I Drained My Emergency Fund - What Do I Do Now?
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 17 June 2024
⏱️ 25 minutes
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| 0:00.0 | Oh no, I drain my emergency fund. What do I do now? |
| 0:04.0 | Brian, I am excited because life happens and we get to speak to these kinds of things |
| 0:16.0 | we get to answer questions that you guys care about so right now if you have a question you want us to weigh in on, you want to get our take on it, |
| 0:23.7 | get in the chat right now, leave your question, the team is out in the wings, |
| 0:28.3 | collecting those questions. |
| 0:29.9 | With that, producer Ribi, I going to throw it over to you. |
| 0:33.0 | Yeah, we've got a good question to start us off from Ninjo. |
| 0:36.2 | Ninjo. |
| 0:37.2 | It says, I have had to tap into my emergency fund. |
| 0:41.7 | I still have roughly one and a half months of expenses still in savings. |
| 0:46.7 | So my question is, do I pause my investing to save back up or do I just not invest as much? I thought this was a great question and a great |
| 0:57.8 | financial order of operations question. So what do you have to say to him? |
| 1:00.5 | Well here's what I like, Ninjo, you had an emergency fund. So first, let's start there and say, |
| 1:06.2 | kudos to you for having funds available when something happened. Now, you did not say what caused you to drain your emergency |
| 1:13.8 | but I'm going to go on a limb and assume it was an emergency. |
| 1:17.1 | That's awesome. That's awesome that's there. |
| 1:19.0 | Well now in the spot that you sit you have one and a half |
| 1:22.3 | months of expenses currently |
| 1:23.5 | sitting your emergency fund here's what makes me nervous what happens if another |
| 1:29.4 | emergency happens what happens if there's another unknown unknown that comes your way. I worry I'm |
| 1:36.7 | concerned that you may be a little too lean so when I think about my personal |
| 1:41.8 | financial situation and I would encourage when you think about my personal financial situation and I would encourage when you |
... |
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