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

[@harindersingh-rx3yy]

Best yt channel in canada for truckers..

[@CheddarCheeseBandit]

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]

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]

Thank you Ronin for giving this such a valuable information

[@svsoleil3255]

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.

[@markhouck5258]

Always GREAT INFORMATION! "Drivers - Share With Others"

[@glenhazlett4360]

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.

[@kwhopper1100]

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]

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

[@SAT1337]

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?

[@jfkst1]

No chance. Not to start and honestly if you want to be profitable even as a small fleet owner you better kiss work/life balance good bye.

[@KG_BM]

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

[@NorthAmerican-Trucking-News]

Glad u r enjoying it Appreciate the positive feedback

[@nunyabidness7204]

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! 🤦‍♂️😂😂

[@lionthesevensimba]

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

[@manuelnavarro2240]

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

[@joyona7430]

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

[@markeshbhatt8151]

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

[@neteaadrian1654]

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

[@NorthAmerican-Trucking-News]

Thank u Same to u and your family (Ronen)

[@tommyking641]

You are are dropping gems 💎

[@Parasefvirte]

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

[@bigjuvbankroll246]

Thanks alot. I'm definitely taking notes.

[@churchillcoins8519]

Thank you for this very in-depth overview.

[@evguenimertodjan9783]

As usual You very helpful for our community!👍

[@vin605]

Very informative thanks for sharing

[@forgetfulfarmer4089]

Really beneficial information in your videos thank you very much

[@user-uy5ut9tc5v]

Thank you sir

[@NorthAmerican-Trucking-News]

All the best!

[@victormejia512]

A video you should keep guys wise choices.

[@theresadavis9962]

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

[@israrahmed1251]

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]

Anytime That would be great Appreciate the positive feedback.

[@azarbashir4429]

Excellent content

[@NorthAmerican-Trucking-News]

Thank u Appreciate the feedback :)

[@johnapstrader3459]

Keep the excellent content coming l!!!

[@shawnr409]

Great info to have, Thanks

[@s.philpott561]

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]

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)

[@TheBeastmxrider12]

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]

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

[@robertvondeusche6245]

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

[@domingofernandez4359]

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

[@MaryHernandez-lq8kq]

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.

[@DeWayneWillingham]

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

[@thetrucker4825]

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]

Thanks for the info I didn’t know that

[@openroad1240]

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

[@Lutavian]

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

[@AKSHAYKUMAR-gx7to]

thank u so much brother

[@vancefitzgerald6995]

What is the difference between Corporation and an LLC?

[@물레방아-v4c]

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

[@DTMFJeff]

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

[@johnf.3286]

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]

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 [e-mail] 😊

[@garrygiesbrecht4544]

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]

For that we need to arrange a phone call Message me your contact information [e-mail]

[@leontrimble5011]

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

[@samihdaifallah3590]

This is local right?

[@williamq5627]

Exelente👍🏼👍🏼

[@anasmoukrim1352]

Is a lease operator considered a company driver?

[@palam112]

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

[@user-ov1mn8zg3e]

i want that shirt

[@Daniealddoxford]

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

[@NorthAmerican-Trucking-News]

Thank u Appreciate the positive feedback

[@akhiltharakan2239]

could we issue dividends?

[@andrewbarnett4621]

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

[@primeartifacts6467]

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

[@richardsprings1414]

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

[@fullmoonwhite1]

. 65 is a damn lie! That 1099 pay 😡

[@Riighthandtrucking]

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

[@NorthAmerican-Trucking-News]

Perfect Glad I was able to help

[@jakkbatt4711]

Awesome man😃🍻 what are ya getting?

[@jafooli5383]

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]

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

[@richardr2362]

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]

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

[@markborr5016]

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

[@way2comfortable698]

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

[@HA-nx5qn]

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

[@baselb6734]

😅😅😅

[@freedomworks3976]

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

[@darwinleacock3868]

Start training yourself on how to live poor and for Christ, bcuz they are going to wipe out your SAVINGS!! Only the wise will understand!!

[@GoaltoGo]

The statements are extremely helpful..

[@NorthAmerican-Trucking-News]

I’m glad they are helping

[@malek.a232]

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

[@malek.a232]

@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]

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

[@DougTransportation]

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]

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

[@CheddarCheeseBandit]

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]

@@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]

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

[@davecramer9725]

You ain't going to get rich in trucking

[@firstamendmenttshirt4768]

Chase is a joke.

[@RobertQuine-pk7pl]

Bullshit

[@DieselTrucker2018]

You don't sound like you're from Canada. Your accent sounds like you're from Servia and You moved to Canada.