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Money Guy Show
How to Build an Emergency Fund the Right Way
Jun 19, 2024
Learn how to effectively build an emergency fund while balancing personal and financial considerations. Gain insights on managing income sources, planning for a home purchase, and strategies to overcome challenges in saving for unexpected situations. Dive into the importance of genuine emergency reserves and the hosts' debate on event dress codes.
24:08
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Quick takeaways
- Retirees should have 12-18 months of living expenses in liquid assets for financial security.
- Balancing financial goals and lifestyle preferences is crucial when making big decisions like moving or buying a new home.
Deep dives
Understanding the Importance of Liquid Assets in Retirement Planning
When planning for retirement, having liquid assets like high-yield savings accounts is crucial. These funds act as true emergency reserves, easily accessible during unforeseen circumstances. It is recommended for retirees to have 12 to 18 months of living expenses in liquid, safe assets, ensuring financial security. Additionally, a mix of risk-reduced assets should complement these reserves, emphasizing the need for accessible cash without risking principle loss.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode