Page 4 - SFHN0418 final36p.qxp_SFHN 0608 Friday 5.0
P. 4
Financial Health
for Healthcare Professionals
Are You Indispensable?
“If handling the finances
is not your regular job,
PROVIDED BY HOWARD WOLKOWITZ, A your household, enlist a trusted fam-
FINANCIAL REPRESENTATIVE WITH COASTAL ily member or friend with the neces- but suddenly fell to
WEALTH, COURTESY OF MASSACHUSETTS sary information. If you share a
MUTUAL LIFE INSURANCE COMPANY home with a roommate, an elderly you, would you know
parent, or another person unwilling
(MASSMUTUAL)
or unable to handle your finances, what to do?”
you might also need to go outside of
Perhaps you're frequently told—by colleagues at
work, family members, or friends—that they don't your household to find your “backup - Howard Wolkowitz
know what they'd do without you. Of course, it makes team.”
you feel important. But perhaps you're being given a bit • List your bills. Start with rent or
of a back-handed compliment. Any good manager can mortgage, utilities, minimum pay- • Prioritize. If money were tight, which bills would
tell you that the secret to a smooth running and suc- ments on credit cards, car payments, and anything else get paid before others? Consider this question, and talk
cessful operation is delegating authority. you pay on a regular monthly basis. Then add bills you it over with your backup person. Also think about what
Maybe you make the world's best lemon pie. And pay less frequently, such as a yearly trash fee, car insur- you would do with an unexpected windfall: save it,
after you're gone, your kids will sit around for decades, ance, or association dues. Also list items you pay on an invest it, donate it to charity, or pay off a debt?
reminiscing about what a great pie you used to make. as-needed basis, like snowplowing, repairs or yard • Practice. Don't just talk about dealing with your
But wouldn't it be even better if you had given them the cleanup. finances. You may think you know how to do a thing,
recipe, and they could continue making it for them- • Create a calendar. Mark down the deadlines for but actually having to do it flushes out all the possible
selves instead of simply dreaming about it? each bill, and when you usually pay them. problems. So guide your family member or friend
How much more important are your financial • Create a notation. Mark down how you usually pay through the process. With your assistance, have him or
records! Whether you are the only adult in your house- each bill: by check, cash, credit or debit card? In person, her sign onto your online accounts. Go to the bank
hold, or share responsibilities, think for a moment. If by mail, electronically? together and open the safety deposit box. Make sure the
someone had to take over for you in an emergency, • Provide physical access. Do you have files kept in bill statements are understandable to both of you.
would they be able to keep your affairs running a desk or filing cabinet? Your backup person will need And remember, turnabout is fair play. If your partner
smoothly? Here are some points to consider: to know where these are located. Do you have a safety or spouse handles all or some of the bills, then perhaps
• Identify your “backup team.” In most households, deposit box? Ditto for the keys. Are you the only you are the one who needs training. If handling the
there's a division of labor. While that's an efficient sys- account holder for your bank accounts? Consider finances is not your regular job, but suddenly fell to
tem for day-to-day operations, cross-training is impor- adding your backup person so that check-writing and you, would you know what to do?
tant as well. Your spouse or partner should know what other transactions may be performed by him or her. Do This month, vow to share information, and step
you know, and vice versa. If you are the only adult in you keep the business cards of preferred service people?
Are they all in one place, and is it clear who does what? Continued on following page
ARE Y OU RREAD Y O BECOME
Y T
O
A LEADERR IN THE DIGIT A
AL
THC
EV OL UTIONN OF HEAL T ARE?
Business
MAS TER OF SCIENNCE IN HEAL T TICS & ANALY TIC S
T
Y
TH INFORMA
T
Our F ully Online 14-month pr ogr am be gins October 2018
o
Joinn our upcoou upc oming webg ebinar tola t o leae arn more:o e:
T uesday , April 17, 2018 | 12:00pm
Thur sday , April 19, 2018 | 2:00pm
LTTHANAL
Tooday!
R e gister T o HEAL Y LY TIC S.FIU .EDU | 305.34 8.4347
4 April 2018 southfloridahospitalnews.com South Florida Hospital News