How to Rebuild Your Emergency Fund

How to Rebuild Your Emergency Fund

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[DarylCrow]

Am I the only one blown away by never considering using the sleeve on the Starbucks cup to store the splash stick? Talk about game changer!

[vulpixelful]

I think I would temporarily lower the savings in the taxable brokerage, since I save there as a last priority

[michaelswami]

I am glad he asked this question because I have been interested in what you think about this.

[h]

This is never really an issue with how I do my finances. I kind of work backwards from most people. First I fund my 401k since it comes out of my check. Same with my bills since work takes rent and utilities out of my check. Then I spend what I want. When my checking has an extra 10 to 20k, I stick it in whichever place needs it to round out my portfolio. If my emergency fund needed it, it would go there. I realize this wouldn't work for most people. Most need strict budgets. Idk, I just don't want a lot and hate restrictions, so it works perfectly fine for me.

[danielpark]

Thanks! This was the same question I had. In my case I did end up selling brokerage assets to get from 1 to 2 months of emergency reserves, then pared down savings to get back to 3-months reserves quickly, and and now more gradually building back towards 6 months of emergency reserves

[JosephDickson]

I've rebuilt my emergency funds twice. Each time I reduced my contributions and caught up later in the year.

[Deanswain]

With everything that is happening, most of us are a paycheck away from being homeless, hope we are all prepared, get yourself an alternate source of income

[deesplash]

I have no legitimate reason to be watching this 🤷🏽‍♂️😂

[msheehandub]

I love you guys so much. Thanks for being finance heros!

[JohnJohn-ntmf]

Quick question...Does the Emergency Fund included in that 20%-25% savings rate?? or just purely investment/retirement??

[Mike-]

I'm sorry, but if you're maxing out a backdoor Roth, you did not hit an "emergency" (in a relative sense).

[stevenporter]

3:30
This is another divergence from what Ramsey says. He thinks all should stop until the emergency fund is fully funded again. Personally, I think most people can walk and chew gum at the same time.

[rockystaatz]

I think it’s about how long he’s been in that category. Then you know how to structure the next year or two

[h]

At age 31, how is he doing mega backdoor Roth? I thought you couldn't do that until 55.

[paulfriedman]

What’s your favorite flavor slurpee at 7-11?

[Zorlig]

Ride the low cash until the market recovers. Probably didn't have a real emergency

[AdamBitner]

Why did they, twice, mention using an emergency fund to buy a car? Is that really considered an emergency? 🤔

[rntt]

Dude is rich. Won't have any problems. What a non-question. Oh wait, that's what this channel is for in the first place....