Health and Money | Squirrelers

Can Long Hours of Work be Deadly?

In order to make money, we generally have to work. For us to make a lot of money, we generally have to be willing to work more hours. That’s a common view, and one I don’t necessarily disagree with. I’ve been known as someone who’s worked some super long hours at times, includes late nights in the office when need be.

That said, is there a point where too much work can be a bad thing?

It might be perceived as being bad to say, and almost lazy to proclaim. However, forging ahead with tons of hard work to bring in money may be harmful to people in the long term. This appears to be the conclusion of a recent study, which was summarized in this New York Times article.

The specific, noteworthy finding is that those people who work 11 or more hours per day were clearly more likely to develop heart disease over a 12 year period of time than those who work 7 or 8 hours per day. In fact, those working the excess hours were 66% more likely to have a heart attack or even die from one.

There’s something to be said for moderation. For many of us, it’s just not possible to get something for nothing. This applies in many aspect of life, and it looks like that might be the case in terms of working long hours, too. The chronic stressors related to taking on that significant level of work might lead to health problems. For some people, it’s like robbing from Peter to pay Paul.

I know that many people might dismiss this notion of regular 11 hour workdays being unhealthy. Well, hey – that’s what the study does seem to indicate though!

As I said earlier, I’ve had many instances in the past where I worked long hours. I mean, I’m talking stretches of 70 to 80 hours per week. I felt like a warrior doing so, going out to battle and bringing home the prize of a great performance review and a chance at a promotion. The reality is that this is bad for one’s health makes me wonder what I did to myself during those times. Of course, I have to say that it’s not entirely surprising that this isn’t good for us. It’s just not as sustainable the older you get. Not just in terms of energy level, but family responsibilities as well.

A recent post on Financial Samurai discussed the topic of hard work and the 40-hour workweek. It was a great discussion, and one of my own comments was that nobody is entitled to be be rich. It has to be earned, and expecting riches while not putting in the necessary work is a sign of entitlement. Many people who complain about having to work a 40 hours week (when younger and healthy) and then complain about not getting ahead financially might be expecting to get something for nothing. Or, perhaps more accurately, they’re expecting to get something of value by not giving enough value in return.

Which is what I said a few paragraphs above about working tons of hours. To do that, and expect the same level of health and family life, may not be totally realistic. Kids do need parents to be present and attentive.

My takeaways are:

Life is clearly about choices. If you don’t want to work, don’t expect wealth. Of course, if you want to push your mind and body by working long hours to get even more wealth, you might be trading some health for it. Sleep is important for wealth creation, as we’ve discussed here before.
Maybe it’s all really about time management. Instead of regular 60 hour weeks, perhaps it’s better to learn to be efficient with regular 45 hours of work.
If one is doing what he or she truly, absolutely loves to do and has some flexibility in where and when work can be done, maybe the work will cause less stress. Thus, the impact might not be the same as with other jobs. Who knows, maybe there’s something to that?

Please share: what do you think?

10 Ways to Lower Health Care Costs

By Squirrelers 19 Comments

Health care costs can be a big part of one’s expenses. As one starts to get older, this becomes more and more apparent. Once additional dependents get in the picture, this becomes a category of expenses that merits much more examination.

While we might spend all kinds of time trying to save money at the grocery store, restaurants, and other places – what about spending some time trying to save on health care?

Well, here’s a list of things you can do that could help you with that. Below are 10 ways to lower health care costs:

Choose generic drugs instead of brand name. Generic drugs are generally equivalent to branded drugs, with the same efficacy and side effect profiles. The difference: they’re often much cheaper.
Use mail order for prescriptions. You can obtain multiple months of a prescription through the mail, for a discounted price. Though I’ve never had the reason to try it, I most certainly would if I had a chronic condition that required continual refills. Why pay more on a monthly basis?
Ask for samples. Perhaps you can get a product sample that will help you get started on a particular therapy – thus saving you money in the process? This happens all the time. Why not ask?
Utilize a flexible spending account (FSA). If you have the opportunity to take money, set it aside and not pay tax on it, why not do it? As long as it’s used for qualifying expenses, this one’s an easy choice. Make sure not to overestimate expenses, so you don’t lose what you set aside – or scramble at the last minute to use funds like I did last year.
Stay within your network. Going out of network for doctor visits and for procedures can cost significantly more money. Take advantage of the lower prices that have been negotiated.
Participate in wellness assessments. This may not be an option everywhere, but I once got involved in a wellness program through a past employer, and got a financial benefit. If offered, might as well take the opportunity for easy benefits.
Review your bills thoroughly. Billing errors do happen. When they do, doesn’t it often seem like they’re in the favor of the entity doing the billing? Taking the time to scan through each bill can be a good use of time, particularly if you end up catching a mistake.
Negotiate your bill. Ultimately, bills might be negotiable in some cases. A prior post I did on negotiating your medical bill illustrates how it could potentially be done. One way is to offer to pay up front, a lump sum that’s less than the full amount owed. They just might take it. It doesn’t hurt to ask. Remember, simply asking can in some cases help a person avoid potential money problems.
Avoid the emergency room. OK, sometimes you just have to go the emergency room and there are no two ways about it. We all know that. However, there are other times where you just might have an alternative. An urgent care center can often provide fast care for some problems that occur, without an appointment, during business hours – and sometimes beyond. If your doctor doesn’t have an appointment for another week, and you need care, you could consider such centers. It beats the high cost of the ER!
Make smart choices every day. Eat well, get plenty of sleep, exercise, take care of your teeth, and make good choices every day. Lifestyle can play a big role in determining our health conditions, so it’s imperative to make smart decisions with the long-term in mind. One trick – picture yourself older and in poor health, as a direct result of today’s bad decisions. That tends to help motivate me and get me more disciplined, though I’m I work in progress!

My Questions For You:

Do you employ any of these strategies?

What other tips do you have for saving money on health care?

Firing Your Doctor

By Squirrelers 20 Comments

Doctors are service providers.

Remember this discussion, from about 3 weeks ago? It got some interesting comments and dialogue going, and people had opinions across the board. You can read through it for reader feedback, but essentially my position was that when I visit a doctor, I expect some semblance of customer service. After all, a doctor – in my view – is a service provider like a waitress, plumber, electrician, etc. We pay, and we expect service in return. My post illustrated an example of questionable customer service I received from a doctor I had recently visited.

Keeping that prior discussion in mind, you may not be surprised that I was happy to come across this article from US News detailing when you should replace your doctor. I like the thinking! Again, as service providers, their job is to help you and treat you like a customer. Since you’re a customer, you should be listened to and treated with at least a basic minimum level of respect.

Here are the article’s 9 signs of when it’s time to move on from your current doctor:

You don’t mesh
He doesn’t respect your time
He keeps you in the dark
He doesn’t listen
The office staff is unprofessional
You don’t feel comfortable with him, or wonder about his competence
He doesn’t coordinate with other doctors
He’s unreachable
He’s rude or condescending

All good reasons to move on. Actually, they used the phrase “fire your doctor”, which is really what you’d be doing.

What’s interesting about this list is that many of these could be applied to other service providers. These could be a checklist for evaluating a plumber. Or, maybe a mover. Perhaps even a lawyer.

I’ve experienced all of these at one point or another. I’ve also dealt with doctors that were great, and didn’t fail on any of the factors above, or maybe just one.

Bottom line is that when we are spending our money, we have the right to expect at least the most basic service. The same rules apply to doctors or any of the aforementioned professions. Sure, you may have fewer alternatives to your current doctor as opposed to the wide selection of choices for other professional needs. However, it doesn’t change the notion that you’re the customer. A well meaning customer should always be treated with at least a minimum level of decency, right?

If you’re spending money, and if service is horrific, don’t just take it. Rather, take action!

The article makes great points about how one’s health could actually be affected by some of these issues. It’s actually moreimportant for a doctor to provide good customer service, as the downside to it could be far worse than it would be with those other service providers. In particular, competence is extremely important!

My Questions for You:

What do you think of this list? Have you ever experienced any of these issues?

Have you ever flat out fired a doctor for such reasons, and moved on to another one?

Note: I really do like and value doctors, despite these last 2 doctor-related posts. It’s the bad apples and arrogant/entitled ones that are just unbelievable. Good doctors out there, no offense!

Doctors and Customer Service

By Squirrelers 32 Comments

Doctors can be great. They help us when we’re in need of medical attention, and can truly impact our lives in incredibly positive ways. Just think about where we would be without them?

That being said….why do some of them offer such poor customer service?

Like I mentioned, some doctors can be great and have visited a few of them since childhood. Great, caring, bright people who can help you when you need their services. However I’ve visited a few others over the years who have clearly forgotten their people skills. These exceptions seem to think that they’re elite, ultra-important individuals whose time and energy are too valuable to worry about customer service.

I visited one of these physicians recently for a minor health issue, and was stunned by the level of service I received. Ok, maybe stunned isn’t the right word at all, since some (not all or even most, but some) other doctors are like this anyway. Rather, I was disappointed by the lack of attention I received as a paying patient.

There’s undoubtedly been infinitely worse customer service examples, but here’s the lowdown on my experience:

The Doctor Visit

First, I showed up to the appointment just a few minutes late. Now, I strive to be places on time but in this instance I was just a few minutes late. No big deal, right? Well, the receptionist made a big production out of it, saying that they’d let me in though if people are late past a certain amount of minutes they cancel appointments. I was within that acceptable window, but still – talk about strong-arming a patient!

Second, despite getting there within minutes of my appointment, I had to wait nearly 1 hour to see the doctor. Keep in mind this was an early morning appointment – could the doctor already be that far behind schedule? Come on.

Third, the diagnosis he offered me included no opportunity to ask questions. Just a brief statement, a comment that they’ll email the script to the pharmacy, and a brief comment to see him in 6 weeks.

Seriously?

The Pharmacy Visit

Then, as I went to the pharmacy to pick up the script, there were more issues. The pharmacist didn’t understand the dosing on the prescription that came through, as it was far greater than the normal dosing. He thought the doctor’s office made a mistake. Along those lines, he quite understandably wouldn’t issue the medicine to me without clarification. So, he called the office to get clarification, and was told that he’d get a call back, and it was implied that it would be the same day.

They never called him.

I followed up with my own call that same day, and they told me that the doctor was out for the weekend and actually won’t be back in until Tuesday. Thus, I would have to wait to get my prescription until the following Tuesday.

Hard to blame the pharmacist on this one. Rather, it was a continuation of a pattern seen in the doctor visit.

My Assessment

The doctor and his office have horrible customer service. And that’s the point which seems lost on them: customer service.

You see, in my view, a doctor is a service provider. Not necessarily any ordinary service provider, but a service provider nonetheless. Thus, customer service should be an important part of a doctor’s business.

Can you imagine if a restaurant made you wait 1 hour for a table, just because you showed up a couple of minutes late for a reservation? Or, could you imagine a car mechanic quickly telling you the problem with your car then ending conversation before you have any chance to discuss?

I wouldn’t go back to those places unless they were really, really good.

This doctor seems really good, I grudgingly admit. Very good. That’s why he can get away with this type of service for now.

Lesson: When you’re really, really good at something, you might be able to get away with more than someone who’s not as gifted.

However, you better believe that I would switch doctors immediately if I had a better one readily available.

Second Lesson: When you’re no longer the best or only option, you can’t get away with things anymore and might be “punished” by your customers through their decisions to move on.

This leaves me wondering: why don’t doctors see themselves as service providers just like anybody else? Surely, if one is bright enough to get through medical school and beyond, it should be apparent that they need to provide good service.

Sure, insurance companies play big role in determining where people go, but in many areas there are plenty of choices. Thus, the ultimate customer is still the patient.

Additionally, people can review their doctors online and share their stories much easier than in years gone by when a doctor’s reputation was based primarly on word of mouth. Now, search engines can help provide feedback on a doctor much easier. It’s tougher for bad service to hide these days.

Like I said, there are many great physicians out there. I’m not jumping on the whole profession here by any means. However, there are enough who find it perfectly acceptable to make patients wait forever and then give them scant attention when their time arrives. It just makes good business sense to treat your customers well if you want them to come back.

Let’s not forget an important word from the last sentence: business. Doctors don’t work for free, they want to be compensated for their work. If you’re compensated, you should provide service. That is, if you want your business to flourish. A physician’s practice, even if part of a large group practice, is still a business.

So, just like if we visit a restaurant, get a car fixed, get a haircut, have home repairs done, or other services – a visit to a doctor is no different. We’re paying for a service. A doctor who really treats patients like important customers can truly stand out these days.

Want any ideas on how to go the extra mile to provide great customer service? Read this story on the best customer service I’ve ever received.

Any good doctors reading this – no offense, I realize many of your are there:)

My Questions For You:

Have you ever received poor service from a doctor? What happened and how did you handle it?

Do you view this the way I do, that conceptually a doctor is a service provider just the same way a waiter, hair stylist, or plumber might be?

Give up Caffeine: Can it be Done?

By Squirrelers 25 Comments

Giving up caffeine can be quite energizing.

Yes, that’s right. The drug that’s supposed to provide a boost of energy is actually drains it, based on what I’ve re-discovered.

So, it’s now been two months since I haven’t had any caffeine. I tried this before, as I shared last year in my post about a caffeine-free month. That trend lasted a few months, before I ended up getting back into caffeine. However, since the New Year, I’ve stopped caffeine consumption altogether.

My drink of choice was Diet Coke, but had also included some coffee as well as tea. No quick energy drinks were consumed, just the aforementioned beverages. It became a habit once again.

The thing is, I noticed the same “blah” feeling again after getting hooked on caffeine. It’s easy to get into a cycle of feeling that way, but it’s good to stop and reflect what things were like without it.

Compare life with the habit and life without the habit.

With the habit, I would generally get a drink in the morning. Often this was a Diet Coke, but sometimes coffee or tea. In the afternoon, I would skip coffee, but have a Diet Coke or tea. Maybe I’d have one in the evening too. Three drinks in a day is quite a bit, I think. Even when I would have two, it might not be a single serving. For example, if I was at lunch and there were refills, I might get one.

So, I confess: my 2010 caffeine-free move ended up giving way to the old habit again. And the ups and downs in energy level came back.

We can always try again, right?

Yes, we can keep on trying. Thus far this year, I haven’t had any caffeine. It’s been two months, and I’ve consumed nothing. It was a bit of a challenge at first, but the New Year’s resolution was so strong that I was able to get the momentum going and keep it going. There have been a few weak moments where I’ve felt like having a soda, or a cup of hot tea – especially during this cold weather where I live.

However, I’ve made substitutions, which I recommend as alternatives:

Instead of Diet Coke – Try sparking water with natural flavors (orange, lemon, etc)
Instead of Caffeinated Tea – Try herbal tea
Instead of Coffee – Try decaffeinated coffee

These days, I have been having 2 herbal teas a day, and maybe a sparkling water or decaf coffee every other day.

The costs savings have been present, as I’ve cut my beverage costs by over 50%. That said, the substitutions have not been perfect. Water would probably be beverage perfection….healthy and free!

What about health and well-being? I’m telling you, I feel more energy again. When hooked on caffeine, I noticed ups and downs in energy levels. Spikes up, then a mini-crash. When you combine a poor night of sleep with excess caffeine, you’re not operating at anywhere near optimal capacity.

Without the ups and downs of caffeine, I feel more alert and can sleep better. Those spikes in caffeine aren’t a part of a long-term strategy to improve personal productivity.

What’s interesting is that I’m convinced that people that get hooked onto something don’t realize just how good they would feel without the vice. As I compare now vs. then, there’s a noticeable positive difference.

Is this permanent?

Realistically, a total personal ban on caffeine shouldn’t be necessary, unless there are medical reasons for that. I can’t imagine that an occasional glass of tea or cup of coffee would be so bad for most of us. Sodas…well, we could probably do without those.

Really, I’m thinking a better longer-term strategy is moderation rather than total avoidance when it comes to caffeine. If one really fights and takes control of our weaknesses, and develops the discipline to do things in moderation, it can go a long way.

The next endeavor: reintroducing the right caffeinated beverages in moderation. The key will be to have the occasional tea or whatever when I feel like it, without letting that first one get me on the path to overconsumption. That’s the big challenge, now that I know I can give up caffeine for months at a time.

With moderation, balance, and discipline, we can develop healthy habits that save us money too.

Questions for You:

Have you ever thought about reducing your caffeine intake or giving it up altogether?

Also, importantly: how have you successfully managed your dietary habits to successfully conquer such cravings over the long term? It could be caffeine, carbs, meat, etc. Have you generated monetary savings in the process?

Financial Health: 12 Key Success Factors

By Squirrelers 21 Comments

One of the enjoyable parts about having a personal finance blog is the aspect of continued learning and refinement of your own financial philosophies. Some of it involves learning from other bloggers, reading great content and considering different points of view. A lot of it also comes from just thinking more about the subject in general, and considering it in the context of your own life.

As I’ve been doing this, it’s become clear to me that for people to set themselves up for a strong and healthy financial life, there are key elements that can serve as the foundation for future success.

Here are my top 12 key success factors for personal financial health:

Health. For personal financial health, one needs to be physically and mentally healthy. If health isn’t there, it’s tough to generate cash flow. Think about it – if you have trouble working, or can’t give it 100% on the job, your future earning capacity will be limited. For most people, at least in the wealth-building years, income is generated from work. It’s imperative to keep your health and keep the odds in your favor. Having more energy to focus, and work more effectively and efficiently, will help you succeed on the job. Bad health can impair your ability to work. Good health can help put you in a position to work and create wealth, while allowing you to keep your focused on your goals.
Hustle. Sitting on the sofa, surfing online, playing games, shopping, etc – those are all fun things to do. But will they make you money? I have seen in my years working that it’s the people that are willing to roll up their sleeves and actually work hard are the ones that will succeed. It’s the willingness to hustle, and move forward in a positive direction that can separate people who advance in their careers or succeed in their businesses, versus those who stay stuck in a spin cycle. Money doesn’t come to people who sit around, you have to want it and be willing to work hard for it.
Education. I’m a big believer in education. Yes, I did a post on how a college football player should have dropped out school, and taken the big money that was sure to come his way. However, don’t let that distract you from my thoughts that education is critical to one’s success in life. Personally, I ended up getting an MBA, going full-time, and felt that it was a great investment. Others I know with doctorates in different fields feel the same way about their choices. May not be for everyone, but regardless of whether you pursue an undergrad degree or go further in formal education – embrace education as being a lifelong venture. I’m beginning to think that a huge value of my grad school days was not necessarily the specific content, but rather in learning how to learn. More than that – embracing learning as something that’s fun and a necessary life skill that can be applied in day to day life, with intellectual curiosity.
Steady Income. I wanted to put savings here, as I see that as being so important, but before you can save you must actually make some money first. Making sure one has a steady income is critical to laying the groundwork for financial prosperity. Keeping aware of career and professional opportunities, networking, and doing great work are all a big part of generating income. Make sure that you are adding value for your employer, are delivering more than what they’re paying you for, and try to make yourself truly needed. This is a baseline, with income growth the higher goal and accelerated path to wealth.
Control over Expenses. This can also be looked as living within one’s means. But I’m talking about taking it step further, and not letting expenses get out of line as income increases. Sure, to some degree that’s probably natural, but in general it’s important to discern wants from needs. Controlling those emotional urges to buy and focusing on what’s really needed as a first priority is a big hurdle for some, but is imperative for success in this element. Budgeting, comparison shopping, and frugality can be very helpful tools in this regard.
Saving. Taking income and expenses into account, your net between the two is saving. Which isn’t rocket science obviously, you already knew that. But I think it’s important to have a savings mentality. This is up for debate, and maybe my own biases are at work here, but I think that a save first, spend later approach works well. Pay yourself first and save for your emergency fund, health needs, and retirement. The latter is huge, and will get here sooner than you realize. Nobody should want to be in a position where they have to work when old; rather, it would be great to not have pressure to work unless you want to. Big difference in terms of stress on the mind and tired old aching joints and muscles. Take care of yourself and your future, and save diligently.
Investing. Saving money is crucial, but it isn’t enough. Stuffing money under the mattress is saving, and is better than nothing, but it will decline in value over time. Consider the time value of money and opportunity costs when deciding what to do with your savings. As we should know, rate of return matters, and every percentage point counts. A proper asset allocation strategy, based on your own life situation, should be employed. Cash, stocks, bonds, real estate, etc – are among the different buckets for your money. By investing, you’re letting your money work for you. Let time and compounding work their magic. But be careful not to turn investing into dignified gambling.
Purpose. Having a sense of purpose is a way to guide your overall intentions and motivations. At the base level, we all have the instinct to survive. But beyond that, and bigger picture, what’s your sense of purpose? Connecting your overall life goals with your efforts to earn money can fuel your effectiveness to reach heights of success.
Risk Management. This doesn’t necessarily mean being risk averse, but it means being aware of risks and avoiding making the big mistakes. Examples: texting while driving then getting into an accident, not having the right homeowners insurance and then having a flood, having inadequate health insurance, etc. Whether it’s insurance coverage or decisions in day-to-day life, one needs to keep in mind the risks in given situations that could wreak havoc with your life, and manage them as best as possible.
Resilience. Change is inevitable, so we should try to accept it and embrace it. This one is not easy for me, and I’m not naturally attuned to this. However, it is what it is, and I realize that I must get with the program here. So, I’m working hard on that. We must be able to realize that despite our greatest work and plans, we can’t control everything and other people either. Stuff happens, it just does – and we have to deal with it. Best to be internally strong with a sound perspective, and survive the tough times while thriving in better times.
Relationships. It’s hard to be a lone ranger. Whether at work, for your business, or in your personal life, relationships matter. I’m a believer that to the extent you have strong relationships, your health and wealth can only be better. Discussed this in the Role of Money post.
Generosity. This one is fun. It took me a while to figure this out, but it’s important to put yourself in the shoes of other people. We’re all human, and we all have our own needs. When some people aren’t able to have basic needs met, or are in poor health, it can make all the difference in the world to show them generosity. Also, even just in day-to-day life, doesn’t it feel good to help others? What’s great is doing it without any ulterior motive. It’s fun, and the reality is that in some way something good will come back to help you. Karma is real.

I’m actively working on all of these.

Now that you’ve read my longest post to date, I ask you:

Which of these elements do you see as being most important to you? Are there any you would add (or take out)?