1842: [Part 1] Why Create an Emergency Fund by Scott Rieckens of Playing With Fire on Easing Your Financial Stress

Optimal Finance Daily - Financial Independence and Money Advice

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Investing, Self-improvement, Education, Business

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🗓️ 26 March 2022

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Scott Rieckens of Playing With Fire talks about the value of creating an emergency fund. This is part 1 of 2. Episode 1842: [Part 1] Why Create an Emergency Fund by Scott Rieckens of Playing With Fire on Easing Your Financial Stress A successful entrepreneur living in Southern California, Scott Rieckens had built a “dream life”: a happy marriage, a two-year-old daughter, a membership to a boat club, and a BMW in the driveway. But underneath the surface, Scott was creatively stifled, depressed, and overworked trying to help pay for his family’s beach-town lifestyle. Then one day, Scott listened to a podcast interview that changed his life. Five months later, he had quit his job, convinced his family to leave their home, and cut their expenses in half. Follow Scott and his family as they devote everything to FIRE (Financial Independence Retire Early), a subculture obsessed with maximizing wealth and happiness. Filled with inspiring case studies and powerful advice, Playing with FIRE is one family’s journey to acquire the one thing money can’t buy: a simpler — and happier — life. The original post is located here: https://www.playingwithfire.co/blog/why-create-an-emergency-fund Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily Episode 1842, why create an emergency fund?
0:06.4	Part 1 by Chris Rickens of Playing with Fire.co
0:10.8	And I'm your host and personal finance enthusiast, Diana Mariam.
0:15.2	I have a bit of a longer post today.
0:17.7	I'll read the first half today and then finish the rest for you tomorrow.
0:22.0	So let's dive into the first half and start optimizing your life.
0:30.0	Why create an emergency fund?
0:32.2	Part 1 by Scott Rickens of Playing with Fire.co
0:37.6	I'll never forget the day my Jeep Wrangler broke down on the side of a six lane highway on my way to work.
0:45.0	I had enough momentum to get myself over to the shoulder.
0:49.2	Luckily, we had triple A so the toe was covered, but the fix on the Jeep was going to be around $2,000.
0:57.0	I needed the vehicle to get to work to pay for the fix.
1:00.8	We had the money, but it was just going to drain our account down further than we felt comfortable,
1:06.1	and we considered putting the expense on a credit card.
1:09.6	This was an emergency.
1:12.4	Life is a crazy ride, and you never quite know what the future will hold.
1:17.7	That's why it's important to create an emergency fund,
1:21.2	so that you're prepared for unknown future events that won't derail your pass
1:26.0	to financial independence.
1:28.0	The best way to create an emergency fund is to open a high interest savings account
1:33.2	that's dedicated to that purpose only.
1:36.0	That way, you have some money kept aside for whenever you need it in an emergency.
	...

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