Financial times are scary and the thought that your broker might not have your best interest in mind can push you right off the deep end. No matter what you think about the person on the other side of that desk you should always get informed yourself.

Check up on your broker using the FINRA BrokerCheck. It allows you to do a search of your broker to check for any complaints or disiplinary actions.

Read the material you are offered. The broker can go over it and explain it but you should still read it for yourself. Ask for time to read each and every word or take the material home with you. Either way - READ before you sign.

Talk with your tax accountant before making any moves with your money. The broker may THINK he knows tax law but things could have changed. It is best to talk with the tax expert before making decisions that affect your taxes.

There are times when you want to pay down (or off) debts so that the payments are no longer pulling down your monthly budget. There are also times when you are better off keeping the debt and investing the extra money that you have.

1. No interest loans - these are the specials that many companies run (particularly at this time of the year). If you have the money to buy the item why not utilized the no interest loan and put the money into an interest baring account. You could even set up payments to come directly from the account if you are worried about forgetting to make a payment. The interest you gain may not be a fortune but it will be more than you would have made if you had paid cash.

2. Low interest debts - introductory rates on credit cards or even some loans make it viable for you to put extra money in a higher interest baring account instead of paying down the debt. As long as you are making more in interest than you are paying out it is a good choice.

3. Tax deductible debts - some loans (or at least the interest from the loans) can be written off on your taxes. This can make it possible to make more by investing additional payments instead of paying off a loan early. Talk to your tax professional about how paying down a tax deductible debt will ultimately affect you.

Keep in mind that when you have the money available to pay off a debt (even if it is invested in some other account) this is credit and not debt. The goal for a prosperous life is to always have the money to provide for your life.

Unexpected money is always exciting. Of course most of us expect the bonuses that have become such a traditional part of the holidays. While a nice big turkey may have been enough for the Cratchets’ for Christmas I would like something a bit more substantial.

What should you do if your bonus comes through like it did for a number of families in Illinois (the bonus were based on the number of years of employment and came from the owners’ sale out to new owners).

It is tempting to spend any “found” money from raises to bonuses to tax refunds but there are so many better ways to enjoy the fruit of your labor.

1. Pay off revolving credit and debts so you don’t have to stress over those payments.

2. Put some of it in an emergency savings account (be working towards three to six months worth of expenses).

3. Set aside about 1/3 for any additional taxes that may come from the bonus especially when it is unusually large.

4. Indulge with around 10 to 25% of the bonus so you don’t feel like you are deprived and become overwhelmed with the urge to spend it all out of spite.

There is nothing wrong with spending part of the bonus that you receive but you may want to reserve the largest portion for savings and debt reduction to give you a long term peace of mind.

Many people dream about working for themselves. Having a business would be the answer to everything. The only thing in the way is money. After all, you can’t start a business with out money - it takes money to make money.

There is some truth to this statement but there is an exception. The more time and energy that you can put into a business then the less money you will need to get the business going.

1. Start by creating a business concept - what do you want to do, where will you do it and who will you do it for?

2. Put together a business plan - this will include a mission statement, vision statement, budget, marketing plan and more.

3. Talk with potential investors (who said it had to be your money to get you started).

4. Do what you can with what you have. If you can’t jump in completely then start in segments. The smaller you business the least the risk. Be sure that you set aside a hefty portion of any profits to go towards expanding your business.

The internet has made it possible to start up almost any business with very little financial investment. Before you take the plunge, talk with others that are self employed and see if it really is the life for you.

Oil is up 60-percent. Personal savings are under 1-percent. Equity markets are stumbling. Fear of recession is rampant. No, I didn’t pull that out of today’s paper. That’s from the pages of Business Week magazine nearly 30 years ago. This interesting information comes from a brochure published by The Hartford Financial Services Group. The goal of the data is to show that, whether there is a democrat or republican in office, the economy has ups and downs, but the stock market always bounces back.

Since 1948 there have been ten recessions in the US. According to the data printed in this brochure, a typical recession lasts ten months. Five months before the recession ends, the market begins to turn around. Statistically, after the recession’s low, the one-year return is at an average of 39-percent.

Let’s look back to 1987. On October 19, 1987, the stock market crashed, dropping 22-percent of its value before the close of business. The interesting thing is, the stock market ended 1987 up 2-percent. Even if you had invested $10,000 the day before the stock market crashed in 1987, you’d still have more than $80,000 today. Imagine what you would have if you invested when the stock market hit the bottom.

So I guess the point is, more than whether we elect a Republican or a Democrat for president, what matters is that you are investing and working towards your long-term financial goals.