I have a personal question to ask you. Do you currently suffer from “E.D”? I am sure that you have seen reference to this malady on television commercials. Do you have the symptoms of E.D.? The E.D. that I am referring to is slightly different from the one shown on TV. Even females can suffer from my form of E.D. The E.D. I am referring to is Economic Dysfunction. Economic Dysfunction knows no gender. It is an equal opportunity dysfunction for people of all ages, nationalities, and sex. All can be afflicted equally. It is a hideous malady and can wreck a marriage not only in the bedroom, but in every room in the house!
E.D. affects us all at some point in our lives. I am sure that you can remember suffering from E.D. when you, very early on in life, had to make the decision whether to buy that candy or save your money for that big ice cream. Decisions like that are not easy and they drive us to E.D. The ways we can fall prey to E.D. go on and on; but the purpose of this article is not to bring up these cruel memories, it’s, rather, to show you a way to stop suffering from this hideous malady. It is time to let go and begin anew with a fresh outlook on life and start enjoying the pleasures of a world free of E.D.
Where do you begin? Let’s start with your bank accounts: one of the basic sources of E.D. A basic rule to remember is that banks are not your friend. They like to see you suffering from E.D. and they can take a mild case of it and turn it into an epidemic that can run rampant through your family. Yes, even your kids can catch it from you.
How much of your cash does your bank hold for ransom? Yes, I said ransom. They hold your cash until you pay the ransom. That ransom is usually referred to as the fees that you pay the bank. You can never get your money out without paying more in fees than what they are paying you in interest. It is time to really review and get that cash liberated.
How, you ask? Armed with the information on what you are paying, it is time to have a chat with your bank and tell them that this is “totally unacceptable.” The excessive fees must go, as well as the hold on all deposits and the charges for checks, etc. It is time! You will be amazed how quickly they will reduce or totally eliminate those fees and charges.
You need to move most of your money out of the bank and get those dollars to work for you earning a decent rate of return. I am a believer in having a “cash fund,” but not at the bank. Check out what money market accounts are paying. This is a good place to park cash. Every mutual fund family has a money market account and they are all paying more than what the banks are paying.
Want to know another source of E.D.? Your insurance portfolio. All those policies that you have on your home, cars, equipment, jewelry, office, malpractice, disability, life—all of them are good breeding grounds for E.D. Your agents just love to see you suffering!
Pull all those policies out and try to make heads or tails out of them?
NO! Call your agent and tell them you need a summary of what you have. Do you have everything covered that should be covered? Are you really “insurance poor,” or is it that you are premium poor? Maybe it is time to see if some “deductibles” can save you some money.
Do you really have the best insurance for you? You need to be able to answer that question. When you can, the symptoms of E.D. will start to just fall away.
Got a retirement plan? Ever feel E.D. when the subject comes up? If so, it is time to get control of this part of your planning as well. It is time now; so do it! Time to stop suffering and get on with your life.
E.D. can be brought on by lots of things: loans, debt, investments, etc. We have just taken a look at two of the most hideous sources. If you can deal with these two, you are well on the way to curing your problems and living a life free of the symptoms of E.D. Do this, and you can face the world again with a smile on your face.
Stanley B. Greenfield has been engaged in the fields of Financial Management and Insurance since 1962. He has been a guest speaker for Educare Financial on numerous occasions. 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 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 visit his website, www.stanleygreenfield.com.