How Much Cash Should You Keep On Hand?

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Business, Investing

4.7 • 3.1K Ratings

🗓️ 28 April 2023

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

How much cash should you have in savings, and where does saving extra cash fall in the Financial Order of Operations? We'll walk you through that question and more in today's Q&A episode! Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Yeah, we're going to kick it off with a question from Luke.
0:10.7	He says, I'm 29 and on step seven of the financial order of operations.
0:14.9	Congratulations.
0:15.9	Right, yeah.
0:16.9	Shout out to Luke.
0:17.9	Do the rules about saving cash change once you hit the 25% savings rate that we talk
0:24.6	about?
0:25.6	I've been investing the extra amounts, but I'm wondering if I should have extra cash
0:29.7	on hand in case the quote unquote tide goes out.
0:33.8	So how should you think about this?
0:35.4	So he's asking the power money question.
0:37.0	Mm-hmm.
0:38.0	Right?
0:39.0	Okay.
0:40.0	I'm doing what's supposed to be doing.
0:41.0	I follow the financial order of operations.
0:42.0	If you've never heard of that, go to moneyguide.com slash resource.
0:45.5	I have a free, you know, hold it up.
0:46.8	We have a free deliverable, yeah.
0:47.8	I'm sorry.
0:48.8	We have a free deliverable, we can go check out the nine tried and true steps.
0:53.4	And he's saying, hey, I'm on step seven.
	...

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