How Much Should REALLY Be In Our Emergency Fund?

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[Jaylee]

Wife and I paid off our home yesterday and I can’t put into words the feeling right now!

[moneybee]

"The more money you have, the less true emergencies you have." Love that Dave quote, it really shows that money can act as a tool, and having the right tools can prevent you from getting into bad situations.

[darinherrick]

I've left jobs and when I bumped into old co-workers on the street they bear hugged me and exclaimed! I'm so happy you escaped that awful place!!!!

[girliedog]

Our emergency fund is enough to live on for one year within our usual budget. I also started an upkeep fund & a future car fund.

[lonerista]

This is actually an interesting topic.
I am now restarting from zero and my salary has halved but I am going to make efforts even if it's 20$ a month in. Better than nothing 💪

[ultrahighgain]

Emergencies always occur in threes…or more. It’s never the hot water heater broke, the timing belt went, or the refrigerator quit…it’s typically all three within two weeks.

[apoloestrada]

Between $20K-$100K will be enough for emergency funds as long as not spending those on any kind of entertainment or vacationing in other countries.

[DandyFinance]

Second part was the best, need to get into the mindset that every dollar you have needs to have it's own purpose.

[SammyIglesias]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274, 800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[Je.rone_]

This is a good question, great question really

[JudePi-jxyo]

1:90 is great point. I haven't ever used an emergency fund. A $2k cost is just absorbed in the monthly budget

[jessicalmcdaniel]

The savings account being a put and take account is MY LIFE RIGHT NOW

[Lantanana]

Dave, you just taught me a distinction I did not have yet. I have listened to you off and on for years, and never quite made that distinction in my head, about the difference between special spending and emergencies. I am going to make a change right now on how I categorize and spend my money. That helps a LOT. I am not naturally good with money and I have to mentally work on it all the time.

[ashedwards]

I love what he said about always giving 1, 000 percent.

[SIP]

I really feel like 2021 is demanding bigger emergency funds. 🤕

[TNTN]

I'm paranoid so I feel there's never enough

[joshuatree]

Good question by the caller, and good explanation. “Retirement” is just an option. Put your money to work, even the savings.

[polardogXII]

I don't know how I just found this show but I love it already!

[zorasaphire]

Dave is so right! Having a mission for your finances essential. I don't think I'll ever have it correct but I like to choose one main task to save for and Chase that until it's done!

[officecrazy]

I love this stuff. Be aware. Have a plan. Have a purpose. It's not about wealth but about being able to decide. Thanks Dave!!!