SEASON 5 EPISODE 17
in this episode our host XO discusses What is an Emergency Fund?
The show kicks off with 2 insightful Quotes, the first quote is about "Not resisting pain, allow it to be there..." When we are in pain the first thing we want is for the pain to go away but why don't we ever observe or analyze why we're in pain or embrace the pain that we're in. It's just trying to help us grow and teach us something but we don't ever get the chance to learn the lesson until it's over.
The 2nd Quote is discusses how we should talk more about what we're passionate about when around our friends & family instead of keeping it inside because we think what we're passionate about isn't worth hearing, but what we're passionate about can lead to a world of opportunities.
Now we jump into the Main Topics
1st Topic: What is an Emergency Fund?
in this segment XO starts off defining what an Emergency Fund is and Why we need it starting today. It's critical when it comes to Financial Literacy that we build an Emergency Fund and stay disciplined when it comes to investing and saving. This segment also details "Why You Should Start An Emergency, How To Start An Emergency Fund & Statistics about the Emergency Funds. Towards the end of this segment we talk about how much business owners should save.
2nd Topic: Steps to Building An Emergency Fund
in this segment XO details Steps to Building An Emergency Fund, the first step being Creating A Budget.
Creating a budget starts with you calculating all of your expenses over the past month and seeing where you can save/invest.
It's important to know where your money is going so that you can find saving opportunities. Without budgeting we won't be able to maximize our income so we end up living check to check digging ourselves into a hole. When creating a budget you see where you can cut expenses or increase your income.
the next step talks about Saving Automatically, using your budget to make your savings automatic by splitting a percentage of your direct deposit into your savings acct.
A lot of hidden gems in this segment especially when it comes to Financial Literacy and Building An Emergency Fund.
Thank you for reading. Leave a 5-Star review to let us know what you think of these emergency fund segments and if you're currently building your emergency fund or already have one.
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