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#19: The Finance Flash Go Podcast | Important Topics About Money | Your Emergency Fund
This episode of the Finance Flash Go! podcast will talk about your emergency fund AKA the most important fund you have.
One of the first things that you need to do with the at least 20% of your income that you are saving is to establish an emergency fund. This is done before you start investing your money. Your emergency fund is a stash of money that represents 3-6 months of your average expenses. This fund is kept in a safe place, like a high yield savings account, so that it can be accessed and used easily when it is needed, in an emergency. This emergency fund will keep you from needing to take out more debt or extend credit for things like car repairs, a broken furnace, or a pandemic that results in decreased income for an extended time period.
So, this really becomes one of, if not the, top financial priority for you. The only time I would contribute savings elsewhere such as debt paydown or investing before beginning to establish your emergency fund is if you have outstanding high interest consumer debt. This is an emergency already!
For example, my initial budget called for ~$3000 a month to establishing our emergency fund. However, this was altered to but at least half of that towards our consumer debt until it was gone.
Having an emergency fund is like a life preserver for the crazy things that no one can predict. Too many physicians found this out the hard way with COVID. Make an emergency fund a priority.
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to [email protected], and please be sure to check out Jordan Frey’s blog prudentplasticsurgeon.com where he gives great financial advice.
A brief disclaimer While we are providing knowledge and awareness around financial topics in this show, we are not held responsible for any financial decisions you choose to make in response to the podcast. We hope to provide accurate information in regards to money and different methods of wealth creation, but it is always the learner’s responsibility to due their due diligence before making important financial decisions.
We hope you enjoy the show and thanks for tuning in, and if you like the podcast please subscribe, share, and leave us a review on the podcasting platform of your choice!
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By Taylor Brana
5
55 ratings
This episode of the Finance Flash Go! podcast will talk about your emergency fund AKA the most important fund you have.
One of the first things that you need to do with the at least 20% of your income that you are saving is to establish an emergency fund. This is done before you start investing your money. Your emergency fund is a stash of money that represents 3-6 months of your average expenses. This fund is kept in a safe place, like a high yield savings account, so that it can be accessed and used easily when it is needed, in an emergency. This emergency fund will keep you from needing to take out more debt or extend credit for things like car repairs, a broken furnace, or a pandemic that results in decreased income for an extended time period.
So, this really becomes one of, if not the, top financial priority for you. The only time I would contribute savings elsewhere such as debt paydown or investing before beginning to establish your emergency fund is if you have outstanding high interest consumer debt. This is an emergency already!
For example, my initial budget called for ~$3000 a month to establishing our emergency fund. However, this was altered to but at least half of that towards our consumer debt until it was gone.
Having an emergency fund is like a life preserver for the crazy things that no one can predict. Too many physicians found this out the hard way with COVID. Make an emergency fund a priority.
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to [email protected], and please be sure to check out Jordan Frey’s blog prudentplasticsurgeon.com where he gives great financial advice.
A brief disclaimer While we are providing knowledge and awareness around financial topics in this show, we are not held responsible for any financial decisions you choose to make in response to the podcast. We hope to provide accurate information in regards to money and different methods of wealth creation, but it is always the learner’s responsibility to due their due diligence before making important financial decisions.
We hope you enjoy the show and thanks for tuning in, and if you like the podcast please subscribe, share, and leave us a review on the podcasting platform of your choice!