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Emergency Savings.. Where’s yours?? | IncomeMark - Welcome

Emergency Savings.. Where’s yours??

Okay, we have a shocking statistic that nearly 50% of American have little to no emergency fund.  What’s up with that?  Everyone, and I mean EVERYONE needs an 8 month emergency fund.  No question about it.  This is to hold you over if you get fired/laid off, medical emergency, crisis, etc.  People, you NEED TO SET ONE UP NOW!!!

Now, I know, savings..  It’s boring…  I’d (you’d) rather go out for a nice meal, watch a PPV movie, go to a movie, whatever.  But, think for a second.. The money you are spending on this needless stuff will not help you out when you are in a financial or medical jam.  I cannot stress enough how my emergency fund has helped not only me, but I was able to help a family member (who didn’t have one) out in their time of need.  They’ve since learned how important it is to have an emergency fund.

So, the big question is… How do you set one up..

Believe it or not, it’s not that hard to do.  What I do is have money from my checking account automatically pulled on a monthly basis out of my checking account with Fidelity and deposited in to my “High Yield” savings account with Discover.  At first, I started with $100.00 a month automatic pull.  As I was able to earn more, I’ve increased it steadily over the years.  I just let it pile up and grow.  After you have 8 months of your expenses fully covered, then you can move the excess into investments in a brokerage account with Fidelity, Vanguard, Scottrade, Charlie Schwab, etc.

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