The Insurance Doctor

Tag: finance

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
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
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