I like to think of my emergency fund as my family personal bank. So when some things happen we can take a loan and there is no judgement or high interest ☺️
No judgment is a great idea! Another option is to separate these 2 concepts. An emergency fund is for emergencies. A personal bank is where you can take out loans when it's simply a personal preference but not an emergency. Then both funds get replenished on a regular basis. The funds can be kept in the same account or different accounts. Either way, the emergncy portion is only for emergencies. Best wishes on your financial journey.💯🎯
I’m here from Homestead Hearts channel because she was speaking about Emergency Funds & she recommended going to your channel. I sent this video to my 29 year old son because he really needs this information from someone else other than me. Thank you!
Homestead Heart spoke so highly of your channel I had to hop right over and check it out! She did a great talk about emergency funds and referenced you all many times. Keep up the great information!
Single, disabled, and entrepreneur. I will have to keep my emergency fund on the higher side. it might trigger disability thinking I have too much money and they might review my eligibility. I can't keep living below the poverty line and I need to keep savings for peace of mind.
You might want to consider talking to a CPA. There’s a different income limit if you’re an entrepreneur vs traditional W2 employee. You could operate your business off a 100% cash only basis and not deposit the profit but then that runs into the issue of technical tax evasion as well as having that much cash on hand is not safe.
For one I'm in Canada there are no W2s here, and two a CPA can not help me with the rules and regulation in the Ontario Disability Support Program policy. @@tatianabritton6258
Until you mentioned I was under the impression that you are talking about savings account. Could you please direct me somewhere or any other lead where I can understand the difference between savings and emergency fund ?
A savings account is a place you'd put some of your money, whereas an emergency fund is a concept of how much money you need to help you through financial emergencies. The funds for your emergency fund could be kept within a savings account, provided that account is easy to access quickly during an emergency
I am single and still on my debt free journey of a balance of 18,639.16 left, pd 19,531.84 since Apil 2020. Should I continue with just the $1,000 emergency fund or should I increase it due to our economic rise in groceries, gas, etc?
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I like to think of my emergency fund as my family personal bank. So when some things happen we can take a loan and there is no judgement or high interest ☺️
That's a fantastic perspective!
No judgment is a great idea!
Another option is to separate these 2 concepts. An emergency fund is for emergencies. A personal bank is where you can take out loans when it's simply a personal preference but not an emergency. Then both funds get replenished on a regular basis. The funds can be kept in the same account or different accounts. Either way, the emergncy portion is only for emergencies. Best wishes on your financial journey.💯🎯
I’m here from Homestead Hearts channel because she was speaking about Emergency Funds & she recommended going to your channel. I sent this video to my 29 year old son because he really needs this information from someone else other than me. Thank you!
I was referred to your channel by Homestead Heart. Very informed since most schools do not teach Finance in High Schools.
Awesome! Thank you!
I always find a way to save 20% of my income. The 3-6 months expenses is a good rule of thumb, but Insay never stop feeding your emergency fund.
It’s definitely important to continue contributing even once you hit your goal, otherwise the value will decrease due to inflation
Homestead Heart spoke so highly of your channel I had to hop right over and check it out! She did a great talk about emergency funds and referenced you all many times. Keep up the great information!
Mrs. Homestead Heart sent me over. She’s right, you’re channel is very helpful.
Heard about you from Mrs. H from Homestead Heart, I am so glad that I am here. Thank you for sharing your knowledge wit us.
Having an emergency fund can help gain confidence to leave a lackluster job for a new one.
I was referred to your channel by Homestead Heart. She spoke highly of your channel, and I see why. 👍 Thanks for this great video! 🙂
Awesome! Thank you!
Definitely have an emergency fund. It’s helped us many times. Referred here by Homestead Hearts channel.
First-time viewer. Heard about your channel from Homestead Heart! Great tips!! Thanks.
Welcome!
You are so right about the business life line. They need to prepare for emergencies too
Single, disabled, and entrepreneur. I will have to keep my emergency fund on the higher side. it might trigger disability thinking I have too much money and they might review my eligibility. I can't keep living below the poverty line and I need to keep savings for peace of mind.
You might want to consider talking to a CPA. There’s a different income limit if you’re an entrepreneur vs traditional W2 employee. You could operate your business off a 100% cash only basis and not deposit the profit but then that runs into the issue of technical tax evasion as well as having that much cash on hand is not safe.
For one I'm in Canada there are no W2s here, and two a CPA can not help me with the rules and regulation in the Ontario Disability Support Program policy. @@tatianabritton6258
HOMESTEAD HART SENT US TO YOU LOVING THE VIDEOS! ❤️
Hello!!!. Came over to listen at the recommendation of Homestead Heart. Your content is engaging. New Subscriber here.
Thanks for coming!
Thank you for the reminder. 🙏🏼🙏🏼🙏🏼
You are so welcome!
Didn't mess around. Got that emergency fund asap
Great job!
Mrs. Homestead recommended me to y'all .Glad I did subscribe.. thank you for your info.❤❤❤
Awesome! Thank you!
Just learned about your channel from Homestead heart. Subscribed and Will be checking out your videos
Welcome aboard!
Please post on the podcast as well. Thanks.
Until you mentioned I was under the impression that you are talking about savings account. Could you please direct me somewhere or any other lead where I can understand the difference between savings and emergency fund ?
A savings account is a place you'd put some of your money, whereas an emergency fund is a concept of how much money you need to help you through financial emergencies. The funds for your emergency fund could be kept within a savings account, provided that account is easy to access quickly during an emergency
Thanks for the info. So grateful to have an emergency fund.
Glad it was helpful!
I am single and still on my debt free journey of a balance of 18,639.16 left, pd 19,531.84 since Apil 2020. Should I continue with just the $1,000 emergency fund or should I increase it due to our economic rise in groceries, gas, etc?
Should people pay off consumer debt like credit cards and student loans before stacking 3-6 months in an emergency fund?
Hello I really enjoyed this video!!! I found ur channel from homestead heart UA-cam channel 🦋
Awesome! Thank you!
Here from the Homestead Heart's recommendation.
Absolutely Awesome 👏🏾
Thanks for listening!
Good topic
Thank you!
I'm married, on paper. But I have one year in emergency savings.
Homestead Heart utube channel send me over. Thank her and I thank you both and God.
Welcome!
This dude sound like a preacher
I am actually lol - > youtube.com/@WeArePurposeCity
@homestead heart sent me here