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Build an emergency fund for unexpected expenses from "summary" of Start Over, Finish Rich by David Bach
When it comes to managing your finances, one key concept you need to understand is the importance of setting money aside for unforeseen circumstances. Life has a way of throwing unexpected expenses our way, whether it's a medical emergency, a car repair, or a sudden job loss. Without a financial cushion in place, these surprises can quickly turn into financial disasters. That's why it's crucial to build an emergency fund to protect yourself from these unexpected expenses. An emergency fund is essentially a savings account specifically designated for emergencies. It's not money you dip into for your everyday expenses or wants—it's there to provide a safety net when you truly need it. Ideally, your emergency fund should cover at least three to six months' worth of living expenses. This may seem like a daunting goal, but the peace of mind i...
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