This Business News Story Was Uncovered By Us From: https://www.youngadultmoney.com/jumbo-emergency-fund/
This selected trade connected news Piece, was chosen personally by Marcus lee, who is one of our undercover online business News flash reporters – will give you added insight in how these points of discussion could be translated into your own business ventures.
If there was ever a time for the emergency fund to shine, it is now.
With COVID ravaging the world, businesses have been forced to close and do layoffs, leaving millions of people without a source of income.
During this time of enormous uncertainty and stress, people are relying on whatever savings they have. While any savings is certainly better than no savings, many people may wish they had more saved than the recommended 1 to 6 months of living expenses for times like these.
Enter the 12-month emergency fund, or “jumbo emergency fund” as we like to call it. Yes, it may seem like overkill in normal times, but can having a full year of expenses in savings really harm anything?
Is this jumbo emergency fund right for you? Here are some options to consider.
Traditional Emergency Fund Guidelines May Not Be Enough
The general financial guideline has always been to have 3 to 6 months of expenses in an emergency fund. Some financial experts, like Dave Ramsey, advocate for just a $1,000 emergency fund while you are paying off debt, and then bulking it up once you become debt-free.
But consider this: is $1,000 really enough to protect you if you lost your job? What about if the economy is struggling, making it challenging to find another job?
Chances are, $1,000 won’t get you very far. Once your emergency fund runs out, you may be forced to explore other, m… Read More
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