Build an emergency fund for unexpected expenses from "summary" of MONEY Master the Game by Tony Robbins
One of the key principles of financial security is being prepared for unexpected expenses that may arise. Life is full of uncertainties, and having a safety net in place can provide peace of mind and protection from financial stress in times of crisis. An emergency fund is like a financial cushion that can help you weather unexpected storms without having to rely on credit cards or loans. It is essentially a pool of money set aside specifically for emergencies, such as medical bills, car repairs, or job loss. By having this fund in place, you can avoid going into debt or depleting your savings when unexpected expenses arise. Experts recommend having at least three to six months' worth of living expenses saved in your emergency fund. This amount can vary depending on your individual circumstances and risk tolerance. The idea is t...
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