Build an emergency fund from "summary" of The Dumb Things Smart People Do with Their Money by Jill Schlesinger
Having an emergency fund is like having a safety net that can catch you when unexpected expenses or financial setbacks come your way. It's a crucial component of any financial plan because life is full of surprises - some good, some not so good. Think of your emergency fund as a cushion that can help you weather the storm when things go awry. Whether it's a sudden medical expense, a car repair, or a job loss, having a stash of cash set aside can provide you with peace of mind and financial security in times of need. Financial experts recommend having three to six months' worth of living expenses saved up in your emergency fund. This may seem like a daunting task, but it's important to start small and work your way up. Set a realistic goal for yourself and commit to putting aside a portion of your income each month until you reach your target. Remember, emergencies don't wait for the perfect moment to strike - they can happen at any time. By building up your emergency fund, you're preparing yourself for the unexpected and taking control of your financial future. It's a simple yet powerful way to protect yourself and your loved ones from financial hardship. So, start saving today and make your emergency fund a priority. You'll thank yourself when the unexpected happens, and you have the peace of mind knowing that you're financially prepared for whatever life throws your way.
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