I think we all use them and love them.  It has radically changed how we think of public transportation.  

Yes the ride-sharing services of UBER(TM)  and Lyft(TM) (and others, I am sure) have radically transformed the way we are transported.

Many people are now using these services to help generate income.  Daily travel commutes from the suburbs to downtown have changed from costs to potential sources of income.  Those time gaps in your day can be turned into opportunities for income generation.  Easy - peasy, right?

What's the catch?

It's important to know that most personal auto insurance policies exclude coverage when you are using your auto for livery services unless you have a specific endorsement on your policy that provides coverage in those circumstances.  To provide for-hire transportation in your vehicle without that endorsement results in the exclusion of certain components of your auto coverage during that time period.  You are...

Ok, I know....this blog is supposed to be about the financial risks in our lives.  It's about protecting our financial security and helping ensure that what we have built, earned and saved for our families .... stays with our families.

But what if we keep our finances, but lose our family? What then?  What is the focus of our lives?  Who or what do we strive for in what we do on a daily basis.  What if we lose what is important to us...that is outside of us?  

While we have always had the ability to screw up our lives, social media has given us new tools that are far more powerful than anything we have had before. That power can be used in many ways.  Yes, there are some social redeeming aspects of social media outlets, but I suggest that they pale in comparison to the destructive aspects of social media when it has gone awry. In most cases, people don't even realize how powerfully destructive social media can be.  You can be on social...

It seems like there are a whole lot of people who document everything they do on social media.

Going to a movie? Tweet it.
Having desert? Facebook it.
Hang-gliding in Mexico? Instagram it.
Rock climbing in Utah? Tweet it.
Smoking a hooka with a friend?  Post it.

Hmmm....You want the world to see everything ...except when you don't.  And when might that be?  Perhaps your mom on line.  A prospective employer.  Or an insurance underwriter. 

Yes, social media is everywhere, and the truth is that once something is posted online...it's NEVER going away.  You can do whatever you want to try to erase those images of you running with the bulls or cliff diving, but once they are posted, they are there.  Forever.

While most of the items posted are innocent, some are not.  

If in the future you are looking to get a high dollar figure insurance policy, do you think that pictures of you skateboarding behind a semi-truck will get you great...

Evaluate these statements:

• Everyone who has ever died was breathing prior to death.  Conclusion: Breathing is associated with death.
• Drivers who cause automobile accidents were in cars at the time of their accident.  Conclusion: Automobiles are the cause of car crashes.
• Mold is often seen on stale bread.  Conclusion:  Mold comes from stale bread.

Each of the first statements are true, but the conclusions are very flawed.  

That's the risk of not thinking critically.  Seemingly obvious conclusions which are simply wrong.

Is critical thinking dead?

Maybe it's not dead, but it certainly is a dwindling skill. It seems more and more that people are taking various, often stupid, statements at face value and believing them.  People are not taking the time to review various statements critically and making their own determination of their validity.

Recently there was an article that came out "Eggs are bad for you".  It was splashed everywhere...

Everything is wonderful and rosy. 

We all know this type of person.

Everything is wonderful.  Nothing ever goes wrong for them.  Everything they touch...turns to gold.  Yeah, right.

How do you feel about those people?  Even if most of what they say is true, how do you really feel?  If you are like me, they make my skin crawl.  I want to get away from them as quickly as possible.  Take me to reality and people who are real.  

It's not that these individuals are boastful.  Many times they are not.  It's just that they only share their successes and never their failures or shortcomings.  We see right through that facade because we know that's simply not true. We know that every rose has thorns, so we put up our "BS" protection and turn them off. Admit it, you do it, after all, I do too.

What if that person is you?   Maybe as a leader or manager, or business owner, you feel that it is not...

It seems like there are some people who are lucky, and others who are not. Or worse yet, there are people with bad luck. And it’s everywhere. Lucky in business. Lucky with relationships. Lucky in finances. Lucky in health. Lucky in life.

But I would suggest that most of what we consider luck…is not luck at all. Rather it’s something more direct. Something more about US than luck. But often it’s easier to give credit to…or blame something outside of us. Something that we believe we have no control over. Yes…we credit it to, or blame it on… “luck”.

What is Luck?

Is there “real luck”? I would guess so. Having a meteor fall out of the sky and land in front of us would be “good luck”. Having it fall a couple of seconds later and hit us would be “bad luck”. Neither has really much to do with us inherently. But I believe these are the exceptions. Most of the time our “good luck” and...

I ran across a guide from the Harvard health group. There were a number of different articles, but one caught my eye....A guide to the wonders of walking.

While this blog typically looks at risks, in this case, we will look at the opposite - the benefits of doing something, in this case, walking.

The risk that faces you is this:  Walking is so easy, why would you risk the following health issues by not walking on a regular basis?

The benefits of regular walking (AKA...avoiding the risk of not walking!)

So let's dive in.  

Walking is easy and most of us have done this since we were young. Why stop now when there are so many health benefits?

Let's list some of the benefits...

• Walking helps reduce cardiovascular disease.  For women, walking 3 or more hours a week reduced the risk of dying from heart disease by 35%.
  • You don't need to walk a lot or fast to enjoy the benefit.  5 1/2 miles per week (3/4 mile per day)...

Confused about the legal and regulatory requirements for overtime pay to employees?  What about hourly employees?  What about salary employees?  

While you may be addressing these items in your business, you want to be sure that you are compliant with the current regulations.  

To learn more about these issues, read this latest article from HRM.

Overtime Exemption Updates

A recent article was published with additional timely information.

Review of this article, in conjunction with the previous posting, is warranted.

Overtime Update  3-11-19  

WhiteCoat Risk Management provides these articles to help improve general risk awareness in all aspects of your life.  It is not responsible for any actions you take or fail to take regarding any aspect of your financial planning or risk management.  This article is provided for information purposes and is not intended to provide individualized advice. You alone are responsible...

What are your requirements in the event of a data breach?

Did you know that if you had a data breach in 2018 that involved less than 500 individuals, you are required to file a report with the federal government prior to March 1, 2019?  

If you had a data breach that impacted over 500 individuals, then a report must be provided to the government at the same time as notification of the impacted people.

It's important to understand these complex regulations because failure to comply can result in a substantial monetary fine.  Moreover, it's important that such reporting (Form available here) is done very carefully to ensure that you accurately report the incident so that your exposure to regulations is minimized.  For that, it's probably best practice to consult with an attorney who is knowledgeable in such reporting.  

The following link is a short article by McDonald Hopkins, a legal firm which is knowledgeable in...

Disaster planning isn't just for your two-legged family.  It should also include plans on how to handle your four-legged friends too!

The Humane Society Of The United States provides a great summary of actions you should take ahead of time to plan on managing your pets in the case of a disaster.  Here is the HS Disaster Plan link.

Just an important update on a different, but related topic!  Recently there was an article about the dangers of xylitol and how it can be fatal to your pet.  Be sure you keep all foods, "sweets", gum, toothpaste, etc. that use this sweetner away from your pets!  See:  Keep Xylitol away from your pets.  

Here is another article that outlines 7 common foods that can be toxic and potentially fatal to your pets.  Learn more here:  Seven Foods Toxic To Your Pets.

In short here my brief summary of their recommendations:

1. Start NOW on creating your plan  (This is good advice for disaster plans in general, not...