7. Building an Emergency Fund - Deepstash
7. Building an Emergency Fund

7. Building an Emergency Fund

63% of Americans cannot afford a $500 emergency.

That means the average American would have to resort to high-interest credit card debt to pay for surprise expenses.

Do your future self a favor and save 3 to 6 months' worth of living expenses.

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If you don't understand money, you'll never be truly wealthy. Here are 15 money skills everyone should know:

Similar ideas to 7. Building an Emergency Fund

Create an Emergency Fund

Create an Emergency Fund

You can't predict an emergency, but you can prepare for one. The best way to do so is to set up an emergency fund of 3-6 months of living expenses.

Common financial emergencies include job loss, natural disasters and car, house and health issues.

Things To Do Before Focusing On Building Wealth

  • Create a budget and stick to it
  • Pay off your debt – especially high-interest credit card debt
  • Learn how to save money to cover unplanned expenses
  • After establishing an emergency fund and becoming debt-free, go all-in on building wealth!

Forming the habits of an investor

Investors put their money to work. They know that the money they set aside today sets them up for financial freedom.

  • An investor puts any excess money towards investments that will earn more capital.
  • They value learning new skills and think of ways to use it...

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