Dave Hogaboom’s Post

Have you started planning for your holiday yet? Not to worry, by saving with our Money Market Fund we will help you achieve this goal. Contact us to get started. #LoftyCorban #WealthCreation #Investwithus

Goals are not meant to stay goals, they are meant to be turned into actions. How do you finally turn a goal into an action? Short answer: You finally take action. Let's consider a common goal: building an emergency fund. Instead of merely setting the goal and hoping your wish will come true, establish a detailed plan. For example, commit to saving a specific amount, let's say $500, each month. By the end of the year, you'll have a full emergency fund. You will soon realize that the challenge isn't creating the fund itself but making sacrifices in other areas of your life. Think of your financial goals this year - What are the sacrifices you must make to take action? 💰

Chances are you’ve already been told that you need an emergency fund somewhere between 3 to 6 months of your income. Overwhelming, right? Try ‘Start Small. Think Big.’ We recommend starting with an emergency fund savings goal of just $500 and increasing it as your finances allow.

Setup an Emergency Fund: It’s always a good idea to save some cash saved for a “rainy day.” Having 3-6 months worth of living expenses means if something unexpected happens it won't throw you too far off your goals. Give me a call and I can help you calculate how much cash you may need to fill your “rainy day” bucket.

Your car breaks down, your phone dies, or you suddenly lose your job. What do you do? That's where an emergency fund comes in handy! Day 2 of 30 - Something is better than nothing series. . . . Today’s rule of thumb: How much emergency fund you need to have? Watch the complete video and share if you have come across a better rule of thumb for budgeting. #emergencyfund #ruleofthumb #somethingisbetterthannothing Follow Pruthvi Ravindranath, QPFP® for more Money Rule of Thumbs for next 28 days.

Be prepared for the unpredictable. It's almost guaranteed you'll run into unpredictable costs, and you need to be ready for it. Having and building an "emergency fund" is one of the best decisions you can make. You want enough cash to cover 3 to 6 months of necessary expenses without bringing in new money. Set aside money every month for these unexpected costs. Over time, it'll build up to a significant sum you can deploy if needed. Budgeting also helps out a lot here. With an emergency fund, you're not only covering expenses. You are buying time to figure out a solution if things go south. You'll also be under less stress, and sleep more peacefully knowing you have a cushion. 

🌟 𝓣𝓾𝓮𝓼𝓭𝓪𝔂 𝓣𝓲𝓹𝓼! 🌟 Sorry, no video this week as my voice is still pretty croaky. However, I do still have a financial tip for you. This week we're looking at the importance of having an emergency fund in place 💰 . An emergency fund is money that’s been set aside to cover unexpected expenses, such as repairs or being unable to work due to illness. It’s there to provide you with a financial safety net and means that you don't have to go into debt if something happens 💡. We’d usually recommend holding around 3–6 months expenditure in an easy to access savings account so that it’s accessible when required, but don’t forget to top it up if you do dip into your emergency fund! 🌟 #tuesdaytips #financialplanning #emergencyfund

Personal finance questions asked on Reddit - a new series: A discussion that comes up in almost every planning conversation is around the use of an emergency fund. Most of my clients have one, with 3-6 months worth of expenses built into the fund. This is easily accessible money in a money market account that clients can access if they are in a pinch or need the money. While having your emergency fund invested in the market is a good idea in theory, someone from 2008 or 2022 might disagree with that stance. For example, if you need to quickly access $20k for an emergency, and your $20k emergency fund is down 20% and is now only worth $16k, then youve only exasperated this issue. Having an understanding that your EF is probably going to deflate over time but will be there for you when you need it is important, and is why the recommendation is to usually only have 3-6 months worth built up.

Today, we will focus on a fundamental component of having a sound financial plan. In the book "One-page Financial Plan," Carl Richards emphasizes the importance of having an emergency fund. An emergency fund is a designated amount of money set aside to cover unexpected expenses or financial emergencies. Life is very unpredictable, especially with the economic changes; you may lose a job, one of your loved ones might suddenly fall ill, or your car might need repair. Unfortunately, there is no way to predict these events, but with an emergency fund, you have peace of mind knowing if this were to happen, you are prepared financially. The ideal amount to have in an emergency fund is 3 to 6 months of living expenses, enough for a buffer without being too excessive. Your emergency fund should be easily accessible, keeping it in a savings account where you can quickly obtain funds. Do you have an adequate emergency fund? If not, I challenge you to create one now; you never know when you might be in an unexpected situation. #finances #emergencyfund #OnePageFinancialPlan #CarlRichards #personalfinance

How to be more mindful about your finance? Create an emergency fund.