Ladies Finance Club - Get Rich Why Every Girl Needs an OMG Fund with Lana Grace
This episode is about one of my favourite things - why you need to set up an OMG fund, aka emergency fund, rainy day fund, and f***off fund (we explain why!). Lana our COO is on board for this episode and we step through everything you need to know about an OMG fund.
We start off with - what is an OMG fund? Quite simply it’s money you keep in a separate bank account that you only use in emergencies. It’s your new safety net and sits in cash.
Why do we need an emergency fund? Well, if COVID taught us anything, it was that random shit that you’d never expect to happen happens!
We play a fun game called emergency vs. non-emergency and explore all the times when it IS ok and NOT ok to spend your OMG fund! Mental health and physical well-being are definitely reasons for dipping into your OMG fund.
The steps to open an OMG fund are simple. I step you through how to do this, including tips on how to set that emergency cashola saved up. There are so many creative ways you can make extra cash on the side - we run through those too. Where there’s a will there’s a way. Remember this is short-term pain for long-term gain!
We also talk about our own emergency funds and when we’ve needed to use them recently. The beauty of an emergency fund is that it relaxes you, gives you peace of mind and means you can get on with your life when emergencies come along.
Ladies, you’ve totally got this! This is your first step to creating a strong financial future.
Resources mentioned:
Ladies Finance Club Free Resources
Previous episodes mentioned:
Kill Your Bills with Joel Gibson
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