't hesitate to contact him via email at sponsorship@ettransport.ca 😊

@richardsprings1414 Жыл бұрын

I would like to play as a lease operator if you don't accept me can you refer me to someone who can I've already applied

@israrahmed1251 2 жыл бұрын

Hi Ronen, I just want to Thank you for making this video. 16:07 This video is possibly the best Christmas gift from ET Transport for its subscribers. If I transition from a company driver to an owner/lease operator down the road, I would personally come to the Concord Terminal to thank you for your guidance through out the journey.

@NorthAmerican-Trucking-News 2 жыл бұрын

Anytime That would be great Appreciate the positive feedback.

@TheBeastmxrider12 2 жыл бұрын

Thanks for making it super easy to digest Ronen. Only question I have is the difference between Corp and LLC. I think Brian touched on this a bit ago. Do they share any of the same perks? And what are the differences?

@NorthAmerican-Trucking-News 2 жыл бұрын

Would love that And we can even get it on Camera :)

@baselb6734 11 ай бұрын

😅😅😅

@thetrucker4825 2 жыл бұрын

Good video, lot of helpful information. Here in USA the only important thing is the way you get paid. If you get paid through a W2 then you are an employee but if you get paid through a 1099 which is the most common then you are a contratista and you can get paid through your own company even if don’t own the truck and that is not illegal, you offer your service as a driver through your company and you pay taxes as a sole proprietor.

@NorthAmerican-Trucking-News 2 жыл бұрын

Thanks for the info I didn’t know that

@openroad1240 2 жыл бұрын

Hey Ronan, are you sure we can’t do this legally in Canadá too?

@Lutavian 2 жыл бұрын

@@openroad1240 I know this is old, but you cannot in Canada

@Riighthandtrucking 2 жыл бұрын

This helps cause I am getting my truck in a few week's

@NorthAmerican-Trucking-News 2 жыл бұрын

Perfect Glad I was able to help

@jakkbatt4711 2 жыл бұрын

Awesome man😃🍻 what are ya getting?

@markborr5016 Жыл бұрын

Do ypu really lose more money if you take home pocket 100 thousand cuz of taxes?

@way2comfortable698 Жыл бұрын

Yes it’s better to invest into 401k especially if the company matches it

@fullmoonwhite1 Жыл бұрын

. 65 is a damn lie! That 1099 pay 😡

@DougTransportation 2 жыл бұрын

You said pay taxes on the 60k but that 60k in the corp acct you have to pay taxes on that too right?

@NorthAmerican-Trucking-News 2 жыл бұрын

Yes But only 13.5% Personal u will pay around 30%

@CheddarCheeseBandit 2 жыл бұрын

If you are a single member LLC then you pay taxes on all of it. If you are in the US, you’d need to file to become an S-corp and also have a payroll for your corp, paying into workers comp, social security etc, plus payroll expenses.

@paullabonte9497 2 жыл бұрын

@@NorthAmerican-Trucking-News why dont you just pay yourself 0 and get the whole 121k paid out as a corporation if you have the means? Would the govt frown on this? I know you would miss out on rrsps butnit definitely be worth it.

@kevyo1 2 жыл бұрын

@@paullabonte9497 Because that is tax fraud and the government will come for you.

@primeartifacts6467 11 ай бұрын

The best way to make money in trucking is to park that truck for good

@andrewbarnett4621 2 жыл бұрын

Well said Sir. Ronen Seasons Greetings, hope they listen 👂 because you can't win against the government when it comes to taxes. ⛄🎅☃️🎄🎉

@GoaltoGo 2 жыл бұрын

The statements are extremely helpful..

@NorthAmerican-Trucking-News 2 жыл бұрын

I’m glad they are helping

@freedomworks3976 9 ай бұрын

How to make a million $ in trucking …. Start with 2 and wait

@malek.a232 2 жыл бұрын

Ronen im a new driver take me in man .. Consider it please. let me gain experience.

@malek.a232 Жыл бұрын

@Troy when you don't get employed after having your licence for 6 month u have to do everything. Stay safe fellow driver.

@malek.a232 Жыл бұрын

@Troy bless your soul Tory. Thnx for the info brother.

@HA-nx5qn 6 ай бұрын

Haha, get rich in trucking… how’s that working out now with these rates… lmao

@jafooli5383 2 жыл бұрын

Hi Ronen, I'm confused because I had no idea that I couldn't be in a corporation and be a company driver. I'm a new driver and recently joined a company as a company driver and I am under a corporation. But the thing is the company themselves has asked me to go under a corporation and give them my banking details for that corporation so I can get paid under it. Everyone (including my accountant) I've talked to has said this is the right way to do it because of the benefits of being in a corporation. So, am I doing it all wrong?

@NorthAmerican-Trucking-News 2 жыл бұрын

I should do a separate video on this. I will address this in one of my next videos Thanks for sharing.

@richardr2362 Жыл бұрын

You are not wrong he is wrong in the USA is totally legal is 1099 pay. I know hundreds of drivers doing it without any problems for many many years..he is just confusing people (Romen).

@jafooli5383 11 ай бұрын

@@richardr2362 I’m not in the US. I live in Canada.