the end of every busy season means a new beginning for practitioners, which is why we thought this q-and-a was particularly timely.
by ed mendlowitz
question: do you have any suggestions for the new year?
answer: checklist of things to do in the new year:
- stop marking saly next to your new year’s resolutions. make one or two big time life goals resolutions that you will do.
- check your personal insurance coverage. make sure you have adequate uninsured motorist, umbrella, workers compensation at your home and life insurance.
- do some tax planning for yourself. manage investments to benefit from tax savings such as reconfiguring your investments with long term fixed income securities in tax sheltered accounts and equities in taxable accounts, or if actively trading, then putting your trading activities in the tax sheltered accounts.
- get rid of clutter (see checklist below).
- stop being stupid. treat your practice as a business and look at the bottom line.
- don’t deal or work with, jerks. have a “no jerk rule!” don’t suffer fools. don’t waste time with stubborn people who refuse to listen to reason or logic.
- get a will or get it updated, get buy-sell agreement or get it updated, or get a practice continuation agreement if you are a sole practitioner.
- stop texting and dialing numbers when driving. also, slow down – getting stopped by a patrolman will eat up more time than twenty times of driving within the speed limit. and skip the road rage – why get mad at an a – – h – – e!
- identify and do your most important thing first; touch things once; do it now – don’t delay. buy and read my book power bites that describes all of these.
- call former partners and friends, brothers and sisters, and others you were once close with to wish them a happy new year. life’s too short to dissipate energy holding grudges against people whose funeral you might go to. clear the air – someone has to take a first step – why not you? now?
- go through your pile of business cards and call those up want to stay in touch with or to rekindle a relationship and wish them a happy new year. if you no longer care about that person, throw the card away.
- think healthy – your body is made to travel a certain mileage with the right fuel, maintenance and care – maximize that mileage.
checklist of 28 things to get rid of
this is a suggested list of what to declutter yourself with. some things can be sold, given away to friends or relatives, donated to a charity or thrown in the trash being careful to shred papers with personal and confidential information.
- playbills
- reader’s digests
- national geographic’s
- harvard business reviews
- old magazines of “historic’ nature
- old newspapers of “historic” events
- your magazine pile you haven’t been able to get to
- stamp, coin, baseball card or similar collection
- art
- books
- high school and college notebooks
- old diaries
- trophies from your childhood
- halloween costumes
- clothing, shoes and hats you haven’t worn in 42 years
- boxes with stuff you haven’t looked at in 12 years
- yours and your kids old bikes that haven’t been used in 17 years
- old tax records, receipts, cancelled checks and brokerage statements (see chapter on what records you should retain)
- old insurance policies
- plastic gift baskets, ribbons and wrapping papers
- dolls and teddy bears that lost their sentimentality
- old pet carriers (you haven’t had a dog or cat for 9 years!)
- expired prescription and over the counter drugs and toiletries and your toothbrush collection from your infrequent dentist visits over the last 50 years
- partially filled liquor bottles you haven’t touched in years
- old cameras
- things and stuff
- consolidate your brokerage accounts
- sell or donate stocks where you own an insignificant number of shares to reduce your mail
if in doubt – declutter!
is ed on target? how would you answer this question? have a question of your own? email ed here, or add to comments below.
ed is the author of “implementing fee increases.”
