For full show notes visit the blog: humblemechanic.com/?p=4690
Today we take a look at ways for mechanics to manage their money. Working on flat rate can ruin you if you are not smart with money.

We look at:
You have to MAKE the money first
Buy tools smart
Don't get in debt with the tool man
Buy used
Live below your income
Auto draft into your savings
Avoid other debt too
Do you need a new car? (No unless its a 2015 Golf Sportwagon ;) )
Understand your busy times
Understand your slow times

Podcast on What To Do When The Shop Is Slow
humblemechanic.com/?p=4394

What to do when the shop is slow
humblemechanic.com/?p=4564

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Comments

    • Jake and Mandi Thomas
      Jake and Mandi Thomas

      Dude, another SUPER practical yet extremely important video. Financial Peace for the WIN!

      A couple other points you may have already mentioned in other videos - side work, also saving money on your own car maint./repairs😎 AWESOME CONTENT!!!

      about 2 months ago
    • HumbleMechanic
      HumbleMechanic In reply to Jake and Mandi Thomas

      Thanks so much 👍💙

      about 2 months ago
    • Scott Swensgard
      Scott Swensgard

      I have to wonder if we have met. I retired from VW/Audi corporate in 2014. My last position was in based out of Atlanta as a TFM and covered your area. I like your videos and attitude very much. I teach mechanics at Job Corps with a lot of kids who come from not so good situations. Its hard, real hard, cars are easy. I integrate many of your videos n my lesson plans. Keep it up.

      about 4 months ago
    • Scott Swensgard
      Scott Swensgard In reply to Scott Swensgard

      @HumbleMechanic done. Look for it tomorrow.

      about 4 months ago
    • HumbleMechanic
      HumbleMechanic In reply to Scott Swensgard

      That sounds awesome. Shoot me an email Charles@humblemechanic.com 👍😎

      about 4 months ago
    • Scott Swensgard
      Scott Swensgard In reply to Scott Swensgard

      @HumbleMechanic well I'm in Salt Lake City. C'mon out and talk up the kids. I can put you up.

      about 4 months ago
    • HumbleMechanic
      HumbleMechanic In reply to Scott Swensgard

      Hey Scott. It’s very possible we met at some point.

      That’s awesome you’re with job Corp. those kids need good people man. If you want, I’d be happy to pop in next time I’m in ATL.

      about 4 months ago
    • ZIMALETA HOW TO SHOW & UNBOXING
      ZIMALETA HOW TO SHOW & UNBOXING

      Thanks this is really great advice to stay out of debt and managing your money 💰 I wish I could say this is common sense but it’s not for everyone planning is a key

      about 6 months ago
    • HumbleMechanic
      HumbleMechanic In reply to ZIMALETA HOW TO SHOW & UNBOXING

      This is what they should teach you in school .

      about 6 months ago
    • 512BB
      512BB

      Great advice and not just for mechanics and technicians!

      about 8 months ago
    • HumbleMechanic
      HumbleMechanic In reply to 512BB

      Thank you !

      about 8 months ago
    • Raul Rubalcava
      Raul Rubalcava

      In my opinion Matco tools are far cheaper than snap on and come with lower weekly payments. I always buy Matco tools and still able to make ends meet.

      about 10 months ago
    • HumbleMechanic
      HumbleMechanic In reply to Raul Rubalcava

      I have experienced the opposite. LOL I think it somewhat depends on the truck driver.

      about 10 months ago
    • James Johnson
      James Johnson

      you can use ebay to get good used tools from snap on, mac, etc

      about 1 year ago
    • Craig Be
      Craig Be

      dude paint that beard white and look like a lawn knome

      about 1 year ago
    • Robert Scales
      Robert Scales

      Living below your means is the best advice. I’ve seen too many people driving a $40k vehicle their first day on a job that only pays $30k a year. Peer pressure is tough when you see your co-workers driving nice cars and going on big vacations. Too many people over spend and every raise they get is just chasing their spending habits.

      If you can’t write a check for it, you can’t really afford it. If that loan got called in today, could you cover it? Live under your means is solid advice no matter your profession.

      about 1 year ago
    • HumbleMechanic
      HumbleMechanic In reply to Robert Scales

      Yeah I have seen people do some silly things with being things.. Sadly it's how we are conditioned at a very young age

      about 1 year ago
    • mike8hunter
      mike8hunter

      This would have been awesome as a new tech

      about 1 year ago
    • LORDdeath Gaming
      LORDdeath Gaming

      Tool tuck. Snap on=ice cream truck

      about 1 year ago
    • Aaron Hayden
      Aaron Hayden

      How much did you pay to go through UTI. I've thought about going there in a couple years?

      about 1 year ago
    • TheLiberalMachine
      TheLiberalMachine

      I thank the Lord that my tech school prepares us with tools.

      about 1 year ago
    • Ronald Martin
      Ronald Martin

      50 bucks a week for the rest of your life.

      about 1 year ago
    • HumbleMechanic
      HumbleMechanic In reply to Ronald Martin

      FOREVER!!!!

      about 1 year ago
    • Francisco Franco
      Francisco Franco

      I usually try to keep my tool debt at $1000 per truck . Matco and snapon . And since I live at home with my parents still I can afford it . Recently I've been spending less because I don't need as many tools as before but the things I'm missing are the expensive things like diagnostic tool . Fuel pressure gauge , I need a tap and die set because shit happens , I want triple squares but I don't see them to often , and I really want that kit from matco for testing electric connectors I think it's called a pcm/ ecm test leads or something like that .

      Tip :Always buy the simple stuff first . Sockets , oil filter wrenches , a good impact , a good set of wheel lug suckers , wrenches 8 through 24 mm , breaker bar , pry bars , the most common sockets I use are 3/8 drive the 6 through 19 but I have a 21 and 24 . And I only use 1/4 drive sockets in small things or places where I can't get anything else in . A good set a either air ratchets or electric ratchets . And a dvom there's a lot of other things I could mention but with everything I said it's all ready a good amount of $$

      about 1 year ago
    • tojiroh
      tojiroh

      Looking at the video's thumbnail, I couldn't help asking myself:

      "Why is he holding a cone made of his own beard hair?" :-S

      about 1 year ago
    • HumbleMechanic
      HumbleMechanic In reply to tojiroh

      HAHAH I see it now.

      about 1 year ago
    • Chris Roberson
      Chris Roberson

      Start 401k the first day if you can. Put in 10% immediately. I don't care what excuse you have. Just do it! The money you save in your 20s will have a more important part of your saving growth than any other time in your life.

      Just like HumbleMechanic said! Buy iron( sockets wrenches and ratchets) from tool trucks. NEVER BUY SOMETHING FROM TOOL TRUCK THAT DOES NOT HAVE A LIFETIME WARRANTY.
      Harbor Freight is THE place for all pneumatic equipment, hammers, chisels and anything you use once or twice a year.
      Amazon is THE place for everything else.
      Never buy a new tool box unless you have money to throw away. Look in local classifieds, Letgo, Offerup, craigslist

      about 1 year ago
    • michael gartman
      michael gartman In reply to Chris Roberson

      Yes but thats easy to aT when youre not paying for school and helping family

      about 7 months ago
    • Red Phoenix
      Red Phoenix

      @1:21 If it is not your fault without a disclaimer, it is not your fault with a disclaimer.

      about 1 year ago
    • Jay Bisky
      Jay Bisky

      Did flat rate for a decade went from expert to master tech and got killed with warranty times. Best decision I ever made was to get a job fixing heavy equipment 30 bucks an hour plus 401k vacation benefits everything double time on Sunday flat rate is an outdated system

      about 2 years ago
    • ncrdisabled Submarine vet
      ncrdisabled Submarine vet

      I started working at the age of 8 helping my dad who was a master mechanic . At 17 I went to work for a great radio maker and worked my way to warranty tech . I did that for 12 years and was making 11.25 hr when the company closed. It was now 1989 and times were hard I was living on my own but was not married thank god. I went in the NAVY on submarines and you get a lot of special pays on submarines .In just 1.5 years with all the special pays I made 42k a year . I was going to stay in for 20 or more I bought a new car and a lot of other stuff and was going to use my re up bonus but I got nailed with a chain while doing a torpedo reload test. I went from 42k to 25k over night and could no re up for the bonus. I was lucky I had put about 28k in the bank My dad touh me how to save . He was a mechanic for over 30 years . The stupid part of me ran up my credit cards during the times money was tight. So you never know what can happen over night. It not fun being in a wheelchair when you planed on haveing a great life.

      about 2 years ago
    • Glock19ist
      Glock19ist

      Dave Ramsey. Rock on

      about 2 years ago
    • Sansui Mcpeters
      Sansui Mcpeters

      Jesus Dave Ramsey's program la mazulli Just some of the things i like

      about 2 years ago
    • James Lee
      James Lee

      Went to uti in North Carolina. It was a great place.

      about 2 years ago
    • Bass Coast Central
      Bass Coast Central

      I'm so thankful and fortunate that my father was in the army. there are a boat load of scholarships for school, vehicle, and housing expenses and I plan to take advantage of them all

      about 2 years ago
    • Bass Coast Central
      Bass Coast Central In reply to Bass Coast Central

      HumbleMechanic this YouTube community of mechanics and technicians has been the father I never had and has helped point me in the right direction

      about 2 years ago
    • HumbleMechanic
      HumbleMechanic In reply to Bass Coast Central

      DO IT!!!!

      about 2 years ago
    • TheShipyardTechnician
      TheShipyardTechnician

      I started out mopping floors for the freightliner dealer, and worked my way up to Cummins certified technician. flat rate killed me for the first 2 years, I struggled to make ends meet. I kept at it because I loved my job. years later I was let go after getting a little too verbal with our department manager. I now work at a family owned shipyard, specializing in diesel repairs and electronics installation at a very promising hourly rate.
      if you work hard, you can come out on top.

      about 2 years ago
    • shayson1357
      shayson1357

      hello, I want to manage an auto repair center since it seems like a good business to invest in and had a lot of people encourage me to do it if I financially can; do you have an estimate of how much the initial cost would be for everything in a shop that can service a maximum of 8 cars simultaneously(already own the under-parking warehouse in my building just asking for initial tools and machinery cost) oh and do you know how the mechanic or technician pay system works ? is it per job or fixed monthly or ?

      about 2 years ago
    • steveinstereo
      steveinstereo

      Great video. I work in the body shop and come winter you need to be ready to hustle because it really picks up.

      about 3 years ago
    • PHXGlock
      PHXGlock

      I take the week of X MAs off every year

      about 3 years ago
    • Bradley Preston
      Bradley Preston

      I bought my pocket flashlight from a wholesale store for $6.00 and 5 years later it still works! so definitely buy smart

      about 3 years ago
    • Johnny Nimble
      Johnny Nimble

      Three thumbs down, presumably from the Matco, Snap-On, and Mac franchisees.

      about 3 years ago
    • HumbleMechanic
      HumbleMechanic In reply to Johnny Nimble

      +Johnny Nimble Hahahahha. When I first saw the comment I didn't know what video it was from.

      This one makes sense.

      about 3 years ago
    • cmclaybird214
      cmclaybird214

      I'm getting ready to start my first tech job. I'm scared as shit and at the same time i'm excited to start my engineering degree too. everyone I know in this business tells me not to work in it.

      about 3 years ago
    • The Wanderer
      The Wanderer In reply to cmclaybird214

      Wish ya good luck man, I hope it's going well. I'm not sure about engineering, but as far as a mechanic/technician (whatever vocabulary you like) for a dealership it's looking meeeh, I've heard a few different aide of things. I'll put it to you like this, if they're not already facing a worker shortage, they will be pretty soon.

      about 2 years ago