In my work, I often deal with people who are on the edge of losing everything. This is why maintaining an emergency fund is so important. Most folks don’t realize it, but they are about six weeks away from objective poverty. I’m not saying that to scare anyone, but I see it all the time. Someone loses their employment, starts using credit cards to pay for necessities, misses a couple of rent or mortgage payments, then things get scary real fast. Honestly, I have grown kinda calloused to the whole thing. Because I have seen that scenario play out over and over again. When I tell people to save up 6 months of living expenses, I get rebuked or people want to reason why my thinking is archaic. Meanwhile, I see dozens of people going homeless each month… many of whom previously had the means to create an emergency fund. I see people here on Blossom with differing ideas. Like using credit during an emergency so they don’t have to withdraw from their investment portfolio. Or putting their emergency funds into an ETF or some other vehicle which may take a week before you can liquidate it. Caveat Emptor… or in this case, let the investor beware. Maybe I’m just a crusty cat with old ideas… or maybe people have to learn the hard way. Regardless, make sure you have some money put aside for an emergency and make sure those funds can be accessed immediately. =^.^=
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12 Comments
Mike L@noviceadvisor · 2d
Do you keep yours in the litter box? I keep mine under the mattress
CoderDonna @coderdonna · 2dEdited
I have about 2-3+ years in an emergency fund! Plus if the car suddenly dies completely. Also super paranoid about becoming a bag lady. I know I'm ridiculous. I've heard that cat employment is very difficult right now. But on the farm, we're always looking for a good mouser!
DarkOctober @darkoctober · 2d
It's a great reminder. I've been very focused on investing and neglecting my emergency fund. I need to get back on track with that. I've had to deplete mine to replace laundry machines.
Martin Blair@prospernow · 2d
An important reminder. Great topic. I need and will build a better emergency fund which is readily available. Cheers
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