2020 riddled the truck driving community with a cargo load of problems. Namely, the pandemic, the protests, the shortages, and the holidays. But now, we begin a year anew. What is to come from the year of the Metal Ox? It’s likely that the future holds for us a possibility of fortune. Or failure! Who really knows? Anyway, if you chose to keep trucking on, in spite of the past, good for you for not investing too much time in grieving. Here are some ideas for how you can catch up as a truck owner-operator with your priorities.
Close Out 2020 Bookkeeping
Guess what? When tax starts needing to prepare for you, you’ll need to have those numbers prepared first. For your 1099s, retirement account notes, and so much more.
Complete a Financial Statement Sheet
Include every asset you may have. This should also include your liabilities or certain purchases that have taken more than given you in the past year.
List all your debts lost in your priorities.
Rank them in accordance to descending interest rates. Make a priority out of the high-rate loans versus the low ones. That way, you know how to pay them in full before accumulating additional debt in 2021.
Seek Financial Leaks within the priorities!
Keep track of any expenses you can eliminate for the year ahead. With any shortcomings, you can either figure out how to personalize it, or just kill your darlings. We can survive off of less than the world might figure, really.
Research For Your Retirement’s Sake
It matters especially if you don’t have an account like that at all. It may depend on the kind of account possessed. So please don’t be afraid to ask your tax preparer about such possibilities, as the priorities depend on it. Just keeping organized helps you out for anything that is an oncoming event.