Fiscal Health

denick

Business owners. Has your work in construction afforded you:

The equivelant weekly paycheck that your equal in a trade or trade union would?

The benifits they would have?

Adequate money in savings?

Adequate money going into retirement?

Disability or WC insurance?

Enough life insurance?

Long term care insurance?

I meant this as a Lump Sum type question. One, Yes or No

Of all the people you know in the business what percentage of them are achieving these things.


Nick

RobertCDF

Not quite yet (unless I dont take any deductions for new tools, advertising, business debts) But my company is still young 1 1/2 years and I started out with about zero tools of my own. And have bought anything that I needed. So I have dropped a lot of money on that stuff.

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Robert Shaw
Colorado Springs Custom Decks
Colorado Custom Decks
Custom Composite Decks

Oregon_Rob

I am in a similar boat as Robret. Only two years, but this year is looking very good. Also, I will employ 6-8 people. I make my own $#$% decisions and the sky is the limit . Let's see, working the trades, i am told when and where to be, or not to be (sorry no work for you today, go home and sit by the phone) . Also, a lot more things that i just don't feel like typing right now.
Also, not time to gripe

copusbuilder

Yes to most.

A lot of variables in that post.

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George Z

Mostly, yes.

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go dart

Yes,less The Disabilty And Long Term Insurances Which Personally I Won't Purchase. Just Recieved A Call From Acct On Our Year End And Need To Make An Addl 5700.00 Payment To Our Retirment Fund To Make The #s Work And Of Course A Nice Year End To Fed And State. So We're Healthy!

Grumpy

The answer is not yet. I am sacrificing now so that I won't have to sacrifice in the future. I know it's still march, but this year is already going better than forecasted.

Peladu

This month Yes.

Next month maybe not.

Gordo

The first five years the answer would have been no to all the above. Going into the tenth year now, I can say yes to all the above. There are no guarantees for the future though. Praise God. Would not have it any other way.

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Looks like some pros were here.

Teetorbilt

Easily!

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Albert Einstein

AAPaint

Hah, no way. I am only about two years into being on my own, and so far I've bought every tool I ever needed twice, brand new, paid all my bills, and am finally starting to really make money. I easily replaced my old pay the day I quit working for someone else. Salary is not a question...having a big lump of money in the bank is outta the question so far. I pour almost 100% of my profit right back into the business, and I've grown both in knowledge and in sales/volume steadily so I see no problem reaching those levels. My business account usually has between 500-2000 in working capital at any time though....Guess I gotta get my lumps and do my time till I'm sitting pretty like some of you guys!

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-AAPaint

AA Quality Painting & Pressure Washing LLC
Jacksonville Painters
Jacksonville, FL.

Grumpy

I was thinking about this last night and none of my jobs provided anything on that list, except the WC insurance and adequate savings (using the Millionaire next door wealth to age formula).

Gordo

What is that formula?

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Looks like some pros were here.