Setting aside funds for emergencies can help you weather financial storms from "summary" of Building Wealth in the Stock Market by Colin Nicholson
One of the fundamental principles of financial planning is the importance of setting aside funds for unforeseen emergencies. Life is full of uncertainties, and it is prudent to be prepared for any unexpected financial challenges that may arise. By having a safety net in place, you can protect yourself from the impact of unexpected expenses or income disruptions. Emergencies can come in many forms – from medical emergencies to car repairs to job loss. Without a financial cushion to fall back on, you may find yourself in a difficult situation, forced to borrow money or dip into your savings meant for other goals. This can set you back significantly and hinder your progress towards building wealth in the stock market. Having an emergency fund allows you to weather financial storms without derailing your long-term financial goals. It provides a sense of security and peace of min...
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