Financial Freedom

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Tips for Asset Protection
Asset protection refers to the process of protecting your valuables from lawsuits and creditor collection attempts during your life and after your death. Most businesses and individuals adopt asset protection. The purchase of a car insurance policy or a homeowner's insurance policy is a type of asset protection. A business incorporating or buying general liability insurance is also adopting a form... Read personal finance article



Commodity Trading
Many traders believe that, for those who wish to acquire or enhance their knowledge of day commodity trading skills, the best educational option is to attend a day trading course at an on-location site run by a reputable day trading firm. However, for many aspiring day traders, this option may not be feasible for a number of reasons. Another option is to take a day trading course in a "virtual cla... Read personal finance article



Financial Freedom
If you have read some of my past articles, you are familiar with my definition of financial freedom. It is freedom to focus on what is truly important to you and your family without trading time for a wage. It is enabled by a portfolio of income producing assets managed by you. In other words, your rental properties or eBay business pays the bills. It is not retirement or jet-setting around the world without any concerns. Although it is not those fantasies, I believe it is the next best thing. It definitely beats punching a clock. What do you think? Don't answer to quickly. To give up the security provided by a job, not matter how good or bad, requires a certain "something" that is hard to comprehend. If you hate your job you might be willing to give it a try, but if you like your job - forget about it. Why take on the uncertainty? If you fail, you will feel stupid for giving up on that great job that is no longer available.

Well, I had not only a good job, but a great one. Made tons of money, worked with great people, traveled the US and Canada - played golf with customers; dined at fine restaurants. So, why did I leave? I am still searching for the best words to explain it, but guess what - that was not the first time I quit a job. The first time I quit a good job, not a great one; so that was a little easier. However, when my business failed and I went back to corporate America - I didn't feel stupid, a little poorer, but far from stupid. I learned more about myself and what I wanted in life by that experience than possible in any other manner.

That experience gave me the confidence to walk away from a great job.

About the Author

Michael Dawson recently said goodbye to a 20 year career in Engineering, Marketing and Sales to focus on living his dream of financial independence. He has since founded The Time and Money Group as vehicle to encourage others to do the same. The company's mantra is "Why trade time for money ... when you can have both." Sign up for their free weekly newsletter, where he and others discuss the different paths to financial freedom and offer insights for your successful navigation.

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Emergency Fund

"There are plenty of ways to get ahead. The first is so basic I'm almost embarrassed to say it: spend less than you earn." -Paul Clitheroe

An emergency fund is extremely important for your family and yourself. Unlike the luxuries we often splurge on, an emergency fund can make the difference between foreclosure and keeping your house. Most financial advisors suggest that an emergency fund should have enough money in it to cover at least 3 months of household expenses. However, six months of expenses is even better. Currently, you may wonder why on earth you would need save 6 months of expenses. However life can throw you some curve balls. Unemployment, unexpected medical bills, natural disasters or an auto accident are all events that no one can predict and that can cause you, to not be able to work. Your first step in building an emergency plan is finding out how much money you will need to put into your fund.

The yearly expenses of an average consumer are estimated at $40,000. Individual expenses may vary and emergency funds should be customized to your situation. For a family that has $40,000 dollars in yearly expenses, an emergency fund of $20,000 dollars is recommended. Overwhelmed? Yes that is a huge amount of money and even at 3 months, we are still talking about ten grand. Take a deep breath! You do not have to save this money over night! You may be asking yourself, "do you I need to put away that much money?" and the answer is yes. What happens if your car breaks and you can not get to work? What if you need a new roof? Or your wife needs emergency medical care? Do you have the money today to pay for this important yet unexpected expenses? Start with figuring out your monthly expenses and multiplying it by 3.

Three months should be your first goal and is a little easier to achieve. This is how much money you will need to save and it should be close to 65% of your net income each month. For a five year plan the average consumer will have to place just under $170 dollars a month into a savings account. For a 30 month plan, 2 ½ years, you would need to save just under $340 dollars per month. Emergency fund money should be place in a high yield money market account. Make sure you can draw checks or use a debit card on the account in case of an emergency. This money should not be touched under any circumstance. No matter how badly you want those high shoes or that big screen television. An emergency fund can be your lifeline especially if you are out of work. Do not underestimate the power of saving and the value of preparedness.




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Financial Freedom
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