Insurance World

While it is true that the current economic climate has left many of us with debts and bad credit rating, the situation is not beyond retrieval. Debts might be mounting, but an unsecured loan can provide the funding required to clear that debt and restore some stability to your finances. The trick is to get a loan that is large enough to accomplish that.

Many people have the idea that the only way to have a loan application approved is to look for a modest amount. But the fact is that even a loan without security can be more than just a couple of thousand dollars, allowing the borrower to alleviate the financial burden.

Of course, a large personal loan that is unsecured is a loan that is approved without any collateral. This is where the confusion tends to occur, with the absence of such security logically preventing any lenders from granting any major loan sum. But, there are other ways to secure a large loan.

Take the Online Option

With traditional lenders reluctant to commit large sums to unsecured loans, it can be very difficult to source the funds. However, the internet now features dozens of lending companies who are willing to provide significant personal loans to individuals, even if they have financial difficulties.

The online lending market is slightly different to the traditional one in that most of the lenders are targeting those who can expect to be rejected by the banks. Issuing loans without security to borrowers who are eager to rebuild their credit rating is seen as a justifiable risk.

However, it is important that before signing up to any personal loan that is unsecured the particular lending company is checked out. Consult the Better Business Bureau, which has information on every company set up in the USA.

Back Up Your Pitch

When speaking to lenders about an unsecured loan, it will be necessary to pitch the idea that they can trust your intentions. It is important that they know what the loan is for, so being able to provide detailed financial information is important. Bringing the backlogged utility bills, the medical bill that came unexpectedly and other necessary expenses will show that your motives are fair.

Of course, they will also need to know your credit history, and while they can easily gain access to it themselves, they will prefer to hear your explanation. It is not a good idea to fail to divulge this information when applying for loans without security. Being ready will impress the bank, however, and greatly increase the chances of getting a personal loan that is unsecured.

Patience is a Virtue

Despite the fact that large unsecured loans are there to access, it is not a simple matter. Some searching will have to be done, which is why turning to the internet is a good idea. However, ruling out the more traditional sources of personal loans that are unsecured is not wise either.

Not only that, but the terms of the loan have to be good, otherwise the attempt to lessen the financial burden will backfire. Comparing options is a good way to assess which one is best, but it is important not to take the first option that becomes available.

There no denying that loans without security will come at a higher interest rate than secured loans, but there are other factors to consider too. It is vital that the amount of income free to cover any unsecured loan repayments is known, and that it is adhered to.

After all, it is only through meeting every monthly repayment that the quest for a improved credit ratings will be achieved.

Joycelyn Crawford is the author of this article. For more information about Easy Loans for Bad Credit and Easy Home Equity Loan please visit EasyLoanForYou.com

With spring around the corner and tax season upon us, now is a great time to de-clutter some of your financial records. But, you may be asking yourself, "How long do I need to keep my financial records?" Good question and one that my clients ask me all the time. The short answer is, "it depends". Basically you should keep your records in 4 categories: Short-term Records, Mid-term Records, Long-term Records, and Permanent Records. I'll highlight some of the biggies in each category, but you can use the chart for a more detailed list when sorting through your financial records.

Short-term Records

Review your bank, broker and other financial institutions year-end statements to make sure they accurately reflect the monthly statements. Then you can toss the monthly statements. Keep those year-end statements with your tax files. Toss your ATM receipts and bank-deposit slips as soon as you match them up with your monthly statement. Pitch your pay stubs as soon as you receive your W-2 for the year. You can also toss paper copies of your credit-card, utility, phone and cable bills as soon as the next month's bill confirms your last payment arrived (unless you need to keep the bills for tax purposes, e.g. if you deduct home-office expenses, etc.). And when you do decide to toss any financial documents, be sure to shred them so your garbage doesn't become pay dirt for identity thieves.

Mid-term Records

Keep receipts, warranties, and, instruction booklets for major appliances and electronics. You can get rid of this material when you no longer own the item. Keep vehicle purchase receipts, titles, and registration and maintenance and repair records for as long as you own the car, boat, truck, or other vehicle. Keep closing documents for mortgage, vehicle, student, and other loans until after the loan is paid off. It's a good idea to keep difficult to replace documents such as, titles and mortgages in a safety deposit box.

Long-term Records

This category includes personal federal and state tax returns and their supporting records. The IRS could randomly audit you for up to three years after you filed the tax return. If you fail to report more than 25 percent of your gross income, the IRS has six years to collect the tax. However, you can be audited at any time if the IRS suspects fraud. Although it's generally recommended that you keep your tax returns for at least seven years, I recommend to my clients that they hold on to them forever (or at least make a digital copy and store it in your safety deposit box.)

Permanently Records

Essential records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept in your safety deposit box. In addition, you should keep the following estate planning documents in your safety deposit box: wills, trusts, and powers of attorney, life insurance policies, and pension-plan documents. It's also a good idea to keep a list of what you have in your safety deposit box. Update the list every tax season or as you add or remove documents. You might also want to keep photocopies at home of any documents you have in your safety deposit box, just in case you need to refer to them.

Record Keeping Summary

Short-term Records

Note: Keep year-end statements and other items needed to support your tax return.

Bank recordsCredit-card billsCurrent-year tax recordsInsurance policies (auto and home)Investment StatementsPay stubsReceiptsMid-Term RecordsMedical bills (in case of insurance disputes)Vehicle recordsLoan documentsHousehold furnishings paperworkLong-Term RecordsSupporting documents for tax returnsStock and bond recordsInsurance policies (keep for the life of the policy)Accident reports and claimsMedical bills (if tax-related)Property records/Improvement receiptsWage garnishmentsOther tax-related BillsPermanent RecordsIncome tax returnsLegal recordsImportant correspondenceRetirement and pension recordsBirth and death certificatesLife insurance policies

Anthony J. Baldassano, CPA/PFS is the owner of Anthony & Associates, CPAs, located in Barrington, IL. http://www.accountantsbarringtonil.com/

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If you owe money to the IRS, they will pursue payment from you, whether you are rich or poor. You no longer have to fear the taxman at your door because there is a way for you to pay off your taxes. The IRS has a payment plan, officially called an "Installment Agreement," that allows you, or a tax professional representing you, to negotiate a reasonable monthly payment in order to pay back your taxes. Once this plan is established, the IRS will not enforce collection action, including the levy of bank accounts or wages, as long as you remain current on your payments and your tax filings.

You can negotiate the payment plan yourself, but using a specialist, such as a tax attorney, is recommended. A tax specialist, who has worked with similar tax cases to yours, knows the ins-and-outs of dealing with the IRS and can probably save you money by negotiating the lowest possible monthly installment payments and will help you with securing the most convenient payment options such as payroll deduction, direct debit from your bank account or credit card, or paying by check or money order. The tax professional can also help you get your past tax problems in order, such as filing any delinquent returns, because the IRS will not negotiate a payment plan unless all your tax filings are current.

For those in extreme financial hardship, there is another tax relief option available called the Offer in Compromise. This option is designed to give those with significant financial troubles a fresh start, if they qualify. The Offer in Compromise gives a person the opportunity to pay a small amount as a full and final payment on what they owe to pay off their tax debt.

The key to this program is that it is something that you must qualify for and can be a complicated and drawn out process. Using a tax relief specialist can greatly improve your chances of negotiating a settlement because they are more familiar with the guidelines, rules and protocols of the Offer in Compromise. Keep in mind that this is a privilege and in 2007 only about 12,000 Offer in Compromise settlements were accepted of the 46,000 that had applied for it.

Even if you do not qualify for the Offer in Compromise settlement program, most people will qualify for an IRS payment plan that fits into their budget, especially under the guidance of a tax specialist. Once a payment plan is established, the burden of the taxman at your door will be removed and replaced with a feeling of tax relief, which is priceless!

Michael Rozbruch, one of the nation's leading tax experts, is a Certified Tax Resolution Specialist (CTRS), licensed CPA in the state of Maryland and the founder of Tax Resolution Services. He teams up with an expert staff of tax attorneys, CPAs, and tax relief professionals to help individuals and small businesses solve their IRS problems. Michael also shares valuable tax advice and information in his blog- Tax Resolution University

For more information on achieving a tax resolution for your IRS problems call 888-851-5894 for a free tax relief consultation.

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The economy is tough. Gone are the days of unbridled credit, easy-to-come by loans and big McMansions. Many of us are still feeling the sting of the economic collapse at the end of the last decade in the form of debt and poor credit scores. If you are stuck with a load of unpaid medical bills or credit card debt, but plagued by bad credit, you should consider a large unsecured loan.

Large Unsecured Loans Relieve Financial Stress

Most people with bad credit assume that the only real loan available is a cash advance. These small, short term loans are great if you need a bit of cash between paychecks, but they are nowhere near enough to help with larger bills.

Large unsecured loans are a great option because they does not require collateral and therefore your possessions are not in jeopardy. It also can be granted in larger amounts than cash advance loans, which are usually no more than $1,500.

Finding a Large Unsecured Loan

If you have a difficult financial situation and have poor credit, going to a traditional bank or credit union is not always a great option. One look at your bad credit score and they will send you packing. Instead, your best bet for finding a large unsecured loan is through an online lender who specializes in bad credit loans.

This can be a scary proposition though. There are a lot of fraudulent companies out there. To protect yourself before you divulge personal information, make sure that you do a background check on any lender you consider through the Better Business Bureau (BBB). The BBB website will give you contact information as well as customer reviews for each lender you are considering.

Take Advantage of the Internet's Variety

There are many different companies out there that will offer large unsecured loans online. It will take time to weed through all of them, but that time spent will be worth it. After an initial screening, try to isolate 3-5 good lenders and then take your inquiry to the personal level. Call the company and talk about their packages. NOTE: Any representative that asks for upfront payment or consultation fees is an automatic loser. Do not do business with these people.

Be Honest and Be Ready

There are a lot of lenders out there willing to give large unsecured loans to people with poor credit scores. However, this offer will come at a price. You need to be prepared to divulge your lending history, which includes the reasons behind your bad credit, as well as the details of your income and your plans for repayment. Also be aware that many lenders may string you along for a while and then offer you much less money than you need. This is why it is important to have several options.

There Are Many Elements to Consider

If you want to find a large unsecured loan, you need to realize that it will take time and a lot of soul searching. It is important to find a good lender with reasonable terms. Otherwise, you risk taking your credit further into the depths of no return. It is important to consider each element of the loan offer from interest rate down to monthly payment before making any choices. You need to have a handle on what you can afford to pay each month and what sacrifices you will need to make in order to do so.

Your Loan Is Out There

Ultimately, if you take your time and ask the right questions, the large unsecured loan that you need will be found. It is important, however, to make sure that you consider all elements of this loan and have it fit into your current lifestyles and goals. Properly executed, this loan can have a lasting positive effect on your life and your credit score.

Joycelyn Crawford is the author of this article. For more information about Bad Credit Easy Loans and Unsecured Loans please visit EasyLoanForYou.com

When it comes to trading there is always a time to buy and a time to sell. This is how smart investors know when to keep their money allocated to a stock, and when they need to take that money out and allocate it elsewhere, to prevent a market loss. The active trader's "time exit strategy" is a modern expression of that message. What is a time exit strategy? It is the guideline that sets the outer time boundary for the trading commitment you make when you open a position that is, the maximum time that you plan to maintain your trade exposure. Of course, if a trade reaches its price target before the time exit point, many traders would book their profits by closing their position. Or, in addition to that, if the trade hits a price driven stop loss signal, they might sell out of the position early and limit their losses. Either way, the first point to keep in mind is that the time exit barrier is merely a guideline, but it is a very helpful guideline to follow when your financial investments are on the line.

The next important step is determining when your time exit strategy in particular will be. That will depend on the kind of trading strategy that you are following. If your strategy anticipates rapid movement, your time exit point may be minutes, if not only seconds away. This applies to riskier investments whose prices may fall at any given moment. However, time exit points can also be set for the end of the day, or even some number of days in the future - it all depends on the expectations that you had in mind when you initially started the trade. This will bring us to the second key point. Once you have your time exit point set and already determined, your step after this will be to consider what you will do when you reach this point, if you ever do reach this point. You can automatically terminate any trade or investment at your own time exit deadline once you have predetermined this. If you have strong confidence in your profit price goal and stop loss protection levels, you may decide that reaching the time exit point without reaching one of these levels indicates the security has been trading sideways and you should thus exit the position when the time indicator is reached.

However, many traders use their time exit signals simply as indicators. As a result, they re-evaluate their position in the light of the current market when they reach a time exit signal and determine whether to maintain and extend the time frame or close the position. This is a very smart method in determining whether to stay with a fund or not because it allows you to set an initial goal and then, later, re-evaluate the goal based on the changes in the market. Remember, a comprehensive sell strategy is essential for maximizing your opportunity to capture profit or limit loss. Any time you are investing or trading stocks or anything else, you must go for some stock investing advice to know when the right time for you to quit will be. If you do not determine this beforehand, it will be harder and more confusing for you to be able to decide when you should quit. You may let it sit for too long, and we all know that "time is money." If you did not set a goal to sell at a certain point, you may miss that point one evening and end up losing a massive amount.

From http://yourguidetofinancialfreedom.com/ one can get stock investing advice and learn to comfortably ride up and down markets as they "breathe."

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ByAmy Mia

Have you been wondering about your future and your financial security? Are you afraid that when the time comes that you can no longer work, you'll end up stuck between a rock and a hard place? Seems a lot of that is going around lately. The unfortunate thing is that most people won't take any actions to relieve their own minds.

By building a massive passive income stream, you can begin taking steps to ensure your financial security now. This is the time to start preparing for your future. There will come a time in your life, when money should be the last of your concerns. That time can be right now, if you take the time to invest a little bit of yourself in the present.

First Things First

You have to understand that financial security is a time sensitive matter. Don't wait any longer, start now! The earlier you start preparing for your future, the more secure it will be. Stop putting off for tomorrow, what you can very well start doing today.

The Forgotten Bill

Your savings account is a stepping stone to be used towards your financial security and it should be seen as a bill. This bill should be paid, every pay period with 10% of your pay. For some, it may seem a lot. Look at it this way; if you make $400 every week and you put $40 from every check into your savings account, you have saved $320 a month. There are 12 months in a year. That is almost $4,000 saved in a year. If it is put into a money market or interest gaining account, it can equal so much more.

Cut Unnecessary Expenses

Saving money by cutting unnecessary expenses can be a way to increase your savings as well. This is money that you can use towards other things that will prepare you for a secure future. This is money that can be used towards investments that can bring in passive income; which will give you another stepping stone towards you stable financial future. Use coupons when you can, don't buy things that you don't need and stop doing things that are tantamount to throwing money away. You don't have to be cheap but you should learn to be frugal.

Setting yourself for the future isn't something that you should take your time doing. It's something that you should start doing as soon as you can. Unfortunately, most people start too late and then find themselves in a situation where it's too little, too late. Don't be one of those people.

Financial security is something that almost everyone in the world can have, if they make the right choices early on in life. It's also something that no one else can give you. So, take responsibility for yourself and your future. Multiple passive income streams, paired with smart investing and careful life budgeting; having the life that you want in the future is a possibility.

Are you for a way to create your financial security! If so download a true Rags to Riches story and learn how to double your money every week with little to no risk. Click the link below to learn HOW you will begin compounding your capital towards your first Million Dollars at the easy corporate money program. http://www.thenetmillionaire.com/

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ByAmy Mia

There comes at time when we all need to think about the future. Will we be able to support our children? When are we going to be able to afford to retire? The only way you can be sure of anything is by having financial security. Retirement is something that we all need to think about if we want to have a good standard of life in our old age. Here are some helpful tips for becoming financially secure.

1. Stop Thinking, Start Saving

The earlier you start saving the better. It is never too late to start, but by putting money away every month from an early age you will amount quite a large sum by the time you reach retirement. For example, saving $100 per month over 10 years amounts to an enviable total of $12,000. Saving on a regularly isn't always easy, and when times are tough you will probably think that one of the first costs to cut is your retirement fund. However this can be a costly mistake. To make this less likely consider having the money debited from your paycheck by your employer. Alternatively have a monthly direct debit set up for funds to be transferred from your current account to your savings account. An excellent way to deter you from withdrawing cash from your retirement fund is by having a tax-deferred account. Tax deferred retirement accounts incur tax penalties if you withdraw from them.

2. Diversify Your Portfolio

This may sound complicated and scary but this really is an important way to increase your retirement fund and the same time as reducing your investment risks. Having all your investment in one stock limits the return on investment and comes with a risk of losing everything. To diversify your portfolio it is best to consult a professional.

3. Budget

To be able to contribute as much to your retirement it is important to budget. Prepare a budget and stick to it. You should include your retirement contributions in your plan to get an accurate monthly spend. As the months go by you may find your lifestyle changes. For instance, if your financial situation changes for the better then you should increase what you are saving.

4. Consider Your Partner

If you are already married or planning on getting married in the near future, then it is important to consider whether your partner is saving. If they aren't then you are likely to be supporting your partner when you both retire. For true financial security you will both have to save equally.

The things mentioned in this article are just a number of factors that will impact on your retirement plan and decide your future financial security. It is very important to talk to a financial planner, who will give you all the information you need. The key to your future lies with you, and you making decisions right now.

Are you looking for a way to make extra money and have the financial security you have always dreamed of! If so download a true Rags to Riches story and learn how to double your money every week with little to no risk. Click the link below to learn HOW you will begin compounding your capital towards your first Million Dollars at the easy corporate money program. http://www.thenetmillionaire.com/

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ByPaul Demington

A value is defined as an enduring belief, a standard, or a philosophy that is deeply meaningful to you. Whether you are consciously aware of them or not, you have a core set of principles that help to shape and define who you are. Once they have been clarified, it is important to synchronize these values with your financial planning strategy.

While your individual set of values may intersect with those of others and even with society as a whole, they are ultimately as unique as your fingerprint. As with all professions, not all financial planners are created equally, so you should look for one that understands more than financial concepts, but also how to align them with each individual's unique set of values.

Stephen Covey, author of the best-selling book, "The Seven Habits of Highly Effective People," calls this "Personal Leadership" which "is the process of keeping your vision and values before you and aligning your life to be congruent with them." There is a deep contentment in knowing that we are living and directing our lives with greater purpose. Embarking on the journey of discovery into what drives and emboldens us will serve to guide us both personally and also along the path to financial security.

Many tools are available to help us in our quest. There are "lists" found in books and online with hundreds of values and beliefs to choose from; better yet, to recognize that they are already within yourself. The goal is to narrow the field, gradually eliminating in order to come up with your top few and eventually your number one. Some additional questions to ask yourself as you evaluate:

• Is it truly YOUR value? Is it internally motivated or is it externally influenced?

• Is it a means or an end? If one value is simply to accomplish another, then look to the ultimate value you want to accomplish and make sure they are in alignment. If you want economic security because you think it leads to freedom, then freedom, not economic security, is what you actually value most.

• When were you happiest or most excited? What was your proudest moment? These highlights are a potential showcase of your deepest beliefs.

• What do you regret the most? This is a way to figure out what's most important to you.

Remember that it's not simply about finding what you value. Chances are many things are of great importance. It's about finding what you value the very most - what has driven you in the past, what drives you now, and what is expected to drive you in the future. This way, when you have to prioritize or make trade-offs, you have some gauges. Writing out both a mission statement (where you are currently) and a vision statement (where you want to see yourself in the future) can be a very effective way to articulate our values to others.

You may be just setting out and will use your values to influence who you will choose as a life partner to accompany you. Or you may be newly married and need to clearly define and blend your set of values together to help determine how you want to begin saving and investing in order to move toward the future you both dream of. You may have children ready to start college. What standards have you set for your family? Is it worth it to send them to the very best university right away or does starting out with a less expensive community college for a few years make sense? Maybe you are in your retirement years, have invested wisely, and have choices as to where you will invest your extra hard earned resources. Will you take that magical trip around the world or will you pursue a philanthropic endeavor? By building a relationship with a reputable wealth advisor, you will have an important resource at the ready, offering professional guidance and accountability in order to help keep your values at the forefront of your decision making process.

When Alice was wandering in Wonderland, she asked her advisor the Cheshire Cat, which way she ought to go. "That depends a good deal on where you want to go," said the Cat. "I don't much care where," said Alice. "Then it doesn't matter which way you go," said the cat (Charles Dodgson, "Alice's Adventure in Wonderland," 1865). In order to truly invest in something, you must be invested. It is important to believe strongly in whatever it is that you are doing and where you are going.

Discovering and holding onto your deepest values will bring clarity, direction and confidence along the journey to personal and financial success.

Paul's 21 years of experience as a Financial Advisor gives him a unique perspective and expertise in leading wealth management practices. As an IRA Advisor (part of Ed Slott's national IRA advisor network) and with access to world-class training and experience, Paul regularly collaborates with some of the best financial minds including forecaster Harry S. Dent and Asset Preservation Guru Jay Mitton. Paul is the founding partner of Logos Wealth Advisors, a boutique wealth services firm based in Southern California that specializes in a multi-disciplined approach that optimizes wealth preservation and wealth building.

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BySuzanne Glasser

There are many factors to review when it comes to finances with a big one being the real estate market. What many would consider to be the opportunity of a lifetime, others are now saying there are a number of years to go until the real estate market bottoms out. So which way should you lean and how will it affect your financial goals?

Affordability and Lending

With interest rates on a 30-year mortgage at the lowest levels practically ever, home ownership has theoretically never been more affordable. However, what many are failing to take into consideration if the fact that banks and other lending institutions have now pulled the purse strings so tightly that it is growing harder and harder to secure the financing you may need for a new home purchase.

Dipping into Savings

Because banks are now so strict with their lending policies, those who are seeking to buy a home are forced to dip even deeper into their savings accounts in order to come up with the money needed for a down payment. Gone are the days where you could simply sign a few pieces of paper and declare you would pay back the loan on a home. Now the banks want to be fully protected. This means a likely decrease in your savings if you are in the market for a new home.

Prices and Savings

For many people, their single biggest investment is their home. That means that should you choose to buy a home you will likely count on the price to go up after time has passed making you a nice profit in the process. However, this doesn't mean that you should simply buy a home and expect it to go up and up and eventually become your nest egg. While the real estate you acquire can be a nice addition to your overall finances some day, they should not be relied on to be your entire future finances.

What's Best for You?

No matter what the real estate market is doing it all comes down to figuring out what's best for you and your particular situation. It may be that you can in fact buy a home and still be able to achieve the American Dream of financial independence. In fact, home ownership might just help you get there bit quicker. However, without looking closely at all the financial impacts buying a home means for you, you might inadvertently make what could be the biggest mistake of your investing life. So, careful consideration must be taken.

Suzanne Glasser is a freelance finance writer specializing in wealth building topics. Click for more information on ISMAmerica Reviews or visit http://www.ismamerica.com.

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So you want to become very rich and rub shoulders with the likes of Bill Gates, founder of Microsoft, and also retire with billions of dollars to your name like the queen of talk shows, Oprah Winfrey?

Well, that's great news!

But before you start taking your dream of becoming the richest man or woman that ever lived, like the legendary King Solomon, have you taken steps to discover what it takes to become as great as these rich and famous personalities?

Did I hear you say "Hard work?" Well, if that's what I heard you say, then you're correct! But hard work is not the only ingredient required for elevating you to the top of the golden pyramid. There are other paths that must be taken before you reach the road to financial freedom.

Yes, you got that right the first time. In any case, let me repeat that one more time:

It takes more than hard work for any one person to become, as they say, 'stinking rich' like the Bill Gates and Oprah Winfreys of this world.

OK let me rephrase that line one more time. It takes more than blood, sweat and tears to strike it rich in this cutthroat world of financial fitness and survival, as I will explain in a moment.

But Andrew, if blood, sweat and tears are not sufficient to enable anybody to become as rich as the legendary King Solomon, what is this other missing ingredient that is needed to enable you to laugh all the way to the bank?

Well, it's a simple thing really, as all you will ever need to safely take the first step on the elusive road to financial freedom is: guts!

Yes, you need guts and the wisdom to realize that you can never attain absolute financial freedom until you are free from the bondage which holds back most men and women in the modern world from starting their own journey to financial freedom.

And if you're asking what are the chains of bondage that hold you back, then here's the plain truth to that question...

Simply put, the following example puts everything in plain sight:

No man or woman who aspires to create wealth for themselves and the next generation can honestly succeed in their quest for financial freedom unless they are absolutely free from the chains of bondage they allowed others to put around them. Likewise, no man or woman can ever declare that he or she is walking on the road to financial freedom when he or she is still working to make others to become rich first before planning to undertake his or her own journey to financial freedom.

In plain English this means: How will you become 'stinking rich' if you still owe others the millions that you want for yourself?

So it stands to reason that unless you make real strides right now to start making yourself financially fit, that is by freeing yourself first from the debt trap that's holding you back from joining like-minded people on their journey to financial freedom, your dream of becoming the next Bill Gates or Oprah Winfrey will remain just that - a dream.

So there you have it. It's all about doing first things first (that's preparations to you!) before you can start on your own quest for financial freedom and independence.

Andrew Molobetsi, is a financial adviser and licensed tax practitioner based in South Africa. For more information and to sign up for the Smart Money Tips Newsletter, Visit Andrew Molobetsi's Website and Blog

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It is said that you cannot become absolutely financially free unless you get out of the debt trap because debt is the main reason why most people never get on the road to financial independence in their lifetime. That is unless you do everything in your power to free yourself from the debt trap.

But getting out of debt trap is not that easy, and it cannot be accomplished overnight. Not unless you wake up one morning and discover that your banked a lottery winner the night before. But what if like most people, your ticket always always bring back smoke after every lottery draw?

Let's not also forget that ever week your lottery ticket eats away every little bit of your money - money that could be put to good use elsewhere and saved for your financial future!

And one thing is for sure, a lottery ticket can bring joy to one lucky family and bring a heap of misery upon those luck has turned its back on them.

Now let go back to how you can deal with getting out of the debt trap.

According to experts, getting out of the debt trap is viewed by most people, especially those who find themselves falling deep in the debt pool for the first time in their lives, as a daunting task. For that reason, they simply hide themselves in the shadows, afraid to ask someone - it could be a close friend or relative - to show them the way out of the mess they're currently experiencing in their lives.

Is that the right way to go? Not close!

Whether you're covered up to your neck in debt, or just finding yourself covered above knee-level with outstanding credit card balances from six month back, there's always a way from any mess out from a sticky situation.

So what do experts suggest you do in this case? Well, like anything other problem in life, it depends on the level of debts that you currently owe.

First, they suggest you get help - fast, before you begin to sink deeper to a level where it's going to be impossible to struggle your way out.

So in a nutshell, here's how other people managed to fight their way out of the debt trap...

Whereas most qualified financial planners can help you design a financial fitness plan, you could also take the easier route go the DI-Y route on the way to financial fitness.

But be warned, instead of becoming your best pal in the boxing ring, a financial planner can sometimes prove to be expensive and also drag you back into the deeper end of the debt pool due to the type of costs or service fees they charge. So shop around for somebody who is willing to help you solve your problem for less than the normal fee.

Failing that, the D.I.Y route may be your one ticket out of the hell-hole.

But, what program is the best solution based on my current debt situation? The answer to that question depends on how deep or low you're in the debt pool. But getting your financial fitness back on the right track can be easily accomplished by all those who are totally committed to success.

Some projects take just a few minutes and are as easy as a toll-free phone call, others can take an hour or two and require some simple calculations or visit to your local credit bureau. However, others will take more time to accomplish.

If you're heavily in debt, for example, you can set up a strategy that will help you reduce your debts over a period of time, say, twelve months to three years; and the retirement saving strategy you start will last as long as your working career does.

Best of all, if debt is a huge problem that's pulling you back from starting your journey to financial freedom, get rid of it!

Andrew Molobetsi, is a financial adviser and licensed tax practitioner based in South Africa. For more information and to sign up for the Smart Money Tips Newsletter, Go to familywealthfinance.com

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Imagine it's payday! A check has been deposited into your account. You might even go out for a cocktail because you feel 'rich' again and your bank account doesn't seem so pitiful.

But ask yourself, honestly, where does your hard-earned money go first?

Bills? The first thing most of us do is make sure all our bills are paid then we will divvy up whatever is left. Some of us scramble to pay the bills, living paycheck by paycheck. But our money doesn't go to bills first. Think again.

You're paying the government first.

In TAXES.

For most, a whopping 30% of your moola never reaches your bank account.

So let me get this straight. You spend 40