The following is a public service reminder from Free Money Finance...
Now that the market has melted (though coming back a bit as I write this) and housing is in crisis, is there any debate left about what is your greatest financial asset?
As long as you have your job, enough time, and you spend well below what you earn, you'll be able to weather almost any economic storm.
The preceding has been a public service reminder from Free Money Finance. ;-)
Amen
Posted by: juicepro | September 30, 2008 at 04:58 PM
My husband and I are self employed. I know that the extra couple thousand a month we get from sharing Healthy Chocolate part time has made a big difference for us. Living in an economically depressed area, there isn't always the safety of that steady job. It's good to be in control of at least part of your income, knowing that you can get back rewards for as much effort as you are willing to put in.
Posted by: Xocolate | September 30, 2008 at 05:44 PM
I always thought and now even more believe that your ability to earn is much more important than how much money yo have.
Since I quit corporate world and became self-employed four years ago, I discovered so many different and enjoyable ways to earn.
I have 401(k), I have IRA, but I never think about them.
As long as I have my mind and my hands, I know, I can earn and that is a very comforting thought, especially now.
Being a flexible, open-minded earner, is something I wish I could teach others.
Posted by: irina: mylifeandart.typepad.com | September 30, 2008 at 06:28 PM
What if you lose your minimum wage job?
THEN what is your greatest financial asset?
Posted by: | September 30, 2008 at 10:24 PM
I would add that a basic understanding of personal finance might be more important than your ability to earn. Without those basic principles, you might still have a job but could be spending yourself into a bigger hole!
Posted by: BobL | October 01, 2008 at 08:17 AM
OK, Poor Dad!
j/k, I agree with you.
Posted by: mrm | October 01, 2008 at 08:53 AM
my greatest financial asset is my dog, because he loves me no matter how much my investments have sank. my wife on the other hand...that's a different story. j/k and don't tell her i wrote this. ;o)
Posted by: Tim | October 01, 2008 at 08:57 AM
When you are young your biggest asset is your earning POTENTIAL and future potential in general. At the end of your career then money and things saved is your biggest asset. Poor health is generally a big liability.
-Big C.
Posted by: Big Cheese | October 01, 2008 at 10:25 AM
That sounds alarming. I have no money and no things and my health is poor.
The only thing I can say is, if you're (relatively) young, start preparing now.
Posted by: Little Cheese | October 01, 2008 at 11:59 PM
Your good health is the best financial "asset." A close second is access to health insurance. Without good health a job is meaningless.
Posted by: aaktx | October 02, 2008 at 07:12 AM