Why You Should Not Save for an Emergency....

#shorts
Saving for an emergency fund is a huge waste of your money 🙃

Now I know this goes against the traditional way of thinking that you see from gurus like @daveramsey, but I think this is an outdated concept that hurts people more than it helps them.

Having 3-6 months of money sitting aside in cash in a savings account paying you 0% interest is a waste of your hard earned money. Personally I think a better idea is to invest your money and have it working for you! Investing your money in something that produces a solid rate of return like Airbnb or Blue Chip Stocks is a much better use of your money and now its being used to make you wealthy, not the bank….

You're Probably asking “What do I do if an Emergency happens and my money is all tied up in Investments?” Great Question. This is where using Good Debt can be a great part of your Financial Plan.

I recommend setting up a Low Interest Line of Credit that is strictly there in the case of an emergency. This allows you to have peace of mind knowing that you have access to cheap money if needed, but it doesn’t tie up your money in limbo.

Tell me what you think… Emergency fund or line of credit 👇🏻?

[stefanie]

I guess it depends what you call an emergency. If you have various accounts for say house and car repairs sure. But for most people opening up a line of credit in lieu of a savings is risky.

[sika]

I will save the emergency fund. Your advice is for people that already have money. 50k credit okay sir.