Tag: emergency fund
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Show me the stimmy; What you need to know about your 2021 stimulus check
Ah, the long-awaited stimulus payment. On Friday, POTUS signed the bill which contains the third round of stimulus payments. For the past three weeks, you’ve searched ‘Stimulus Check’ or some variation of it in your search bar. You stand in wonder each morning thinking of how you’ll spend that $1,400, or $7,000 in some cases, while you sip your fresh coffee. Maybe it’s finally time you buy-in to that pyramid scheme you’ve been eying (JOKING – don’t do this, please), or maybe you don’t need the money at all so you’re going to buy Tesla stock! Either way, we’ve got you covered here at Wealthy Idiots.
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Don’t be a normal idiot, be a wealthy one; maintain a healthy emergency fund
The EF (Emergency Fund) is one of the foundations of personal finance. The EF allows you to sleep soundly at night knowing your lifestyle and loved ones are protected. Whether it be from job loss, or an unexpected illness, having the ability to pay 4-6 month of expenses with savings is a game changer. Because of this, you want the EF to be invested in something fairly liquid – meaning, you can withdraw the funds quickly in order to pay for the emergency expense. You also want to ensure the EF isn’t invested in too risky of funds, or the money may not be there when you need it.