Many individuals were not only frightened, but scared out of the stock market near the end of 2008. You may recall the market diving and the Bush administration implementing policies including TARP which - while it had its detractors - many believe the program saved our economic system from additional consequences.

Clearly some benefited who should not have, while others - including Lehman Brothers - went "belly up" or were devastated. 

Over the past four years, market values have gradually increased although turmoil and uncertainty within the financial  system continues worldwide. There have been periods of high volatility as markets react to politicians posturing and maneuvering, before addressing  debt ceilings and the financial stability of some member countries within the EU.

During these periods, it's particularly interesting to watch and read as the savvy mega rich (including Warren Buffett) often increase their positions in equities as the market declines and as the average investor sells.

While most people naturally become apprehensive during turbulent periods, others see opportunity in companies whose stock prices have declined in spite of good management and adopt an outlook for long-term growth.  

As you ponder your future, even if retirement is many years off, this is a great time to look at your current portfolio and investments, discarding those that may not now meet your goals or expectations and replace them with ones that have a better potential for the future.

Periodically reviewing and rebalancing your investment portfolio is important - including holding or increasing positions in good companies and selling those that are no longer positioned for success. 

Happy days!

Now that 2010 taxes are finished, it's time to make sure your personal and business budgets are in order.  You've heard it before -  maybe a thousand times - this is crucial for business and personal finances. 

• Avoid rash spending decisions and remember budgets (like business plans) are adjustable. 
• Prioritize monthly expenses and bills - rent, utilities, student loans, etc. from most important to least important.  
• Budget discretionary money that's available at month's end; this allows for wiggle room for unexpected expenses. 
• Use automatic payments - many finance professionals recommend using EFT (electronic funds transfers) or automatic withdrawal for recurring monthly expenses. This type of bill-pay takes the emotions out of monthly payments. 
• Utilize credit card benefits - but for the sake of your credit score pay off credit cards monthly and don't overspend. 
• Ensure you are insured - health, malpractice, disability, and life insurance are very important for financial health. 

The difficult part of budgeting is sacrifice and forcing yourself to look down the road 5, 10, and 20 years. 

Start your budget today! 

Think about how you would feel if your bank called and said, "Dr. Jones, we noticed that your mortgage rate is 6 ½ percent and we are now offering 4 ½ percent mortgages. We want you to come in and sign some papers so we can provide our good customers, like you,  with outstanding service."

Sound like a fairy tale? Well, it could be a dream or it could be long-term strategic marketing. 

If a new customer at the bank could go in and get a lower mortgage rate, why would the bank not offer you, their established customer, that same rate?  Isn’t it really about taking care of the best customers so their loyalty is rewarded?  

In your practice, you undoubtedly have some folks who have lost their jobs, been laid off or their company has gone out of business.  Have you thought about sitting down with these patients and having a talk in advance of them having to cancel appointments or leaving you because they cannot afford care? 

Call them in privately, sit down with them and discuss your care and cost. And be prepared to offer some option if they need it.  By doing this in advance, your patients will know you care about them and will remain loyal patients forever because you were proactive and sensitive to their situation and handled the delicate topic with total professionalism. 

If they do not need it -  great! But you'll enjoy the benefit of their loyalty if they do need assistance. And they will be forever grateful for your kindness.  Either way you win and you'll retain a patient who may have left your practice because of economic reasons through no fault of their own.

It's amazing how many emails I receive with the following subject. "Keep your account from being deleted"... "Confirm Your $1000 Holiday Card"... "Renewal Reminder"... "Final Notice and Third Attempt."

I'm sure sure you get similar notices particularly during the holidays. They look very real utilizing trademarked logos which we're all  familiar with. They allegedly are sent by the largest merchants and biggest names in banking and while they look legitimate, quite often they're not and are fraudulent.

Many very sophisticated individuals have taken the hook and "payed dearly." These seemingly benign questionnaires which attempt to "verify" personal information for security reasons can and often are a total hoax.

You know the drill... you're asked for:

• User name
• Password
• Date of birth
• Social Security number

While these questions are so common to us, we can't be careful enough. Many companies protect and insure against fraud and identity theft, however going through the process of cleansing a "violated" account can be time consuming, difficult, expensive and downright scary.

As you build your practice and establish multiple relationships, be extra careful with personal and professional information. Before "clicking your mouse" be cautious and protective. Technology is amazing but phishing (luring to a counterfeit site to procure information) is a real threat which we all must be diligent against.

Happy Days!

I don't know about you, but I could use $1,000.  Most students at the chiropractic colleges I know, certainly could as well.

Well, NCMIC has a scholarship program that can provide just that....$1,000 to one student at EACH of the 18 U.S. chiropractic colleges!

The application deadline is March 1, 2011.  To qualify, you need a culmulative GPA of 3.2 or higher and be within 18 months of graduation on March 1, 2011. 

For details and application information, go to http://www.ncmic.com/Students/Scholarships.aspx

Good luck!

It's almost the end of summer. If you have children, you know how important it is to start the list of things they'll need to start school.

How about you? You're getting ready to graduate or maybe you're already in practice. But you know what? You've probably forgotten a few things you should be doing to get ready to start or grow your practice!

Maybe it's time to "list" the things that will make your life easier as you leave school or as you get ready to welcome new patients!

If you will be new to practice, did you:

• Create a personal budget?
• Check your credit and FICO scores?
• Visit doctors in the area you want to practice?
• Volunteer in your community?
• Find a team consisting of a banker, tax accountant and contract attorney?

If you've been out there a while, have you:

• Revisited your business plan?
• Looked for speaking opportunities?
• Volunteered in your community?
• Asked for referrals from your patients?
• Utilized free press?

Going back to school time is just a reminder of how far you still might have to go to get to the place you want to be. Make that list!

Is there anything you'd like to add to "the list" for those new or old docs that might give them a boost?

I read something interesting earlier this month on Inc. Magazine's website. 

Sam's Club is going to start offering small business loans.

The loans are going to be through the SBA at the $25,000 or less level.  But that isn't what interested me.

What is interesting is that in a time when traditional lending sources have become much more conservative and businesses are having a more difficult time getting financing, Sam's Club is getting into the game.

What does that tell us? 

The game has and will continue to change.  Sam's would not be doing this if the company's leaders didn't see opportunity. 

That's how these evolutions typically happen.  The current model that has worked for years breaks and those who recognize change as opportunity step in to meet a need and make a successful venture.

If the current economic conditions has taught us anything, it is to recognize change and adapt.  Maybe we can all take a lesson from Sam's Club.

About 18 months ago I received a call  from one of my oldest friends. We speak periodically as he lives about a thousand miles away. For several months he had been extolling the virtues and blemishes of the presidential candidates and I had somewhat anticipated his remarks when I got on the line.

On this Friday afternoon, his usual optimism was absent and he was clearly upset. Being a "baby boomer" and getting closer to his "golden years" he had been saving regularly for his retirement and to fund his son's college education.

He had contributed regularly to a 401k plan which, for most Americans, was rapidly becoming a "201" plan as the value of his stock holdings had diminished in a short period and the bottom of the market was not yet in sight. Corporate icons were falling by the wayside and, on this day, as the market was in  free fall  his financial counselor was in Europe and unavailable.

Quite out of character, he stated "I don't give a ____ who wins the election, I just want my money back."

Like many, he sold his securities soon after and placed them in a money market fund knowing at least that those funds would be available for the future, which allowed him to sleep a bit better.

As we now know 18 months later, the financial markets have somewhat stabilized and the Dow has surged and is hovering around the 11,000 mark. Regretfully, my dear friend has missed the market correction demonstrating the adage "timing markets is impossible."

During the past several months I've chatted with many financially savvy individuals regarding market strategies. While discussing investing in these volatile times, a  prudent plan has been recommended. Unstable markets provide opportunity  to "weed" those investments that have proven questionable, while redirecting funds into stable companies which have probably also declined as markets have move downward. 

Historically, successful investors see opportunities in "down" markets and hopefully if you, like many, were "scared off" during the "meltdown" of 2008, you have or will return to prudent investing soon.

With time on our side, history shows that markets will increase over the long haul. Happy Days! 

The tax season brings back some anxiety filled memories of when I was first in practice!  Granted, I do not experience it anymore now because, fortunately, money is not as tight and it is easier to maintain the personal and business budget with room for those unexpected emergencies.

My second year of practice, I was short on funds for my taxes.  The obvious choice was to get a short-term loan.  Fortunately, my credit was good and I had a good relationship with the bank.  They granted me the loan and after the funds were obtained, the loan officer recommended that I apply for a line of credit for any future needs.  

Over the years this recommendation has been very useful.  However, when used, it is used as a last resort and repaid immediately. 

So check with your bank for a line of credit ... even if you do not need the money now.   

I went to a new shop to get my hair cut the other day. 

I won't be back.

I got a decent enough haircut.  I liked the person who cut my hair.  The environment was friendly, cheerful, and clean. It was even close to my home.

One big problem.  They take cash or check for payment only.

Really???  I rarely carry much cash and I don't even know where my checkbook is.  Last time I wrote a check was August 2009.  I do everything through online bill payment or....

Plastic.

If a business won't take credit and debit cards, it is extremely inconvenient for today's consumer.  Furthermore, as a healthcare provider, if you don't take cards, I have to do a bunch of paperwork to access my Flex Spending Account or my Health Savings Account.  I don't want to do that.

I've heard the argument from chiropractors who don't take cards.  It is a hassle and the processing services cost money.  I would argue that it will cost you more in the patients you lose.

Your practice is patient-centric in all other respects.  How your patient pays should be as well.