How I Built an EMERGENCY FUND in 2020 for Me and My Company
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- Опубліковано 2 чер 2024
- Building an emergency fund in 2020 for myself and my company was easy, once I began planning my finances better and saving more money than ever.
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The above links may include affiliate links to marketplaces, such as Amazon or to product/services pages. By clicking on the affiliate links, you not only help me keep this channel going, but you also show your appreciation towards any helpful tip you find on my channel. Besides, you don’t have to use the links if you don’t like. The price is the same whether you use the link or not!
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Thank you for watching!
Jim
© 2020 by Weberience LLC
#emergencyfund #personalfinance #financialfreedom
Two days I have spent for planning of my emergency fund. According to my execution plan by 1st of June 2021 this target will be accomplished. It is never late to start. Once again a huge thank you for the video. I hope I will be proud of myself in one year time :)
That's so AWESOME to hear, Igor! I've found out that a plan is easier to follow once I set a well defined goal, like you did. I'm sure you'll hit your target earlier! Good luck! 👊
Wow indeed a very good video! Thank you for sharing a practical part of your journey to financial freedom. Would really appreciate if you keep such kind of videos going. Again thank you for your advice and I am starting NOW!
Thank you for the support, Igor! More videos coming! Good luck to your journey. 👊
Great video!
Thank you very much!
Your videos have a very different feel. A very likeable feel. All the best. Btw. Could you share the link of the video where you've discussed your loss in gambling/trading you mentioned in this video.
Thanks for the kind words! Check out my post for the transcript of this video on my website, which includes several links to older articles: jimmakos.com/2020/05/emergency-fund/
I haven't done a video on my trading losses. Yet. 🤔
Nice video! I really enjoyed it. I want to ask you how often do you plan to update this emergency fund. How often do you plan to recalculate the amount of money you need on a monthly and on a yearly base?
By tracking my spending since 2016, there's enough data to estimate average monthly costs efficiently. Other expenses not included in the emergency fund are going to change (school tuition is going to increase for example), but living expenses mentioned in the video haven't fluctuated too far away from their monthly average.Unless something drastic happens (divorce, death, new house etc.) I don't see dining out more or paying less for powering our house. Of course, by tracking the spending regularly I make sure we stay on track and can quickly identify if the emergency fund needs adjusting. Thanks for watching, George! Always a pleasure to have a talk.