Phone Charges: Don't "assume" that you automatically get a good deal without asking for one: you won't.
Office Supplies: This is where the dollars can really add up. Check prices closely. Office Depot, Staples, etc. Check their prices and compare against catalogues such as Quill, and others. You will be surprised what you spend over a year's time on office supplies and what you can save. If you have a local supplier, ask them to meet or beat these prices. Many will to keep your business. Consider joining a buying cooperative if there is one in your community. If you are too busy, assign this task to one of your staff members.
Mobile Phones: Call your carrier and ask if there is a better plan for you to be under to save some money, based on your usage. Why not get your local association to negotiate a group rate? It could save you a bundle.
Property and Casualty Insurance: Get a list of all of your P & C coverage from your agent. Now go to an independent agent and ask for a quote based on what you have now. Ask them also to review what you have and make any suggestions to improve your coverage and save you money. After you have this "second opinion," go back to your original agent and ask why they did not update your program. You need to review this coverage every year, and make sure it covers any new equipment.
Cars: Should you lease or buy? Before you talk lease, negotiate a "buy" price, then ask, based on this price, for "lease" terms. You don't need to lease at the "full" price.
Life Insurance: Are your beneficiaries updated? Any riders that need to be added or removed? Is the coverage adequate? Are you sure? Do you have an up-to-date audit on ALL of your policies? Have you checked out the financial "health" of your insurance company lately? Don't wait until you see their name listed as a feature article in the Wall Street Journal about companies that have recently gone belly-up.
Office Staff: When running an ad to hire staff, ask for a handwritten resume. You don't need a resume turned out by a teacher or resume mill. You want to see if the applicant can write!
Disability Coverage: Is it up-to-date with your current income? Can you afford to increase the elimination period to save some premium dollars? Is it adequate? Does your present company treat chiropractic fairly? By the way, how financially "healthy" is your company?
Retirement Plan: Maybe it's time that you started making contributions to a plan for yourself before you make contributions to the I.R.S. in the form of taxes! No question about it, you need one, and now is the time to begin. It's never too early or too late. Any tax savings are better than nothing.
Overhead Coverage: Do you have it? If you do, is it adequate? If you don't have it, isn't it time that you quit playing Russian roulette and get this coverage?
Banks: Here's a multitude of sins wrapped up in a four letter word! What are they charging you to keep your money? Are you still paying full price for your checks? Are you keeping "too much" of your money in the bank for your own good? Maybe it's time to "shop" for a new bank. Use the same "second opinion" idea that I just gave you in the property and casualty piece.
Auto Expense: Do you deduct part of your auto for tax purposes? How? Do you drive to your office every day? That's considered commuting, and is not deductible for tax purposes. Be careful, Uncle Sam knows what you do and will get you on this one!
Estate Plan: According to the Wall Street Journal, 70 percent of Americans don't have a written estate plan. Isn't it time that you joined the "minority?"
Inflation: You say you don't have a feel for this? Do you remember when stamps were just three cents? That was 1953. Now they are considering increasing them to 32 cents. How about gasoline when it was just 15 cents per gallon? The same year, 1953.
Education: Have you considered putting your kids on the payroll yet? You say you have never heard about that? Maybe it's because you don't read my newsletter or you have never written to me to get this information. We can cure that right now. Just follow the instructions at the bottom of this column.
Your comments and inquiries may be directed to:
Stanley Greenfield, RHU
125 Crofton Hill Lane
Rockville, MD 20850
Please include a self-addressed, stamped envelope. Thank you.
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