How to Achieve Financial Independence During the Obama Administration Years

Now that we have a presidential administration that is presumably more friendly to middle-class and small business needs, it will be easier to blaze a path to financial recovery-especially if you are in debt now, or face costly health care expenses and high-interest credit card payments.

Don't wait for the Obama administration to enact laws reigning in predatory lenders or forcing credit card companies to be more honest with you.

Pay down absolutely as much as you can on your credit cards each month-beginning with those cards and accounts that have the highest interest rate. Call your credit card issuer and ask if they can give you a lower rate (politely threaten to close your account; this often does some good.)

Also, look into setting up a new checking or savings account specifically as a "rainy day fun"-place a few hundred dollars into this account each month, and never withdraw money from it. You would be surprised how quickly this can turn into a nice $3,000 or $4,000 reserve fund for family emergencies or unexpected medical expenses.

Take on new part-time work to boost your income. Also look into work as an independent contractor that you can do in your spare time; become a tutor at your school or university (you can generally command $20 per hour or more) and apply for any fellowships or scholarships your school offers if you are currently enrolled somewhere. Fellowships are often given as cash prizes that can be used in any way you want!

Even if you have been hesitant to save coupons in the past, do so now. Money is money. I recently received a coupon in the mail that offered 10% off any flat-screen television at a particular electronics chain: I decided to save it since I am in the market for a new TV.

Also, ask your tax advisor or accountant about upcoming breaks for working class and middle-class Americans. You should be proactive about your finances; if you don't try to save your money, who will?

Reconsider where you bank as well. If your bank is frequently charging you costly ATM transaction fees, monthly maintenance fees, or is simply not providing a competitive interest rate-take your business elsewhere!

The same goes for the investment or brokerage house you use right now for investing in the stock market. Why settle for high brokerage fees when many online-only services cost about $9 per market order, with many companies offering special bonuses and free trades for new customers.