How Much Should Be In My Emergency Fund

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 25 November 2023

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today's episode features Dave Ramsey & Jade Warshaw. The Ramsey Show Highlights is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Dr. John Delony, George Kamel & Jade Warshaw. Part of the Ramsey Network. Delivered to you seven days a week. 💸 Budget for free with EveryDollar: Click Here Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today.
0:06.3	Kyle is in Nashville. Hi, Kyle. Welcome to the Ramsey Show.
0:10.7	Hey, David. It's an honor to talk to you. You too, man. What's up?
0:14.7	So I have two questions today. One is a little bit more straightforward. The other one, probably a little bit more complex. So the short one is
0:23.6	some 29. I have a seventh month old baby and I have another baby coming in May. Yay!
0:30.0	Which is very exciting, yes. But with that, I'm struggling to figure out, given that, and also being
0:37.4	an entrepreneur, like should I like I feel like I should
0:40.3	I have more than six months emergency fund saved so I'm trying to figure out what's the right
0:44.6	number there and I'm kind of feeling like no matter where I get it to I feel like it's not
0:48.5	enough so I'm curious why what event in your mind could occur or would occur that would require more than six months of your expenses to be covered?
1:02.6	You know, as an entrepreneur, I feel like I'm always thinking worst case scenarios.
1:06.4	I'm like if there's a big recession or who knows if all of our business goes away.
1:10.1	What is the likelihood you're going to go six months with zero income?
1:15.1	Probably pretty unlikely.
1:16.6	Yeah.
1:17.6	Like because as an entrepreneur, you would like get a job.
1:22.0	True.
1:22.6	Before that happened, right?
1:24.7	Yes, sir.
1:25.9	Or you close that business, start another one.
1:28.1	I don't know.
1:29.1	But I've been an entrepreneur in my whole life.
	...

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