The Insurance Doctor

Month: December 2020

  • 7 Tips to Better Manage Time

    7 Tips to Better Manage Time

    Seven practical ways to get more done with less stress

    There is a saying “Time IS Money!”  I believe this is true, especially during this COVID-era.  Since most of us are spending more time at home, time-management is more important than ever! 

    They say, “WORK SMARTER, NOT HARDER,” right? Do you know how to accomplish this? Time management and good organization are two of the most important skills one can have. Understanding time management and having a system in place is key to achieving balance and success.

    What exactly is time management and why is it important?

    Time management, AKA EFFICIENCY, enables you to get more work done, often with a better outcome, in less time. Once you have figured this out and what works for you, you will realize the benefits it brings.  These benefits include higher productivity, better task management, less stress, and a better work-life balance.

    Some of these skills include:

    • Organization
    • Ability to Prioritize
    • Set Attainable Goals
    • Communicate Effectively
    • Ability to Delegate Tasks
    • Able to Handle Stress in a Positive Way

    Keeping these 7 tips in mind will help you effectively manage your time:

    1. Wake Up Earlier:  We all get the same 24 hours in a day and 168 hours in a week.   It is what we do with it is what counts! Consider waking up 15 minutes earlier a day will increase your productivity. Use this time to do something you enjoy, exercise, meditate, watch the sunrise. You will be surprised how this can enhance the rest of your day. You may even find that your most productive hours are before most people wake up.  This reminds me of the excellent “Marines” commercial that Marines do more before 6am than most people do in a day!
    2. Attack Your Most Important Tasks in the Morning:  Once you start prioritizing this time to accomplish your critical tasks, or even the ones you dread doing, you will be able to efficiently manage your time for the rest of the day. Get it done and move on!  A mentor of mine said to make your bed as soon as you wake up which immediately completes your first task of the day!
    3. Set Timers:  If you are one that is easily distracted with emails, phone calls, and of course the number one time-drain, social media, it is helpful to use a timer to keep you on track. Set your timer for 30 minutes and take that time to put away any distractions and solely focus for that time-period. Often, you may be able to go past the 30 minutes; however, it is a good tool to get your focus back.
    4. Take Frequent Breaks: Giving yourself a break after about an hour, not only refreshes your mind, but if you’re sitting at your computer, you will be giving your eyes a break as well. Take 5-10 minutes, take a walk, get a drink of water and head back to your workspace.  You will be even more productive for the next hour.
    5. Plan Ahead:  WHEN YOU FAIL TO PLAN, YOU PLAN TO FAIL! Try taking 10 minutes at the end of each day to tidy up your space, and write out a list of what you need to accomplish the next day. Once you get to your workspace in the morning, review your list and you will be able to dive right in, starting with your most important tasks.
    6. Find Inspiration:  Listening to podcasts, YouTube how to’s or reading inspirational messages may reignite the fire to get you back on track!   Sometimes, I prefer listening to music to boost my energy and to pump out those tasks that I cannot seem to get off my to-do list.  Sometimes, I will supplement this with an afternoon iced coffee.
    7. Stop Multi-Tasking: We all do it. We check our email while on a phone call. We check our phones during a meeting. Being present to the task will help you to stay focused and keep your mind from wandering. Blocking out time to complete tasks will ensure you get the important tasks completed! Leave your phone in the other room if it is a distraction to you.

    Everyone wants to have more hours in the day, but the truth is, we don’t need more hours, we just need to effectively manage the hours we are given!  

    I hope these tips are as helpful for you as they have been for me! 

    I would love to hear some of your success stories. Feel free to email me at Rob@InsuranceDoctor.us.

    Stay Positive, Test Negative, Keep the Faith!

  • 5 Questions to Ask Before Retiring

    5 Questions to Ask Before Retiring

    COVID-19 is rapidly changing the world and we must adjust accordingly!  There is a myriad of issues that will come to the surface in the first quarter of 2021.  In addition to the expiring of moratoria and other safeguards, many industries will be cutting and furloughing jobs.  HSBC bank, citing issues between China and the USA announced the elimination of 32,000 jobs and furloughing another 32,000 employees.  The NYPD has had a rash of officers opting to retire.  I anticipate large companies creatively offering early-retirement packages to induce employees to retire. 

    A vaccine will not bring these jobs back!

    These are the questions pre-retirees should be asking themselves:

    1. Am I Ready Psychologically to Retire? Newly retired individuals can begin with feelings of excitement and anticipation only to fall into a morass of depression, anxiety, and restlessness!  When people retire, they can lose their identity.  It is important to develop a new identity as a retiree.  People spend more time planning a vacation than their own retirement!
    2. Am I Financially Ready to Retire? The first step here is to “huddle-up” with your advisors and create an anticipated post-employment budget.  The good news here is that work-related expenses such as transportation and dry cleaning should be lower.  Another advantage might be your millennial children (statistics show 50% of millennials are still living with their parents) moving out.  Cash flow could determine if a part-time job is needed.
    3. When Should I Take Social Security? This question has to do with your current age and the decision to take a reduced benefit now, versus waiting for the full benefit.  As a great mentor of mine used to say, “The Situation is the Boss!”  The ratio of retirees to workers continues to grow as America ages.  There are 10,000 baby-boomers (born between 1946-1964) who turn 65 every day.  Uncle Sam has “moved the goal-posts” over the years with younger retirees seeing a graduated reduction based on age.  Some people look at how much money they will need for their lifetime.  The biggest fear of seniors is “The Fear of Running Out of Money!”  This is what makes annuities and life insurance such powerful financial tools.  Those that are in poorer health should consider starting sooner, rather than risking dying before collecting their full benefits. 
    4. What Do I Do About RMD’s (Required Minimum Distributions)? Did you know that failing to take Required Minimum Distributions from your 401Ks and IRAs (Individual Retirement Accounts) can result in penalties of up to 50%?  Many people are not aware that The Trump Administrations’ “SECURE ACT” changed these rules in 2019.  For decades, retirees had to begin taking distributions or payouts from these accounts at the age of 70 ½.  Now, because of longer life expectancy (and other factors), that rule has been pushed back to age 72.  Some younger retirees should consider looking at a reverse mortgage and waiting on social security and RMD distributions.  The “SECURE ACT” bad news is that the “Stretch” or “Inherited IRA” has been eliminated, so retirees that planned on passing their IRAs down to multi-generations of their family can no longer do so.  This is another reason to start taking money and enjoying your “Golden Years” now!
    5. What About Medicare And The Dizzying Supplement Options? Fewer workers are retiring with health insurance benefits.  The biggest benefit (that I can think of) about turning 65 is being able to enroll into Medicare and saving BIG$$$$ on your health insurance by purchasing “Medicare Supplements,” which is a version of subsidized health insurance.  It is not uncommon for a single individual to save between $400-$500/month by enrolling into Medicare Part A, buying Medicare Part B (Prescriptions), and then enrolling into a “Medicare Supplement” policy, some of which are FREE!  These “Medicare Supplement” policy decisions should be made 60 days BEFORE your 65th birthday! 

    I have a team of experts, all with over 20 years of experience, to ensure that you make educated decisions.  For those that are interested, email “PLEASE HELP ME” to Rob@InsuranceDoctor.us. 

    Stay Positive, Test Negative!  Keep the Faith!