Each day this week I will be bringing one of the five areas of growth to get and learn from this situation. Today’s topic is the emergency fund….
I am by no means a financial expert. But I do know that all the ones worth their weight in salt will tell you that you need an emergency fund.
And for all those people that never saw the point in having one, now you can see it very clearly.
An emergency fund is for just that, emergencies!
There are tons of people out of work right now. If they had 3-6 months socked away, then there would be nothing to stress financially right now.
Yes, you read that right. You want to have 3 to 6 months of your average monthly living expenses saved away.
I know very few people do this because I know how people behave. So how does this help you right now?
Well, hopefully it gets you to wake up and begin one right away.
The next emergency will probably be different than this current situation but rest assured that it is coming. It might be you getting laid off, it might be your spouse getting laid off, it might just give you the freedom to pursue a dream career, but I do know 100% that you will need it at some point.
Figure out your monthly expenses and start by putting a few bucks in to build the momentum and then make it a regular part of your weekly credit.
Trust me and thank me later J.
Be unconventional – Kyle
1- The Fat Shredder is coming! Realistically it’ll probably start at some point in the backside of May and run until the 4th of July weekend. Here’s all you have to do for now: start thinking of your teammates. Each team will have at least a member, non-member and one woman (teams of 3). It’s gonna be epic and just what we all need at that time:)