The Insurance Doctor

Category: budget

6 Tips to get your 2020 financial house in order
Now that we are in the first quarter of 2020 it’s easy to get off track from our goals. Follow these 6 tips and with a little time and effort your 2020 finances will be more organized and less stressful.
1. Organize your paperwork: It’s hard to feel in control when you can’t find anything. Gather all papers, shred duplicates/old statements and put them all in a box or accordion file.
2. Go Paperless: I know habits are hard to break. Wherever possible create electronic files. See if you can receive e-bills instead of paper. Use a flash or thumb drive as a back-up and keep it off-premises.
3. Protect against identity theft: You can request a free copy of your credit report once per year from all 3 credit bureaus. Go to www.AnnualCreditReport.com
4. Put your finances on autopilot: Use EFT direct deposit for all checks, pension and social security received. Set up automatic payments for recurring bills. It’s easy and will save time going forward.
5. Create your 2020 tax file: Most people have to scramble to pull together all tax forms etc. Start now by setting up a 2020 file and stashing forms/receipts etc as needed.
6. Review your insurance coverage: Protect your nest egg and your family by regularly reviewing your life, health disability, and long term care insurance. If this is confusing to you contact us for a 2^nd opinion.
Your financial house needs regular upkeep. Putting in a little time and organization will decrease clutter and help you focus on your goals and objectives.
January 8, 2020
6 Tips for your Financial New Year’s Resolution
Six out of ten American’s will make some type of financial-based new year’s resolution for 2020. Usually, there’s a triggering event like receiving your December 2020 credit card bill or spousal pressure to name two. Follow these tips;
1. Consolidate Financial accounts: Close 1 or 2 existing financial accounts that you are not tracking or have insignificant monies in. This will save brain space, reduce statement clutter and avoid paying unnecessary fees.
2. Increase your 401k/employer retirement contributions: Raise your contributions at least another 1% per year minimum. You won’t feel the difference however over time it can make a major impact when entering retirement.
3. Develop a budget and/or expense statement: Review credit card, bank, and checkbook statements to get a handle on inflow and outflow of money. Start using a program like quick books or if old school draft a budget by hand and hang it up where you can see it. This can cause heavy emotional denial however better now than later.
4. Set up a system to save systematic money: Either something informal like putting the $20 you are saving in gas on fill-ups in a jar. Formal ideas like buying a cash value life insurance policy or setting up an EFT through your bank account.
5. Protecting your health saves your wealth: We all know about the escalating cost of health insurance and health care in general. Renew that gym membership, yoga studio or dust off that treadmill in the garage.
6. Bring balance to your life: Take that vacation you have been putting off. The rest and rejuvenation will impact your health. Statistics show that one who works 46 weeks/year will out produce a 52 week/year worker.
It will give you something to look forward to and forces one to be very productive before leaving and when returning home. Use frequent flyer miles if need be.

You will be amazed by how much better you will feel by following these 6 easy steps!
December 31, 2019
6 Tips to save $$$ on Holiday Shopping
Last year people spent on average $1,000 per child for the holidays. Heed these tips to avoid out of control spending:
1. JoinHoney.com: On your iPad, desktop or laptop click www.JoinHoney.com and add the extension. This extension (not for phones) automatically searches for the best price and attaches coupons, often cheaper than Amazon when you are checking out!
2. Make a budget: Budget X dollars per person and keep the list with you while shopping.
3. Points, Points, Points Credit cards, Verizon, AAR, and many other companies offer points to discount prices.
4. Buy Toys early others late: Statistics show prices are best on Toys early so buy those first and wait on other goods and services.
5. Search out Free Shipping: This can add up over multiple purchases.
6. Secret Santa: For Christmas celebrants consider a “secret Santa” where each person is assigned 1 person to buy for instead of buying for everyone. Set a price max and watch your stress levels go down. My family adopted this strategy years ago after my Mother calculated she was buying 80% of all family gifts.
November 25, 2019
5 Tips to Improve Your Credit Rating
Not only is credit a key factor in securing loans, potential employers may review an applicant’s credit and it’s also used to determine auto and homeowners insurance rates you pay.
1. Don’t close old accounts: While this may seem counterintuitive, closing a card may negatively impact your credit. It reduces your credit-to-debt ratio and credit history which lower scores.
2. Ask for an increase on your credit line: If you have a $5,000 credit limit and you are using $2,500 on average, that’s a 50% ratio. If you get an increase to $10,000 credit limit now you are using only 25% of what’s available which will improve your scores.
3. Limit the total amount of cards you have: People are tempted by all the great initial credit card offers but applying for too many cards can negatively impact your scores.
4. Avoid fees: Credit card companies charge fees for late payments even when it’s just a day or two. Making late payments may trigger a higher interest rate and show up on your credit report.
5. Pay off 100% of your balances every month: Carrying over balances from month to month is a costly way to do business and it can also show up on your report.
October 9, 2019
Back to School Shopping- 6 Money-Saving Tips

For kids, shopping for new gear and supplies may be the coolest part of going back to school. This doesn’t mean you need to “break the bank”. Try these tips to save big money this year.

1. Make a list then check the house first: Go through all closets, utility drawers and storage areas first. You may already have many items leftover from last year.

2. Go to the dollar store next: The next best place to buy items before shopping at more expensive stores.

3. Shop the big three: Old navy, Gap Kids and the Children’s Place rotate goods often. Ask when they are having sales. Also, if you see an item you bought in the past 14 days later on sale later, you can get the difference refunded as long as you have the receipt.

4. Hold off buying trendier gear: Wait to see what is in style and buy after the school year starts instead of anticipating trends and wasting cash upgrading later.

5. Google coupons for on-line purchases: With your list in hand go on-line and search out coupons. You will be surprised at the savings.

6. Browse craigslist.org: You can find quality things on the cheap and can sell them as well. Just enter your location and click on “baby and kids”.

Besides saving money on school shopping learn how you may save money on your health or life insurance policies today. Contact Rob for a free review!

August 20, 2019
10 Things You Should Know About Credit

Did you know that making small changes on a credit report and how you use your available credit lines can make BIG differences in your scores? Here are 10 things every consumer should know about credit:

1. Paid Tax Liens can be Removed
Paid (Released or satisfied) federal tax liens can be deleted from a credit report and all other public records within 30 days.

2. Some Unpaid Tax Liens can be Deleted
Federal tax liens can also be deleted if they have balances of less than 25k with on time payments to the IRS.

3. Add Authorized Users to Increase Scores
Adding authorized users can increase credit scores in as little as 3 weeks for free! No fees and no credit checks. Best of all, they cannot be denied.

4. Fix Inaccurate or Additional Personal Information
90% of credit reports have additional personal information that is either inaccurate or dated. I’ve seen scenarios with 6 different names, 2 social security numbers and several addresses. We can update this pretty quickly while working on other credit related issues. This helps us remove inaccurate information that’s reporting on the credit file.

5. Add Secured Cards
Adding secured cards can help improve the credit profile and ultimately help a borrower get a loan approval. This needs to be structured a certain way but is extremely effective within a couple months.

6. Keep Balances Below 30% of Available Credit
Credit card balances should be below 30% of credit all the time. If you need more credit, get more trade lines (lenders like to see 3-5 trade lines).

7. Consolidate Student Loans
If student loans are in default, they can be consolidated and transferred to the U.S. Department of Education. This will make a huge difference in score and overall approval strength.

8. Put Burden of Proof Back on Creditor
Collections and charge-offs are deleted at roughly 70%. They generally don’t have the documentation to support the account properly and our system puts the burden of proof back on the creditor.

9. Limit Credit Inquiries
You should only have 7 inquiries a year. Anything more than that can effect the score.

10. Setup Automatic Bill Pay
If you’re not good at paying bills on time on a monthly basis, set up direct withdrawal of the fixed payment accounts. Every creditor offers this option and it can turn a terrible payer into a perfect credit consumer for the rest of their lives.

March 27, 2019
5 Tips for Raising Money-Smart Kids

Most children are now in the middle of the school year. Unfortunately, most schools don’t teach kids how to budget, spend or how to grasp the value of money.

1. Start early: A 2013 Cambridge U. study found that by the age of 7 (1^st grade) most children grasped how money works and ‘core behaviors” they take into adulthood. Teach them the “rule of 72” (amount of time it takes a lump sum of money to double based on a known/fixed interest rate) as early as possible.

2. Utilize an allowance to teach them: Using an allowance as early as possible helps teach them the value of money and the difference between luxuries vs necessities.

3. Talk openly about money: Kids learn about money faster than you think. Talk to them about how many weeks of allowance it takes to buy that new lego set and you will be surprised how fast they understand. Not comfortable on this topic refer to Parents.com

4. Let them make their own mistakes: This can be the best way to learn when the stakes are low. When your child sees this great commercial on tv let them buy the toy with their allowance money. When they realize it was a bad purchase the lesson is invaluable.

5. Set a good example: Your children see what you are doing and will emulate it good or bad. Let them see you save up for a luxury and put back goods that you don’t need while at the check-out counter.

Parents often say “I want my kids to be better than me”. Utilizing these 5 tips will help ensure this happens with regards to saving and responsible spending.

For your own ‘money-smart’ plan or financial review contact Robert here today.

March 5, 2019
6 Tips to Get Your Financial House in Order
The year’s end is hectic between the holidays, parties and kids being home from school. It’s easy to get off track during the 4^th quarter. Follow these 6 tips and with a little time and effort your 2019 finances will be more organized and less stressful.
1. Organize your paperwork: It’s hard to feel in control when you can’t find anything. Gather all papers, shred duplicates/old statements and put them all in a box or accordion file.
2. Go Paperless: Wherever possible create electronic files. See if you can receive e-bills instead of paper. Use a flash drive as a back-up and keep it off-premises.
3. Protect against identity theft: You can request a free copy of your credit report once/year from all 3 credit bureaus. Go to www.AnnualCreditReport.com
4. Put your finances on autopilot: Use EFT direct deposit for all checks, pension and social security received. Set up automatic payments for recurring bills.
5. Create your 2016 tax file: Most people have to scramble to pull together all tax forms etc. Start now by setting up a 2016 file and stashing forms/receipts etc as needed.
6. Review your insurance coverage: Protect your nest egg and family by regularly reviewing your life, health disability, and long term care insurance. If this is confusing to you contact us for a 2^nd opinion.
Your financial house needs regular upkeep. Putting in a little time and organization will decrease clutter and help you focus on your goals and objectives. Contact Robert today to get your financial house in order in 2016.
February 19, 2019
6 Tips for your Financial New Year’s Resolution
Six out of ten American’s will make some type of financial based new year’s resolution for 2019. Usually, there’s a triggering event like receiving your December 2018 credit card bill or spousal pressure to name two. Follow these tips:
1. Consolidate Financial accounts: Close 1 or 2 existing financial accounts that you are not tracking or have insignificant monies in. This will save brain space, reduce statement clutter and avoid paying unnecessary fees.
2. Increase your 401k/employer retirement contributions: Raise your contributions 1%/year minimum. You won’t feel the difference however over time it can make a major impact when entering retirement.
1. Develop a budget and/or expense statement: Review credit card, bank, and checkbook statements to get a handle on inflow and outflow of money. Start using a program like quick books or if old-school draft a budget by hand and hang it up where you can see it. This can cause heavy emotional denial, however, better now than later.
2. Set up a system to save systematic money: Either something informal like putting the $20 you are saving in gas on fill-ups in a jar. Formal ideas like buying a cash value life insurance policy or setting up an Eft thru your bank account.
3. Protecting your health saves your wealth: We all know about the escalating cost of health insurance and health care in general. Renew that gym membership, yoga studio or dust off that treadmill in the garage.
4. Bring balance to your life: Take that vacation you have been putting off. The rest and rejuvenation will impact your health. Statistics show that one who works 46 weeks/year will out produce a 52 week/year worker. It will give you something to look forward to and forces one to be very productive before leaving and when returning home. Use frequent flyer miles if need be.
You will be amazed at how much better you will feel by following these 6 easy steps! Contact Robert here for a free consultation.
January 8, 2019
5 Things to do on a Budget in New York City
NYC is a great place to visit however it can burn a hold in your wallet

Check out these options!
1. Top of the Rock Observation Deck and MOMA (Museum of Modern Art). You can get a combination ticket to visit both for $44 total and can even go on different days.
2. Museum of Moving Images. in queens just went through a multi-million dollar upgrade with the most collectible from tv/film. Adults $15 and kids get in for $9 ages 3-17.
3. Coney Island. home of the new Luna park where a 4 hour unlimited wristband can be purchased for $40, fixed date in advance for $29. While there you can see a Brooklyn cyclone baseball game for $20 or less and the aquarium with the new shark exhibit is currently half price $15 for adults, $12 for kids.
4. Rockaway Beach. Admission is free and parking at Jacob Riis park is
$10/day and $65 for the summer. Ride the waves, sunbathe, baseball basketball and various activities are available with no charge. Hidden gem.
1. Central Park. entrance is free and there are a variety of things to do or just relax or picnic on the great lawn.
Contact Robert today for your personal review of your budget, financial plan & financial freedom here today.
July 18, 2018