"We took that trip in his 18-wheeler and it was one of the most exciting things I'd done up to that point," Brady recalls. "And I got hooked on driving. When we came home, I sold everything I owned and moved to Denver to become a truck driver."

He eventually ended up living in Kenton, TN and contracting as an owner-operator to United Van Lines.

Over his two decades on the road, Brady has noticed a disturbing trend developing among his owner-operator brethren — one that leaves them continually short of funds.

"I found that most drivers have great trucking skills but lack the business skills to survive out here," he tells DRIVERS. "There is a sense that truck drivers view their profession as a 'job' and don't view themselves as the business owners they really are. My view is we have an office on 18 wheels and we need to treat it as such."

For Brady, that means devising and following a plan that covers every aspect of an independent driver's business—record keeping, cash flow management, tax planning, truck maintenance, even savings plans.

His experiences as a trucking executive on the go even inspired him to co-author a book titled "Driven 4 Profits" with his tax advisor, Esta Klatzkin, aimed at helping owner-operators maximize the profits they can make.

"It's no different if you are operating one truck or a fleet of 20 or 200 vehicles," Brady reasons. "You are the boss and the only way to put more money in your pocket is if you put it there."

FOUR BASICS
While Brady has gleaned many lessons from his highway career, he says he operates each day around four basic rules of thumb.

"The first thing is don't forget to pay yourself," Brady says. "You are responsible for issuing yourself a paycheck because you are the owner of the business. That also means you must keep separate personal and business accounts —that keeps your profession from overrunning your life in terms of finances."

Second, Brady says it's important to do favors for other people—companies as well as other drivers. That may seem self-defeating sometimes, but Brady believes acts of good will always return to repay you.

"Some may consider it 'kissing butt' but it isn't," he explains. "I consider doing a favor for someone during the peak [moving] season to be making a deposit -- sometimes you make a deposit with dollars, others times with your time. It all works its way around. Sometimes you are not paid back directly, but that deposit you made can benefit the next driver down the line who needs a favor. Helping out is still a rule of the road, even in these tough times."

Third, Brady says it's extremely important to recognize what you are an expert in —and what you are not. "You have to delegate. Find the experts, be it in taxes or truck maintenance, and rely on them," he says. "It may seem like you are paying a lot up front for their services, but the bottom line really is that you are saving tremendously—especially time."

Taxes are a good example. "Managing your taxes is a year-round activity, not just something you do on April 15," Brady says. "In over 20 years, my gross revenue has averaged between $180,000 and $225,000, but I've never paid more than $5,000 a year in taxes."

He credits tax accountant and co-author Klatzkin with helping him maximize deductions and minimize taxes. "She studies the tax code continuously and keeps me apprised of how tax-law changes can affect my deductions," Brady says.

He also notes that paying for that expert knowledge is worth it. Brady's met many owner-operators over the last few years taking in similar gross revenues—between $100,000 and $150,000 a year -- but paying from $3,000 to $25,000 a year in taxes.

"That's why record-keeping, knowing how to depreciate trucks and equipment, and knowing your maximum deductions are so important—and why you need to hire an expert to do it right," he stresses.

SAFE ABOVE ALL
Finally, Brady says all truck drivers—whether owner-operators or not—have to be patient, courteous, and above all else, safe. "You need to know your capabilities and capacities as a driver and know to never exceed them," he says. "Because being safe behind the wheel, whether it's your car or 18 wheeler, has a direct impact on your livelihood."

And he says being a safe driver derives from being a patient and courteous one, too. "Those two characteristics are very important, especially when it comes to interacting with other drivers on the road who are neither patient nor courteous. It helps prevent your involvement in accidents," he explains. "It also helps when you are dealing with your customers, too, both with shippers and receivers. It shapes their view of you as a person, your service. And whether you'll be doing business with them in the future."

In the end, Brady thinks developing solid business planning skills is absolutely critical for independent drivers to stay on the road profitably.

"Drivers, in my opinion, are tremendously underpaid for the work they do," Brady sums up. "In some aspects, owner-operators have a tougher row to hoe because freight rates haven't kept up with costs in this industry. That's why you must manage your money more closely today than you did 15 or even 10 years ago."