Your Emergency Fund – Do not Wait Until It's Too Late

Fact is, some things in life are beyond our control.

About one week ago, 40% of my department was laid off. There were several there that had high salies. Luckily, I was one of the few that survived the slaughter. Think about it- what if that were you?

I have certainly done a lot of thinking as of late about how secure I am financially. If my pay were to be cut completely tomorrow, how would my family cope financially?

These are the types of questions weought to be asking ourselves right now, so that when something like this happens, we'll be ready. Although you may be one of the best at your particular job, and you may have an incredible work ethic, that does not mean you can not be cut. As I looked around me this past week, many of the people we cut were not poor workers; many of which were huge assets to the company. But they STILL got cut!

Here's the point: although you may do a great job at whatever it is you do, do not be so generous to think that this very thing can not happen to you.

Whether it be a down-sizing at work or some sort of health issue that catches you unaware, life will throw us all something that may cause us stress financially that we did not see coming.

What can we do ?!

1. Have an emergency fund- Save your money! Be humble enough to realize that you could be the one in that spot. You need to make sure you have at least 3-6 months of expenses saved in a liquid account, enabling you to agree with the unexpected.

2. Be marketable- you should ALWAYS invest in yourself. Go back to school and get MORE education. Find ways to get more experience in your current trade. In case it happens that you do lose your job, have the type of skills that will get you another!

3. Be insured- sure it's expensive. But WHAT IF something was to happen ?! Whether it be with your or your health, you need to be ready. In the end, you'll end up spending thousands and thousands more if you do not have it.

Fact is, nothing in life is certain, and nor is your financial situation right now. Things can and will happen. Make sure you're prepared for the worst.

Source by Trevor Shipp

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