Save for emergencies from "summary" of The Automatic Millionaire Workbook by David Bach
One of the most important financial principles to follow is the idea of setting aside money for unexpected events that may arise - emergencies. This concept is crucial because life is full of surprises, and having a financial safety net in place can provide peace of mind and security. By saving for emergencies, you are preparing yourself for the unexpected expenses that can come up at any time. Whether it's a sudden car repair, a medical bill, or a home repair, having savings set aside specifically for emergencies can help you weather these situations without having to go into debt. It's recommended to have at least three to six months' worth of living expenses saved up in an emergency fund. This may seem like a lot, but by consistently setting aside a portion of your income each month...
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