Money reserves / Paycheck questions

The best thing to do is pay yourself a salary, have a personal bank acct. and a business bank acct. Pay all personal bills from personal acct and all business related items from business acct.

 

personally I try not to let my business account get under $10,000 and yes I pay myself a salary every week, whatever I gross at the end of the week, after fuel is taken out, l
I get half and the business gets half but I never pay myself more than $900 a week, which I hardly ever make less than that unless the truck is down, Since December is extremely slow for me I take the whole month off and pay myself a bare minimum wage. My # 1 rule to myself is to never cheat the buisness side of it..

 

I consider $25,000 a fully funded maintenance account. My inframe with some extras actually cost about $27,000 couple of years ago. If you do your own inframe then half that amount should be sufficient to cover anything that pops up.

 

There you go! The only reason I cap myself at $900 a week is because I dont have any bills except mortgage and the utilities, so thats plenty for me, also since MY COMPANY pays me a salary for not working in December and a one week paid vacation every year to Myrtle Beach I do with a little less every week, I also have a $10,000 limit credit card for buisness use also, it can be used for an extreme emergency, but otherwise any kind of repairs or parts I get I put on the card, pay it off every month and reap the benefits of the points earned..

 

what in the sam hill

 

I also have a $10k credit card for business only purchases. Never pay any interest on it and average about $600 a year in cash back that always goes into any balance.

 

My stupid boss pays me 40 cpm, loaded miles only. Payroll taxes withheld weekly.
The maintenance fund gets 21cpm - all miles.
The HELOC gets 12.5cpm all miles ( pay ourselves back for tractor )

Taxes set aside 10% off the top., and 12.5 cpm (am) for trailer payment.

The rest hits the business credit card ( which got a pounding setting the biz up).

Multiple accounts - business and personal separate.