Whazzup?" Lots of things are up that should be up, and lots of things that shouldn't be up are up. Maybe it is time that you checked out your own situation to see whazzup.
Is your cash up? I am a firm believer in having a cash reserve. Ten thousand dollars in a money market account is a very nice security blanket. It is an opportunity fund and can also be an emergency fund. It can handle all of these situations and more. Best of all is the piece of mind that you have that much in cash if you need it! Whazzup? I hope your cash fund is.
How about the interest you are earning on your cash? Do you have all of your extra cash sitting in a checking account or passbook savings? The only person you are impressing is the teller at your local bank! Inflation is eating your money faster than the termites are devouring the beams in your house. A money market account will give you more than double the interest. Whazzup? Your blood pressure should be for wasting so much cash!
Are your insurance premiums going up? Have you reviewed them and increased your deductibles and looked for some package policies that could save you a bundle? Do you really enjoy giving that company more money than you need to? Whazzup? Your premiums shouldn't be!
Are the contributions to your qualified retirement plan going up, and are all of those increases going to your employees, your accountant and your attorney? They don't have to. How would you like to have all of the money that you are putting away go into a sheltered fund just for you? That can happen, but only when you start following some of my ideas and suggestions that have been printed before in this very column. Need a copy. Check out ChiroWeb (and my columnist page), or drop me a line.
Is your overhead up and your total patient visits down? Not good. You need it the other way around. Maybe it is time to really set up a marketing plan and take a good long look at the things that are increasing the overhead. Better now than later.
Are your bank fees up? I've told you about those folks (the bankers) for years. Maybe it is also time to start interviewing some banks and see which one will do the best job for you. I am sure that the one you have now just loves holding your money!
What is the interest on your home mortgage? Have you taken a good long look at re-financing? Don't wait until the rates start to go up again. How about the interest on your credit cards? You need to lock in some cards at a fixed rate of 10 percent or below. No more of those ones that start off low and then jump sky-high. One day the credit card companies are going to stop doing that, and you will be stuck with some very high cards. Do it now.
What's your cost of living? Maybe it would be a good idea to have a good disability program and a policy to cover the overhead in your office so that if you suffer a disability, the cost to live won't be higher than the disability benefits you receive.
Do you know that it costs four times more to get a new patient than to maintain an existing patient? Have you figured out what it cost you for each patient you have in your office? I hope that this last expense is not whazzup!
Taxes? Well, what are you doing about that? Are you happy with the amount you are sending to the IRS every year? That will continue unless you act.
Whazzup? I'll bet it's not your net worth! That, of course, you want to go up, but does it seem like every additional dollar you get just goes somewhere else? That can be changed.
Do you want to really know whazzup? Continue to read my column and follow the directions at the bottom of this article, and keep in touch so that you can find out!
Stanley Greenfield,RHU
1829 Green Heron Court
Jacksonville Beach, FL 32250
Tel: (800) 585-1555
Fax: (904) 247-1266
stan@stanleygreenfield.com
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