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The Personal Finance Podcast

Emergency Funds: The Ultimate Guide to Saving Money

The Personal Finance Podcast

Andrew Giancola

Business, Investing, Entrepreneurship

4.71.4K Ratings

🗓️ 27 May 2020

⏱️ 35 minutes

🧾️ Download transcript

Summary

Got questions? Ask me on Instagram Here. @mastermoneyco This is the fastest way to get a response from me.  Episode 3: Emergency Funds: The Ultimate Guide to Saving Money  In this episode we cover:  The 7 Steps to an Emergency Fund  What your emergency fund is used for  How much money do you need to save for an emergency fund Where to park your emergency fund  Why those who are Financially Independent or Retired Early may not need an emergency fund. Resources in this episode:  M1 Finance ROTH IRA or Brokerage Personal Capital Free Budget App YNAB Paid Budget App  Capital One 360 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

On this episode of the Personal Finance Podcast,

0:03.0

we're going to talk about how you can stack some cash for your emergency fund

0:06.5

and how you can still drink Fiji water, even when you lose your job. What is up everybody and welcome to the personal finance podcast? I'm your host Andrew

0:32.2

founder of Dollar After Dollar.com and today

0:36.3

we're going to give you the ultimate guide to saving for your emergency fund because

0:40.9

the emergency fund is one of the most important things that you can do

0:44.7

financially to protect yourself. The reason being is that life's going to happen and

0:49.9

it's not a matter of if you're going to need your emergency fund but it is a matter of when you're going to need your emergency fund.

0:56.0

And when everything hits the fan you're going to need to be ready financially because having this cash cushion is not about restriction,

1:03.2

it's about having freedom and peace of mind.

1:06.2

And you just want to remove that burden from your brain

1:08.7

to be able to make good decisions financially,

1:12.2

no matter of circumstances. you can prepare for any

1:15.0

storm that's ahead of you and what a lot of people do is they lie to themselves and say

1:19.3

that they're going to have the funds ready if something comes up, but they don't actively pursue saving

1:25.0

up cash to be able to save for those storms that are ahead.

1:28.2

But if you put a bulletproof emergency fund together, the emergency fund will allow you to take on any headwind that comes your way.

1:35.0

Lose your job, no big deal.

1:37.0

You have the cash to keep you afloat until you find another one.

1:39.0

If your car engine fries on the highway,

1:41.0

you'll have cash to pay right away the mechanic.

1:44.0

If your water heater goes out, you're going to have a new one the next day, because you're going to

...

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