RHYS MARTELL  |  financial advisor

Do I Need an Emergency Fund?

Should you have an emergency fund? Yes. I recommend a solid year’s worth of expenses set aside in cash. And I give that advice to everyone, no matter how wealthy they are.

I understand that may take a while to build up to. And maybe some debts need to be paid off first, but you should make it a goal.

Here’s why. Let’s use COVID as an example.

When Covid hit, almost no one saw it coming. And the world went into panic mode. In a heartbeat, everything was at risk.

But those who had a stack of cash had three really important things:

  1. The ability to take a hit to their income

  2. The ability to work less if they wanted to or needed to

  3. The ability to invest at some of the most delicious prices we’ve seen in over a decade

Yes, you could’ve used a line of credit. But not without adding a bunch of risk to an already risky situation. Remember, a line of credit isn’t your money. It’s someone else's. And they control it. Not you.

The key point is that the sun doesn’t always shine. Sometimes it gets dark. Very dark. It’s wise to be ready.


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