As a truck driver I'm also looking at hot shot driving. Been on road for 45 years. Yes 45. Lol hopefully retiring in 4-5 years. Instead of relying on SS I'd like to do something like hot shot and RV rest of the time. Still in good health just ready to get out of the big rig. Flatbedding with curtainside trailer. If I could do few days a week maybe that'd be awesome. Great video as always. Hope to meet you one day. Have a blessed day.

Yes sirrrrr! Flexibility and that mindset shift/change. Dropping gold!

@liveyourfree

2 жыл бұрын

Thank you good brother

Great advice! I’m retiring after 41 years of working, military retired n federal government. My 2500 is paid for and I’m in the Brunswick county/Wilmington area and I know I’m going to get bored will quick lol so I’ve been thinking about this as a one to two day thing. No doubt your successful do to thinking it through!! Keep up the great videos & thanks!!

@liveyourfree

2 жыл бұрын

That deserves nothing but respect. 41 years of anything is impressive but to be military and federal is phenomenal! Thank you for your contributions! You have earned the right to be bored when you are ready. Thank you for your support!

@anthonyk8716

2 жыл бұрын

@@liveyourfree 😂😂Thanks bro!!

Awesome video, really appreciate the info 😊

I like the video really helped a lot, thank you

This video right here absolutely justifies why I love watching your videos man. Straight forward and honest and your mindset is awesome. I have been considering doing this as a part time thing for a while now. But I do need a bigger truck than my F150, which me and my wife has been considering since we’re wanting to get an RV as some point. Thanks a lot man.

@liveyourfree

2 жыл бұрын

I appreciate you watching my friend and your support. I'm glad it helps. Any other questions I would be glad to help if I can!

Wassup bro, i havent been on here in awhile. My wife and i just got our own authority! Thank you for breaking it down in an honest and str8 forward manner

@liveyourfree

2 жыл бұрын

Let's goooooooo!!!!! Congrats bro! You've been consistent. Happy for you guys!

@wellthatdidntwork

2 жыл бұрын

@@liveyourfree Thank you very much my friend!!

I officially checked all five boxes. Almost have my LLC and EIN as well. I am in NC and would love to buy you a coffee and talk about it. I have a diverse amount of small business opportunities that I am touching on.

Great advice! Would love to hear more about some options when it comes to trailers. I'm having a hard time justifying the cost of a hot shot trailer for part time use. Thoughts?

@liveyourfree

2 жыл бұрын

First thing I would take advantage of with the trailer is the 179 tax credit as the hotshot trailer qualifies for it. That will make you a tremendous amount through savings. Next I would make sure whatever trailer I bought would bring me additional value outside of just hotshot. For example, I would either rent it out or use it for equipment use on my personal property. Those are just two examples but everyone will have different needs for their life style. Whatever it is, I suggest to make sure you have more use for the trailer than just hotshot work. Break down how much you would need to profit per month to reach your break even point then work toward it for the first year. If you can break even before including tax write offs and credits, you are setting yourself up for great success after year one. I hope that helps.i appreciate you watching!

What trailer did you pick up for the business?can you tell me the model of it please

If you only do this part time how is the insurance affordable?

@liveyourfree

2 жыл бұрын

Great question. My insurance is between $7k and 8k for the year. It is for true commercial insurance with $1million liability and $250 cargo and auto coverage. I am convinced it is that affordable because I have a gas truck, strong driving record, cdl permit but mostly because I have history with progressive. There are a more companies out there that will compete on price. Not just progressive. Progressive is just the largest. If people are willing to put in the work to find them they cam find them. I hope that helps

@alegup2003

2 жыл бұрын

Great video and question. I am approaching retirement as a FF and you hit all the points that I have asking myself. Except for the being single part. But as a FF, my wife is used to me being gone a lot. Not sure she could handle me being home all the time anyway 😆 This has helped me in my decision making.

Are you saying that you are finding tax relief by adding this LLC to your portfolio?

@liveyourfree

2 жыл бұрын

Not by adding it your LLC portfolio. By utilizing tax benefits available for the equipment you have purchased to do the work. Also, as crazy as it sounds there can be value in recording a loss depending on what other income you have coming in from other streams. That's a whole different conversation for though

@ksmith114

2 жыл бұрын

@@liveyourfree I hear you. Both of my kids are now over 18 so I have lost any tax savings. Now looking for p/t revenue streams with sensible expenses

@liveyourfree

2 жыл бұрын

@@ksmith114 ahhh I gotcha. If nothing else, create a LLC if you haven't already and put the vehicles or other assets that carry a maintenance cost under your business. The fuel, the maintenance and any other expense you incur on them will be business expenses and the money used for those expenses come from money taxed to the business as opposed to being taxed to the business and taxed on your personal income. Make sure you can justify your use of that equipment for business purposes. That could be marketing meetings, handing out business cards, or actually doing the work of your business. There are also perks to purchasing equipment as long as they meet the required criteria. I apologize if you already knew all of that. Just trying to provide any help I can

@ksmith114

2 жыл бұрын

@@liveyourfree that’s exactly what I am doing now. I have the LLC and should have my EIN soon. Talking with an insurance friend today. I am looking at three categories such as Hot Shot and small construction / Service jobs within my industry. I found a gap in services that I am trying to fill around NC and SC. I am not sure what your primary industry is. Thank You for your posts and insights, without that I would not be trying to look at these avenues. Still offering that coffee or lunch lol.