Emergency funds in our personal finance are more than a necessity because it's an aspect of financial discipline that saves us from economic implosion. In this video I talked about investing, the prime errors we make in accessing the true nature of our primary and secondary reasons for spending plus how we put the future into perspective especially when we want to establish various intentions with a sole expenditure. This video is highly educative.
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👍🏻 An emergency fund in cash that will pay at least 2-3‘months of expenses just in case…that’s indeed a must before investing any money.
You're right, it might even excede 2-3 months depending on the financial power of a person to an extent. It's a must before anything because it serves as security.
Most people don't really recognize how useful an emergency fund is until they need it. At least, I have had a few times where it really came in helpful. Like when I needed to get a new computer to replace my broken one. Financial education is a must but I just don't see the current education system teaching it.
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The current system of education doesn't make it a priority at all. In the past few weeks my emergency fund has come through for me on different occasions, hence it's why I regard it as really important.
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Just like we have emergency funds
We also have emergency problem which can be called miscellaneous😂
Many people don't know how important they are. We don't plan for something urgent to happens but it's life it must surely happens
Thank you for sharing with us
Emergency funds are always there in time to take care of emergency needs and problem so this is majorly it's function. Planning for it means we'll save ourselves of the embarrassment and problems that can be brought by things we didn't budget for.
Yeah that's why i said it is very important
Thanks for coming through.
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Your welcome
Thank you for sharing this wonderful piece 👍
Have a lovely weekend
One of the most important things for whatever life throws at you. Many people will say well I could invest it and make 20% or whatever instead of 1% in a bank. But having the core fund is going to save you when you in troubling times from taking out credit card debt or loan debt that's far higher then that interest you maybe could of had.
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You're right, the main cash or core money could go a long way in saving a person. Financial discipline prevents people from unwarranted bankruptcy even from the we ones we never preparednl for
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omoh, this your new apartment makes sense oh! see the background it is really nice and I love the background music. I have a bad personal finance, and I have to work on it. I spend too much on gadgets that I may not need and are more than just want.
There is one thing I love about myself is the fact that I am able to save over half of the amount I earn. This is what saves me from spending anyhow.
Hahaha thanks man, yes the apartment is nice and I hope to create more video contents as well as more picture contents, but I've not been able to go out that much. As for personal finance, one thing is when we don't have money, we get the illusion that we're spending too much. I think when there is money, this illusion decrease.