How Much Emergency Cash You Actually Need Saved

Great tips for saving money!

I tell people to started with 1,000 and then one month of paychecks and then two … and just keep on … until u get to a year

Great tips on building an emergency fund!

Great tips for financial peace of mind

So sad most people don’t even have $1k saved hopefully they are watching these videos and start changing their lives

I'm single, own my home, am debt free. My monthly living expenses are bare bones $350-$500/month with only a real emergency will exceed that. My Emergency Fund balance is currently at $3,753 (earning 3.83% interest in a high yield T-bill fund) so it grows. Access to the money is less that 3 business days. I've only used the fund once when my furnace went out last year which cost me a $1,250 repair bill paid by cc. The fund seems to be adequate. My credit union has in the past given me a $22K unsecured loan @7.99% interest and would finance a car purchase (secured) loan @3.99% interest. I'm 77 years old, live alone, and have no one to lean on for money in an emergency. My investment accounts are currently $320K almost all of it in in the market. My cc also has a $18K limit for the scary stuff, has a minimum 28 day up to 63 day grace period before the 13.5% interest starts.

Just commenting to help ya with the algorithm!

I was diagnosed with breast cancer in 2023. Surgery, doctors, radiation therapy. I paid my portion of all those bills from my emergency savings. Two years later I am cancer-free with zero medical debt.

Cần phải có quỹ khẩn cấp thật đủ!

This video is fantastic!!! I watch a lot of your videos but this one definitely earned a subscriber. Great job talking about the complex individual finance cases in such a simple matter.

ER fund for sure
Keep Saving.
Husband on hospice over 2 years
I am ready for funeral bill.
Thank God

I keep three accounts. One for cash on hand. Sinking funds and living expenses. Nice video.

I would never depend on any state unemployment ... It's insurance and states don't like to park with money they probably can't afford to lose.

I keep a small emergency fund. However, I know I can sell and withdraw from my brokerage if I’m in desperate need of more money. I’ll have the money in my debit account within 36hours as-long as it’s between Monday - Friday.

I hate keeping too much cash doing nothing and having 6 months in cash seems excessive when accessing investments is so accessible if I need it.

My 6 month emergency fund is exclusively for income replacement should there be a job loss. It's in a high yield savings account that out paces inflation. I live significantly below my income level, so things like car repair, tires, etc are paid out of current income. This eliminates touching the emergency fund.

I’ve saved up 100k all into bitcoin I invest 2k a month and my only debt is my f150. I am 28 years old planning to retire by 45

I keep $20k in a high yield savings account as my “emergency fund.”
My money for the last few years has just been dumped into a brokerage and retirement accounts to build some sweet sweet compound interest

Excellent advice, thank you.

Unless, of course, you need tires AND you break your phone at the same time, after having a car accident that takes you off of work for a month without pay. Now you're screwed cuz you only have $2000. I started with with a goal of $2500, then aimed/saved for a proper ER fund of 6 months of gross income; and eventually/now have 1 year of gross income saved for emergencies in a HYSA. Ive been laid off twice before both times from what I thought was a "secure" job and I was single, no kids. It took me 8 months to find a job again. Im not a financial advisor, but I am debt free. Start small with his recommendation of $2500 and keep saving until you have 1 year of your current gross income. You will thank yourself (and me) when (not if) SHTF! Also, recommending you take out a low interest loan, instead of saving money for an emergency is just wrong. Your goal in life should be to live debt free (except your mortgage) with a sufficient amount to cover emergencies WITHOUT having to use your charge card or taking out a loan or sell your stuff. Better to take out a low interest loan to pay off your high interest charge cards and debt and vow to NEVER go into debt again - not even for a car. Save and buy slightly used, for cash.

What I've actually heard is to save 3 to 6 months of take home salary, not the amount of expenses, unless I've been misunderstanding all this time.

STOP buying Shit you don't Need and Eat at Home....cased closed

I only think they need like 1k, because it takes 3 days to remove money from your investments? always seemed weird to me,

The last time I took my dog to the vet it costs me $10k for his surgery and I'm so glad I have an emergency fund.

I was self employed with a wife and two kids,i had a years worth of cash that could pay for everything,also term life insurance and disability insurance.

If your young i would have a years worth of cash,if on the other hand you are retired like me i would say more than two years,i have about 4 years for bad market events this lets you avoid sequence risk.

I like the direction here. There is some sound advice. I still feel a one bucket approach with a 6 month expenses goal simplifies things a lot better though. That said, I do feel many should also have the "emergency budget". Use one's current expenses to get to 6 months worth of coverage, then trim it down to what is absolutely necessary, thus extending your emergency fund even more.

I am 23, I have about 1k in my immediate bank that I use for instant transfers for my checking because with my Marcus account it can take up to 3 days. I’ve managed to save 11k in the past 6 months which is probably the most I’ve ever done so far. I would have more but I’m trying to pay off my car loan early so that the interest doesn’t suffocate me. After that is paid off then I will have no real debt anymore and I can save a fat savings and do some investing on the side. In this economy I need to have my money work for me

I have something similar to the tier system but allow my money to stay invested.

Checking: min. $300
Savings acct: None!!!

Tier 1) Credit cards ( I do not carry a balance): This for immediate use $1K-6K
Tier 2) Emergency fund in a high yield account (2-3 days for transfer): $6K-14K
Tier 3) Brokerage account (this is just in case of job loss etc..I can live off for multiple years) $14K - up

Accounts I do not touch:
1)401K
2)IRA
3)Roth IRA

my emergency fund is in vtsax @ 200k. It's enough to pay off my house tomorrow in full (120k), and still have 80k remaining. This doesn't incude 800k in 401k, HSA etc.

It's a blessing to be in this position that I'm in where I can save, invest, and afford this such as cheap rent, car note, going out, etc...

If you can save, always save as much as possible but do think about investing as well too.

"7 streaming services a month, takeout 3 times a week"

Me who 🏴‍☠️s everything and gets take out once a week 👽

This may sound kind of funny but for years I’ve been collecting five dollar bills. They say you need accessible, cash or accessible funds and this is how I do it. I had to use it twice and I’m glad the money was there. You would be amazed how fast it adds up and almost becomes a game.

So sinking funds.

Great video

I appreciate this video a lot! Solid financial guidance really changes the game. I managed to hit $21k in gains within just 28 days. Couldn't be happier right now!!!

You work for 42yrs to have $2m in your retirement, Meanwhile some people are putting just $20k in a meme coin for just few months and now they are multi millionaires I pray that anyone who reads this will be successful in life.

I appreciate this video a lot! Solid financial guidance really changes the game. I managed to hit $21k in gains within just 28 days. Couldn't be happier right now!!!

Good

At 48, I'm officially retired. With $65K biweekly income and the unwavering support of my family, I'm living the dream I once only prayed for.

17:13 if you have your money in a high interest savings account which is beating inflation and you don't touch it, it should actually outperform the rising costs of living. I think it's important to calculate so you know you're maintaining that wealth but in reality you shouldn't have to worry about it too much

My boyfriend’s finances are so bad that I’m giving him the ultimatum that if we’re going to sign a lease on an apartment together, I get full control over his money. As SOON as he gets paid we’re pulling out the cash and doing the cash budgeting system. I will NOT allow him to sink my ship

The last unexpected expense that popped up was a $5000 car repair, a $3000 car repair on our other car and a $700 repair to our AC system. Having all that happen over the course of a month that would be devastating if I wasn't paranoid about being broke and in debt. We have enough to cover 2 years of our current expenses in high yield savings and I'll always be adding to it because of times like this.

I don't do the emergency fund thing, since I don't need to. Instead I maintain 2k in checking, so I can handle all spending with a cushion. I also add to that as a temporary holding account. If absolutely necessary I can pull money out of my house.

I feel like I’m getting D-slapped on every video cuz I have no extra money, but hey, I like this religion even I cannot participate yet.

What’s truly crazy is that “Dark Field Manifestation” by Kyrie Dotts is so underrated. It’s the one book that changed everything for me. Why isn’t anyone talking about it? It completely shifts your perspective.

What’s truly crazy is that “Dark Field Manifestation” by Kyrie Dotts is so underrated. It’s the one book that changed everything for me. Why isn’t anyone talking about it? It completely shifts your perspective.

It genuinely feels like Dark Field Manifestation, a book by Kyrie Dotts, was never meant to be public. Like someone published a confession that was supposed to die with them.

They are lying to you. I read every book on wealth and nothing come close to ‘Dark Field Manifestation by Kyrie Dotts’. It’s one book I would suggest everyone to read at least once. It’s that powerful.