5 Financial Considerations Before You Quit Your Job to Be Your Own Boss

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For many, the dream of working from home is a strong inducement to quit a job.

After all, if you could be your own boss and set your own hours and still make a living, wouldn’t it make sense to walk away from “the man”?

Quitting your job is about more than just making sure that you have enough income from your side hustle to replace the income from your day job.  You might not realize all the benefits you’re getting from your current job.  You will need to a way to make up for those losses as well.

Before you take the plunge and quit your job, here are a few questions you should have answers for:

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4 Obamacare Essentials You NEED to Know

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The provisions of the Patient Protection and Affordable Care Act (PPACA) — sometimes referred to as Obamacare — have been phasing in for a few years now.

The biggest provision affecting consumers, though, is the requirement to purchase individual health insurance.  That mandate doesn’t kick in until 2014.

But guess what?  2014 is just around the corner.

If you don’t have health insurance coverage in 2014, you will have to pay a fine, unless you qualify for an exception.  Before 2014 arrives, it’s a good idea to understand how all of this works.

Here are 4 essentials you need to know about Obamacare:

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Do You Need More Time Off? – Vacation Time in the U.S. Vs. Other Countries

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Around the world, Americans are known for their solid work ethic.

Here in the United States, we place a premium on hard work.

However, that might actually be detrimental to us.

If you are looking for a good work/life balance, the fact that you leave an average of 11 vacation days on the table (according to CNN Money) could be a bad thing.

It might even reduce your productivity level.

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How Does U.S. Vacation Time Stack Up against Other Countries

We take much less vacation than other countries.

In fact, many countries require companies to give a certain number of paid vacation days for employees with 10 years of services.  The United States isn’t one of those countries, but China is (10 paid vacation days).  Other countries include the United Kingdom, with 28, and Japan with 20.
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How an Emergency Fund Will Save Your A$$

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You need an emergency fund.

This represents one of the basic pieces of personal finance advice.  Even so, many people don’t believe that an emergency savings are necessary.

If you want to improve your chances of achieving financial freedom, though, you need to change your mindset and acknowledge that an emergency fund is essential.

Here’s Why an Emergency Fund is Essential. Read These Now!

An emergency fund is essential.

To Deal with Unexpected Expenses

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Have You Thought about Renegotiating Your Life Insurance Premiums?

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With life insurance, many of us just accept the fact that the premiums are set at the outset, and that once they are locked in, you are stuck.

The good news is that this isn’t always the case.

It’s actually possible for you to contact your insurance company when your risk profile changes and negotiate a better monthly premium.  This applies to term life insurance and permanent life insurance.

If you have been making positive changes in your life, consider asking for a reassessment to see if you are eligible for lower premiums.

When to Renegotiate Your Life Insurance

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Diplomatically Say No to Friends and Family That Want to Borrow Money – 6 Tips

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One of the hardest things you will ever have to do in life is to look a friend or family member in the eye and say no.

It’s hard enough to do this when you’ve been asked to watch someone else’s kids, or attend some event.  It’s even more difficult to tell a loved one no when he or she is asking for money.

However, you might not want to lend money to family and friends since relationships can be ruined.  As awkward as it is to say no in these situations, the awkwardness can be even more intense when you have a loan (particularly an unpaid loan) between you.

If you don’t want to get involved with lending money to friends and family, here are 6 tips to help you say no:

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1. Make it Your Policy

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Don’t Let Them Get Your Money! How You Can Hide Money from Lawsuits, Creditors, and the IRS

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Are you worried that someone might be coming for your money?

Whether it’s a potential lawsuit, or even if it’s the IRS or a creditor, you probably want to protect your assets.

If you want to protect your assets, you need to know where to hide your money, and know how to properly structure certain accounts in order to avoid having someone drain your financial well dry.

Here are some places that you can hide your money:

Retirement Account

One of the best places to hide your money is an ERISA-qualified retirement plan.  Not only can you keep some of your money safe, but you can also earn a tax-advantaged return on the money.  The money in your retirement account is protected from liability lawsuits.  Additionally, your retirement account might have some protection from bankruptcy and creditors (not always, though).
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