Money Guy Show "When Should I Use My Emergency Fund?"
Oct 2, 2023
In this Q&A episode, the hosts answer questions about when to use your emergency fund and what classifies as an emergency. They also discuss estate planning for parents transitioning to retirement, allocating retirement savings to an S&P 500 fund, and the importance of diversification and managing emotions in investing.
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Episode notes
Roth IRA Contributions
- Dollar-cost average Roth IRA contributions if near the limit and unsure about exceeding it.
- Wait for confirmation before directly contributing to avoid tax issues.
Estate Planning
- Seek a financial advisor for estate planning, especially during retirement transitions.
- They can act as quarterbacks, coordinating with other professionals like CPAs and attorneys.
Emergency Fund Replenishment
- Replenish your emergency fund aggressively after fully funding your Roth IRA.
- Ensure you have a comfortable buffer (3-6 months) before using emergency funds for other purposes.