Life can throw you curveballs when you least expect them. Your car breaks down the same week your dog needs surgery, or worse, you face a sudden and unexpected job loss. These events are the reason why most financial advisors consider an emergency fund the foundation of any solid financial plan.
While most people know they “should” have emergency savings, many people haven’t fully considered what their fund should actually look like. Here are a few key questions to consider:
- How much do you need? Learn to define what an appropriate emergency fund looks like for your circumstances.
- What’s really an emergency? Create a plan to address both expected and unexpected expenses.
- Where to keep it? Review the pros and cons of where you maintain your emergency fund.
- Are there other considerations? Perhaps you own a business, are planning to do a Roth IRA conversion, or own a whole life insurance policy. Variables like these warrant a closer look at how much cash you should keep available.
To guide you through these considerations, we’ve created a comprehensive checklist to help you build and maintain an emergency fund that fits your specific needs and goals.
Download Your Emergency Fund Checklist Here
While checklists and flowcharts can help you identify different opportunities, we are always available to meet with you to discuss your financial needs and goals, and help to identify what the best opportunities are for you.
This content is provided by Windward Private Wealth Management Inc. (“Windward” or the “Firm”) for informational purposes only. Investing involves the risk of loss and investors should be prepared to bear potential losses. No portion of this blog is to be construed as a solicitation to buy or sell a security or the provision of personalized investment, tax or legal advice. Certain information contained in the individual blog posts will be derived from sources that Windward believes to be reliable; however, the Firm does not guarantee the accuracy or timeliness of such information and assumes no liability for any resulting damages.
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