Welcome to another valuable episode of the Building Your Money Machine Show! In today’s episode, I’m diving into a critical topic that I’ve been passionate about for over a decade, but that many still overlook—the importance of having a sufficiently sized emergency fund.
In this episode, I reveal why you should aim for a 9 to 18 months emergency fund. Through my personal experiences and professional insights, I'll show you how to protect your wealth effectively and what could happen if you don’t have this vital safety net in place.
We’ll explore the best places to keep your emergency fund for maximum security and liquidity, such as high yield savings accounts and money market accounts. Plus, I’ll address common misconceptions and why a three to six months fund is just not enough in today's volatile economic environment.
I’ll provide a practical guide on how to start building your emergency fund, from calculating your essential monthly expenses to automating your savings and reassessing your needs regularly.
IN TODAY’S EPISODE, I DISCUSS:
- Why aiming for a 9 to 18 months emergency fund is crucial for financial security.
- Defining what an emergency fund is and what it’s not.
- The best places to keep your emergency fund safe and liquid.
- Common misconceptions about emergency funds.
- Practical steps to start building your emergency fund now.
RECOMMENDED EPISODES FOR YOU
If you liked this episode, click here to enjoy these and more:
https://melabraham.com/show/
- Ten Tiny Habits That Build Real Wealth (REALISTIC)
- Why A Million Dollars Doesn't Make You Rich
- The F.U.N.D. Method For Building & Managing Your Emergency Fund
- Why Smart People Are Not Always Rich
- Why The F.I.R.E Movement Is A Pipe-dream
RECOMMENDED VIDEOS FOR YOU
If you liked this video, you'll love these ones:
- Ten Tiny Habits That Build Real Wealth (REALISTIC): https://youtu.be/U2xunyOe-tg
- Why A Million Dollars Doesn't Make You Rich: https://youtu.be/S1Wn2n5jIo0
- The F.U.N.D. Method For Building & Managing Your Emergency Fund: https://youtu.be/oWFGkpLySag
- Why Smart People Are Not Always Rich: https://youtu.be/KknyOr-IU8A
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