1843: [Part 2] 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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🗓️ 27 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 2 of 2. Episode 1843: [Part 2] 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 1843, why create an emergency fund?
0:06.3	Part 2 by Scott Rickens of playing with Fire.co.
0:10.8	And I'm your host and personal finance enthusiast, Diana Merriam.
0:15.3	Now today's post is a continuation from yesterday.
0:18.7	So if you're new here, I'd recommend listening to yesterday's episode first.
0:23.6	But if you're all caught up, let's hear part 2 and continue optimizing your life.
0:30.9	Why create an emergency fund?
0:35.0	Part 2 by Scott Rickens of playing with Fire.co.
0:40.4	How to create and keep an emergency fund.
0:44.4	Starting an emergency fund couldn't be easier.
0:47.6	Simply follow the steps here and you'll already be on your way.
0:52.0	Choose a bank.
0:54.0	The first thing you'll need to do is choose an appropriate bank.
0:58.4	A savings account is always a good idea as you can earn a little bit of interest on your
1:03.1	savings over time. However, some people prefer to just open a regular account with a bank.
1:09.0	The choice is up to you. As long as you have something to separate your emergency fund
1:14.2	from the rest of your money, then that's good enough.
1:17.6	We use Ally Bank for our emergency fund.
1:20.8	While it's hard to find high interest savings accounts these days,
1:24.5	we've found them to be highly competitive and easy to use.
1:28.3	We've worked with them on our playing with Fire Movie Tour,
1:31.5	and the team at Ally stands out as some of our best partners through that experience.
	...

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