It’s 10:00 P.M., Again


moneystack:dropcap_open:I:dropcap_close:n the August issue, I did an article entitled “It’s 10:00 P.M.”.  It was based on an old public service announcement, saying, “Parents, it’s 10:00 P.M.: do you know where your kids are?”  I took a little liberty with that theme and stated it this way: “Mr. & Mrs. D.C., it’s August; do you know where your money is?” I thought I would make a few more observations for you to consider.  In other words, ways to make sure that your money is working for you, not against you.

We took a look at bank charges, credit card interest rates, and property and casualty insurance in the last installment.  Let’s begin this one by taking a good look at retirement plans.  Do you have one?  Are you totally happy with it?  Really?  Do you really enjoy putting your money into a plan for all of your employees and are you happy when they leave and take your money with them?  Are you happy with all the fees you are paying to your attorney, your accountant, your agent, your stockbroker, your banker, and everyone else who wants to get in on the gravy train?  Are you making more on your money than you are paying out in fees each and every year?  Want to stop that foolishness?  You can. 

You could have a “non-qualified” plan that has no limits on the contributions you make for yourself, plus you do not make any deposits for anyone else.  No IRS rules to contend with.  No fees for everyone each and every year.  Only you can get to your money and you can get to it anytime you want to.  Plus, no taxes to pay on the money you take out.  Your money is protected and you don’t have to wait to age 59½ to access it.   Sound too good to be true?  Well, it is too good and it is true!

Got an old life insurance policy?  If it is a Universal Life policy and you are paying for it on a monthly or quarterly basis, you could increase the cash value by almost 20% by paying the premium on an annual basis.  Definitely worth considering.

Got an old policy with a loan outstanding?  Thinking about paying off that loan?  Here is something to consider before you do.  If you are in good health, you might be better off by getting a new policy and rolling the balance of the cash value of the old policy into the new one.  You might be able to do that and actually have more death benefit for less outlay.  Worth considering.

Got an old life insurance policy to cover your home mortgage?  If it has a decreasing face amount with a level premium, it might be time to get rid of it.  Your premiums are level and the coverage decreases.  You are at a point where you are giving the insurance company back the entire “bargain” that you had when you started this policy.  Just make sure you have enough coverage before you cancel anything.

Got an old life insurance policy and the beneficiary is your estate?  It is better to have the proceeds payable to a named beneficiary.  It protects the proceeds from creditors.  You should check all of your beneficiaries and make sure you have not left anyone out.

Do you have any disability insurance?  You say, you heard it is expensive?  It is, if you don’t have it!  While you are at it, make sure you also have a business overhead policy to cover the expenses of your office.  The premium for the overhead coverage is tax deductible.

Some more ideas for you to check out and make sure that your money is doing the best job for you.   Treat your money right and it will treat you right! 

Stanley B. Greenfield has been engaged in the fields of Financial Management and Insurance since 1962. He is a Registered Financial Consultant, and was awarded the designation of RHU, Registered Professional Disability and Health Insurance Underwriter, in 1979, as one of its Charter Members.

Mr. Greenfield has authored thousands of articles concerning tax, financial, and practice management, and has spoken throughout the world on these subjects to both business and professional associations. He is a regular contributor to numerous other professional journals.

Mr. Greenfield also serves as a member of the Board of Directors of the Florida Chiropractic Foundation for Education and Research. You may reach him at [email protected], call 800-585-1555 or 904-513-2229 or visit his website,


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