Clemens Testifies to Congress

On the pitcher’s mound all-star Roger Clemens is nearly unhittable. But when he denied his alleged steroid use this week on Capital Hill, Clemens got batted around.

The ex-New York Yankees hurler, and his former athletic trainer, Brian McNamee, presented contradictory testimony before a Congressional panel on Wednesday. Clemens insists that McNamee never injected him with steroids and human growth hormone and that anyone who ever heard him say otherwise “misremembered” the conversation. McNamee says Clemens took the drugs in question on 16 occasions in 1998, 2000 and 2001. “You’re one of my heroes, but it’s hard to believe you,” Elijah Cummings, a Maryland Democrat said to Clemens.

Despite the testimony, the committee was unable to come to any conclusions.  This leaves both men’s fate with the Department of Justice, which may pursue perjury charges. As Clemens and McNamee await justice, their lawyers keeping billing.  Litigation of any kind is bound to leave a dent in your wallet so setting up an emergency fund now is the best way to prepare for an unexpected lawsuit.  Many financial planners suggest setting aside three to six months worth of expenses or roughly 20 to 30 percent of your salary. The sooner you start saving for your emergency fund, the easier it is to reach the target amount.

Tim Maurer, the Director of Finance at the Financial Consulate, says money received from the federal government is a great place to start. “Take the tax return and allow it to become the buffer that begins an emergency fund,” says Maurer. “Also, this year you could take the stimulus package being handed out by the government and do something wise with it, save it.”