Build a financial safety net from "summary" of The Psychology of Money - Gujarati Edition by મોર્ગન હાઉઝેલ
Building a financial safety net is like creating a cushion for the uncertainties of life. It is a crucial step in securing your financial future. The idea is to have enough savings set aside to cover unexpected expenses or emergencies without having to rely on high-interest loans or credit cards. Having a financial safety net can provide a sense of security and peace of mind. It can help you weather financial storms such as job loss, medical emergencies, or unexpected home repairs. By having savings in place, you can avoid falling into debt or being caught off guard by sudden expenses. To build a financial safety net, start by setting aside a portion of your income each month for savings. Aim to gradually build up your emergency fund to cover at least three to six months' worth of living expenses. This amount can vary depending on your personal circumstances and financial goals. Consider opening a separate savings account specifical...
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