Financial Success Blueprint pt6 - 9 Reasons You Need an Emergency Fund. E131: Talking Money in the Morning LIVE!
Most people know and understand the need to have an emergency fund but according to USA Today 70% of Americans have less than $1,000 put to the side for a rainy day. Knowing what to do and actually doing it are two completely different things. As we continue our Financial Success Blueprint series we wouldn't be doing our job if we didn't do our best to hammer home this point. Check out the video replay of the show below for complete commentary on the importance of a emergency fund. You can read the quick list of the 9 reasons you need an emergency fund here as well.
1. You lose your job - I'm not wishing this on anyone but are you prepared for the next 6-12 months if it should happen to you?
2. Large bills that you forgot about - Property tax bills are easily forgotten about if you don't pay them right away then all of a sudden you need a large lump sum of money. Could you handle that?
3. Suddenly become pregnant - I know you don't just don't suddenly become pregnant but if it happens when your not consciously planning for a new addition would you be prepared?
4. Illness or disability - What if you war in an accident that kept you out of work for 6 months or an illness caused you to be bedridden for a year. Would you survive?
5. Car breaks down - I've had this experience a few times, one if which was at a time where between my wife and I we only had one car. Not only could I not get to work but neither could she. If your car breaks down is that an inconvenience for you or is it an emergency.
6. Your hours at work get cut - All of that overtime that you've been doing for the last 12 months suddenly goes away, but the bills you acquired during this time of plenty don't. Are you prepared to handle that.
7. Emergency care for a child - Kid all of a sudden needs emergency medical attention that your insurance won't cover. What do you do?
8. Marriage ends - now I don't wish this on my worst enemy but if it happens would you be able to maintain for 8-12 months?
9. Identity gets stolen - What happens if you're identity get's stolen would you be able to survive while getting things sorted out?
These may seem like some odd scenarios but when you're not prepared just about anything can become an emergency. Check out today's show replay and leave us a comment and let us know what you think.
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E131: Talking Money in the Morning LIVE! Personal Financial Success Blueprint pt 6
9 Reasons you need an emergency fund.
Daily Proverb Sponsored by: Solid Foundation Athletic Academy
Daily Book Excerpt: Today's excerpt came from: Overcoming Time Poverty by: Bill Quain, Ph.D
Daily Book Excerpt Sponsor: Best Services Unlimited LLC
This months book list: My personal goal is to read 5 books per month.
See the books on the list for the month so far. Your purchase of these books through my affiliate link earns me a small commission which helps in the production of the show so by investing in yourself you're investing in me too.
1. Overcoming Time Poverty - Bill Quain, Ph.D
2. The 21 Day Financial Fast - Michelle Singletary
3. Are You Fired Up? - Anne Whiting
4. Think and Grow Rich, A Black Choice - Dr Dennis Kimbro
5. Help us choose our 5th book. Leave us a comment with your suggestions
This Months Book List is sponsored by: Best Services Unlimited LLC
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