Do you find that there are things that you "always" do or check on? Likewise are there things that you "never" do? That's it! Simple isn't it? Still confused? What I have done is put together a few basic ideas that I recommend that you "always" do, and a few that it would be a good idea to "never" do. I'm sure that after you read my list you can add a few on your own. Be my guest!
Let's begin on a positive note with one from the "always" list. Always review your deductibles on all of your insurance policies to make sure that you aren't paying for coverage that you don't need. Not a bad one, huh? Likewise never buy an insurance policy without making sure that it compliments your overall coverage and does not duplicate what you already have, no matter what the agent says.
Never buy coverage just because it has the word "chiropractic" in the title until you shop to make sure it truly is the best for you. Always try to take full advantage of the tax laws in your overall planning so that they work in your favor, not against you. Remember, a penny saved is another penny you get to keep, or something like that!
Always review your advisors every year to make sure that you are getting your money's worth. Are they doing the job to your satisfaction and earning their keep? If not, never keep them around.
Never go into practice with anyone without a written agreement on who does what and when. That never works. Trust me on this one! Always try to get as many issues as possible covered prior to getting together. Believe me, it's in the best interest of both of you. Handshakes are fine for introductions, but not to go into practice.
Always review your banking arrangements and see just what the total fees are the bank is charging you every year just to hold your money. Never stay with a bank if they will not reduce your fees once you have been dealing with them for a year. They haven't stop making banks so shop around!
Speaking of banks, always check out my list of places to buy checks for less than half of what your friendly banker wants to charge you, and never buy their checks until you have. That list is yours for the asking, if you enclose a self-addressed stamp envelope.
Never let a bank or credit card company add credit life or disability to cover the balance unless you are totally uninsurable and can't buy coverage on your own. That stuff is very expensive! Always check your mortgage papers to make sure they haven't included credit life too. If they have, call and have it removed.
Never work with any so-called financial advisor who tells you that you don't need life and disability protection, unless they promise to always cover you!
What? You have never used a computer or tuned into one of the new chiropractic networks? Why? They are great. You can always get up to the minute advice and information with the push of a button. You can even chat with me! Check it out. There is an America On-Line chiropractic professional networking forum every Sunday night from 9-10 EST in the "Health and Medical Chat" section. Also, to get yourself on-line for articles or research you can can contract Chirolars at (817) 898-0234, ChiroLink at (408) 356-3898, and ChiroServe at (410) 224-4850.
You don't have a retirement plan? You never plan to retire? You can always use the money! A plan will save you hundreds of thousands of dollars in taxes over your lifetime. Without a plan you will never save that much.
Do you have a business plan? That may sound silly, but if you are in practice you need one. Most just see how much is left in their checking accounts each month to figure out what their advertising budget will be. That's no way to run a practice. You need a plan to keep you on track. Without one you will never achieve your goals. It is my hope that chiropractic students learn how to set up a business plan for a chiropractic practice, and I hope that they always use it.
Is your money always working for you? Is it doing the best job and getting you the best return possible? Without a plan, it will never work at full capacity.
Have you been told to never have any debt? Don't you know that mortgage money is the cheapest money you will ever buy? It is! That is why I say never use a 15-year mortgage when a 30-year gives you more flexibility. Need proof on that? Then drop me a line.
You should always read my articles and never miss one of them! If you have, my address follows and any information you need is always available to you if you send a self-addressed, stamped envelope to:
125 Crofton Hill Ln.
Rockville, MD 20850
Are you NEVER going to write?!
Click here for previous articles by Kent Greenawalt.