Summer vacation went by so fast, and so with some of my "savings". In my private professional practice, I realized that summer is almost always a busy period. The kids are away from school and closer to fractures. Hence I get patients and therefore earn a "living'. Ironically, this is also the time where I often go out on midyear conventions and vacations, hence the expected expenses. But this summer, I didn't go to any convention nor I went into a major vacation. Now I'm wondering why where did my savings go??
Car maintenance, repairs and gasoline. These "new" expense for me suck a bit of my income. The rising gasoline prices and car parts seem to slowly nibble my budget. If you don't carefully plan your car usage, you're in for a surprise. I hope I'll reap something from this investment weather monetarily or not..
Most of my electronic gadgets suddenly reached its life span. They suddenly die out, like my prehistoric laptop which underwent numerous repairs and revivals before. This time, I has had enough of it and bought a new Acer Aspire 47207Z.It seems like the cost of having it repaired is almost the same as buying me a new one. Being an academician and a relentless net marketer guy, a laptop is essential for me.
Then there's this unscheduled events and "gifting" that eat up a portion of my savings. Its good that my Joy has been there with me to defray some cost, but then that is still an expense for us. We were saving for something else more important.
Read the full story;
Sunday, March 15, 2009
Will the financial crunch "rock" your medical practice?
"Are you also hit by the financial crisis doc?" One patient asked me. I jokingly answered "Yes, I will be, unless you pay my professional fees" The patient answered "my HMO will pay you doc". Darn, I will be in crisis indeed.
I stumbled upon an article that predicted some potential negative impact of the financial crisis to health care in the US. But that's in the US where the financial crisis is largely felt. What about the Philippines' health care system?Are we going to feel the crunch also?
Looking at our present health indicators, the government has been brandishing the term "better health". Dig further and you will know better. If we use the "unholy trinity"- 1) the quality of health care provided, 2) access to the health care system, and 3) the cost of health care, as indicators for the status of health care system, our scorecard will be shameful. We've improved from our past health care system but we're 10-20 years behind our former contemporaries in Asia.
Many MDs believe (including me) that since our patients are so poor to begin with (and therefore doesn't have the ability to pay ANY form of service) the global financial crisis will not affect the grassroots doctor patient interactions. Most patients couldn't even buy medicines much less pay their doctors for services rendered. "Our health care system is in deep shit already, it couldn't go any deeper anyway". Most felt this is a hopeless case anyway, so why bother? Who cares about the financial crunch anyway?
Its not a question of whether the financial crisis will (or will not) affect our health care system. The question will be "when"? When will the financial crisis trickle in and affect our health care system?"
The one thing that will be affected of course, is the sustainability of giving charitable services by physicians themselves. Yes, we do perform charity services most of our practice a. But can we sustain it for long with the financial crunch? Depleted medical supplies gets even more scare. Essential instruments getting more difficult to acquire. More physicians going abroad or shifting to more financially viable job. Just some of the bleak scenarios.
While we are at the helm of pushing for a preventive rather type of medicine vis a vis an overhaul of our medical education and health care programs, the economy to fuel such move is contracting. The vicious cycle goes on and on.
Frankly, I dont have an iota where a "stimulus" package could break this cycle. I've seen glorious programs flunk in the past where we still enjoy better financial security. I have no better outlook now, but hope that it wouldn't be as hard as I thought it would be.
Maybe you who is reading this post may have better ideas. Read the full story;
I stumbled upon an article that predicted some potential negative impact of the financial crisis to health care in the US. But that's in the US where the financial crisis is largely felt. What about the Philippines' health care system?Are we going to feel the crunch also?
Looking at our present health indicators, the government has been brandishing the term "better health". Dig further and you will know better. If we use the "unholy trinity"- 1) the quality of health care provided, 2) access to the health care system, and 3) the cost of health care, as indicators for the status of health care system, our scorecard will be shameful. We've improved from our past health care system but we're 10-20 years behind our former contemporaries in Asia.
Many MDs believe (including me) that since our patients are so poor to begin with (and therefore doesn't have the ability to pay ANY form of service) the global financial crisis will not affect the grassroots doctor patient interactions. Most patients couldn't even buy medicines much less pay their doctors for services rendered. "Our health care system is in deep shit already, it couldn't go any deeper anyway". Most felt this is a hopeless case anyway, so why bother? Who cares about the financial crunch anyway?
Its not a question of whether the financial crisis will (or will not) affect our health care system. The question will be "when"? When will the financial crisis trickle in and affect our health care system?"
The one thing that will be affected of course, is the sustainability of giving charitable services by physicians themselves. Yes, we do perform charity services most of our practice a. But can we sustain it for long with the financial crunch? Depleted medical supplies gets even more scare. Essential instruments getting more difficult to acquire. More physicians going abroad or shifting to more financially viable job. Just some of the bleak scenarios.
While we are at the helm of pushing for a preventive rather type of medicine vis a vis an overhaul of our medical education and health care programs, the economy to fuel such move is contracting. The vicious cycle goes on and on.
Frankly, I dont have an iota where a "stimulus" package could break this cycle. I've seen glorious programs flunk in the past where we still enjoy better financial security. I have no better outlook now, but hope that it wouldn't be as hard as I thought it would be.
Maybe you who is reading this post may have better ideas. Read the full story;
Tuesday, January 20, 2009
Some questions you need to ask yourself before buying a second hand car
Convinced that I need a car for my practice and that my present financial situation only allows me to buy a second hand car, I started researching about the specifics of the used car I wanted.
My previous experience with buying used items was limited to computers and scooters. I have a good batting average for these items- something like three good buys to one sucker deal. But buying a used car is different. Weeding out lemon from the apples in the used car business is a grueling tasks not to mention the recurring dilemmas of 'what if's and 'what should's. This is not made easier by the lack of institutions that protect consumers from unscrupulous dealers and car sales agents!
To save myself from a totally dissatisfying used car transaction, here are the questions I "answered" first before I started "shopping" for a used car.
What's my price range and upper limit for buying second hand car?
This means analyzing my monthly budget and calculating the extra allowable expense I will incur without me or my family going on a hunger spree. The ceiling gives you an idea of what financial scenario you will be after you bought the car.The assumption here is that you saved some amount for the car and that you can extract the remaining amount from other resources that will not hurt your day to day expenditures. Emergency funds are not included in this resources, mind you.
Commit yourself to this price ceiling and create an environment that will encourage you to do so.
These imply knowing where will you get the money (bank loans, personal or financing?) for payment of the car and shutting off potential resources that might tempt you from taking a bit more of "extra"( for the 12 CD changer). Thus it is important to decide on the features you want on the car as most used car have some sort of owner add ons that may jack up its price. Sometimes, you need to add a little bit on your ceiling but it shouldn't be well above your paying capacity!If your budget is for a second hand lower model sedan, try not to stare on newer model of SUVs.
What features do you want most out of your intended car?
Is it reliability?utility?luxury? fuel efficiency? The make of your car mostly depend on the answer to this question. And so are the hidden cost. The SUVs for example rely on utility and luxury. People who want utility and reliability will find mini vans appealing. Sedans are for people who need reliability more than utility. This will also narrow your shopping list to the type of car you need at the moment.
What car models, make, trim, engine and specifications that will meet my requirements.
Knowing the features of the car you wanted will surely help you answer this. Researching thru the net (like buy and sell sites) on used car magazines, buy sell sites as well as advices from friends and relatives are common sources for this type of information. Manufacturers sites and car forums usually provide ample information about their cars. But this usually include only newer models. Also, beware of glowing car reports and stories.
Did you factor in other cost like operating expenses and maintenance?
The hidden cost of these expenses may just kill the bargain you get. Generally, a well maintained and later model cars are more economical and fuel efficient than older ones. In the same way, a bigger engine and greater "powered" car may eat up more fuel and thus a higher operating costs. You also have to factor in the intended travel routines for your car. Is it just for office use? frequent long distance travel and so on. Maintenance cost will be higher for car used on long drives and travels.
Where are you going to buy your used car.
Will you buy on a surplus shop? A second hand dealer's lot? or on an first car owner upgrading to another car. Most insider will prefer the latter type of seller because of the lower probability of engine alterations and better maintenance record. This may not be true at all times. If possible, research for the car history (like accidents, overhauls repairs) or the dealers car selling history. Online sites like DavaoSale or Tsikot.com or Kotsemo.com will be helpful also
Is there a way for you to protect yourself should the transaction turn awry?
In used car sale business this is almost impossible for the buyer. Used car warranties are almost always void. Check if the car or the owner have pending liens with other persons or institution or that the papers are all valid and updated. The hidden cost of car registration sucks and worst, a bad car record is a good sign to bail out from the deal. The transaction's deed of sale and transfer of car ownership should be fixed even prior to consummating the deal. Proper documentation of the transaction and the car is essential.
How will pay for the car?
Cash?Cheque?Bank transfer? Map out a workable and practical plan to accomplish any payment mode should the seller insist on one payment mode. Most sellers wanted a cash only sale but carrying large amount of money is dangerous here in our country! Bank or cash transfer seem to be difficult in the provinces. Bank limits on cash withdrawals is also prohibited at times. Bank transfer may take days so plan your payment before hand.
It's lamentable that checking a car history via the vehicle information number (VIN) is not at all possible here in my place. This information will give the buyer an idea about cars status and will probably appraise him of the car's value. If anyone knew how else we can get such information here in our country, please comment to this post and we will be happy to try your suggestion. Read the full story;
My previous experience with buying used items was limited to computers and scooters. I have a good batting average for these items- something like three good buys to one sucker deal. But buying a used car is different. Weeding out lemon from the apples in the used car business is a grueling tasks not to mention the recurring dilemmas of 'what if's and 'what should's. This is not made easier by the lack of institutions that protect consumers from unscrupulous dealers and car sales agents!
To save myself from a totally dissatisfying used car transaction, here are the questions I "answered" first before I started "shopping" for a used car.
What's my price range and upper limit for buying second hand car?
This means analyzing my monthly budget and calculating the extra allowable expense I will incur without me or my family going on a hunger spree. The ceiling gives you an idea of what financial scenario you will be after you bought the car.The assumption here is that you saved some amount for the car and that you can extract the remaining amount from other resources that will not hurt your day to day expenditures. Emergency funds are not included in this resources, mind you.
Commit yourself to this price ceiling and create an environment that will encourage you to do so.
These imply knowing where will you get the money (bank loans, personal or financing?) for payment of the car and shutting off potential resources that might tempt you from taking a bit more of "extra"( for the 12 CD changer). Thus it is important to decide on the features you want on the car as most used car have some sort of owner add ons that may jack up its price. Sometimes, you need to add a little bit on your ceiling but it shouldn't be well above your paying capacity!If your budget is for a second hand lower model sedan, try not to stare on newer model of SUVs.
What features do you want most out of your intended car?
Is it reliability?utility?luxury? fuel efficiency? The make of your car mostly depend on the answer to this question. And so are the hidden cost. The SUVs for example rely on utility and luxury. People who want utility and reliability will find mini vans appealing. Sedans are for people who need reliability more than utility. This will also narrow your shopping list to the type of car you need at the moment.
What car models, make, trim, engine and specifications that will meet my requirements.
Knowing the features of the car you wanted will surely help you answer this. Researching thru the net (like buy and sell sites) on used car magazines, buy sell sites as well as advices from friends and relatives are common sources for this type of information. Manufacturers sites and car forums usually provide ample information about their cars. But this usually include only newer models. Also, beware of glowing car reports and stories.
Did you factor in other cost like operating expenses and maintenance?
The hidden cost of these expenses may just kill the bargain you get. Generally, a well maintained and later model cars are more economical and fuel efficient than older ones. In the same way, a bigger engine and greater "powered" car may eat up more fuel and thus a higher operating costs. You also have to factor in the intended travel routines for your car. Is it just for office use? frequent long distance travel and so on. Maintenance cost will be higher for car used on long drives and travels.
Where are you going to buy your used car.
Will you buy on a surplus shop? A second hand dealer's lot? or on an first car owner upgrading to another car. Most insider will prefer the latter type of seller because of the lower probability of engine alterations and better maintenance record. This may not be true at all times. If possible, research for the car history (like accidents, overhauls repairs) or the dealers car selling history. Online sites like DavaoSale or Tsikot.com or Kotsemo.com will be helpful also
Is there a way for you to protect yourself should the transaction turn awry?
In used car sale business this is almost impossible for the buyer. Used car warranties are almost always void. Check if the car or the owner have pending liens with other persons or institution or that the papers are all valid and updated. The hidden cost of car registration sucks and worst, a bad car record is a good sign to bail out from the deal. The transaction's deed of sale and transfer of car ownership should be fixed even prior to consummating the deal. Proper documentation of the transaction and the car is essential.
How will pay for the car?
Cash?Cheque?Bank transfer? Map out a workable and practical plan to accomplish any payment mode should the seller insist on one payment mode. Most sellers wanted a cash only sale but carrying large amount of money is dangerous here in our country! Bank or cash transfer seem to be difficult in the provinces. Bank limits on cash withdrawals is also prohibited at times. Bank transfer may take days so plan your payment before hand.
It's lamentable that checking a car history via the vehicle information number (VIN) is not at all possible here in my place. This information will give the buyer an idea about cars status and will probably appraise him of the car's value. If anyone knew how else we can get such information here in our country, please comment to this post and we will be happy to try your suggestion. Read the full story;
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