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Create an emergency fund from "summary" of The Smartest Investment Book You'll Ever Read by Daniel R. Solin
An emergency fund is like a financial safety net that you can rely on when unexpected expenses or emergencies arise. It provides a cushion for any unexpected financial setbacks, such as medical bills, car repairs, or job loss. Having an emergency fund in place can help you avoid accumulating debt or having to dip into your long-term investments when faced with unforeseen circumstances. The recommended amount for an emergency fund is typically three to six months' worth of living expenses. This amount can vary depending on your personal situation, such as your job stability, health, and family responsibilities. It's essential to calculate your monthly expenses accurately to determine how much you need to set aside for your emergency fund. To build your emergency fund, start by setting a realistic savings goal and creating a budget to track your expenses....
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