With surging inflation, rising interest rates, and no end in sight, the need for an emergency fund is more important than ever. In this episode, I’m breaking down what an emergency fund is (and isn’t!) and how you can use one to insulate yourself from rising expenses.
Listen in as I share what the difference is between an emergency fund and an opportunity fund, why having an emergency fund is so important, and what you should (and shouldn’t) be using it for. I also discuss how rising interest rates will negatively affect the assets that you own, and how much you should have put away in an emergency fund should you ever need to dip into it.
Listen to the Full Episode:
What You’ll Learn In Today’s Episode:
- How rising interest rates will affect the assets that you own.
- Why an emergency fund is so important.
- The first thing you should do to insulate yourself from an emergency expense.
- What an emergency fund should not be used for.
- How much you should have in an emergency fund.
Ideas Worth Sharing:
“You can’t help anyone else unless you can help yourself.” – Jonathan Bednar
“An emergency fund is for those catastrophic events that happen.” – Jonathan Bednar
“It is for true emergencies, not lack of planning.” – Jonathan Bednar
Resources In Today’s Episode:
- Jonathan Bednar: Email | Twitter | LinkedIn
- What The Wealth?! by Jonathan Bednar
- 56% of Americans can’t cover a $1,000 emergency expense with savings
- Dave Ramsey’s 7 Baby Steps
- Simple Wealth, Inevitable Wealth: How You and Your Financial Advisor Can Grow Your Fortune in Stock Mutual Funds by Nick Murray
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