Paula is definitely right! If you are privileged enough to be able to establish an emergency fund while in an emergency, I suggest you do so. The economy will continue to struggle for the unforeseeable future. Good luck folks! God bless.
Kinda off subject but, got an email (subscribe to your blog and Your First Rental Prop.) other day about you having been sick. Very glad that you are feeling better! Hope things keep going great for you, always appreciate your insights and advice. Great stuff.
Building an emergency fund during an emergency is an oxymoron. The emergency fund should already be there before the emergency. The vast majority of Americans live paycheck to paycheck, don't have an emergency fund, have lots of debt, and do not have the capability to build an emergency fund during an emergency. Even members of your audience will have a hard time doing so, especially if they're part of the FIRE movement or gig economy, because their income has dried up. But I suppose there is a small group of people who might be able to do so if they're still receiving an income with enough cushion, along with cost cutting, to divert toward an emergency fund, in which case your advice is sound. If nothing else, this pandemic should be a wake-up call for people to be better prepared for the unexpected and not to be complacent.
We nurses are still working & receiving A steady Paycheck, despite the tough work environment; but I do Agree with your great points. Wishing this Pandemic would come to an End soon & we As society wake Up & strive to live within our means!!! Goodluck to All
Paula is definitely right! If you are privileged enough to be able to establish an emergency fund while in an emergency, I suggest you do so. The economy will continue to struggle for the unforeseeable future. Good luck folks! God bless.
Thank you Paula good advices.
Kinda off subject but, got an email (subscribe to your blog and Your First Rental Prop.) other day about you having been sick. Very glad that you are feeling better! Hope things keep going great for you, always appreciate your insights and advice. Great stuff.
This is good advice. I know MMM and BIG ERN advise zero emergency fund
Building an emergency fund during an emergency is an oxymoron. The emergency fund should already be there before the emergency. The vast majority of Americans live paycheck to paycheck, don't have an emergency fund, have lots of debt, and do not have the capability to build an emergency fund during an emergency. Even members of your audience will have a hard time doing so, especially if they're part of the FIRE movement or gig economy, because their income has dried up. But I suppose there is a small group of people who might be able to do so if they're still receiving an income with enough cushion, along with cost cutting, to divert toward an emergency fund, in which case your advice is sound. If nothing else, this pandemic should be a wake-up call for people to be better prepared for the unexpected and not to be complacent.
I agree with you wholeheartedly!
We nurses are still working & receiving A steady Paycheck, despite the tough work environment; but I do Agree with your great points. Wishing this Pandemic would come to an End soon & we As society wake Up & strive to live within our means!!! Goodluck to All