Welcome to Professor Savings.com
We teach finance basics. Hi, I’m you’re host today Rayfil Wong.
How to build an emergency fund?
Start off, emergency fund is an intentional stored amount of savings to help you when crap happens.
Let’s say Bill’s gets laid off from his job
Emergency fund helps you pay the bills and not add more debt during crisis luckily he still has saved up four months of salary start off by saving 10% of your monthly salary during this time he can still pay his mortgageas for his other liabilities, he will have to cancel his gym member ship and his daily cupcake runs.
Remember, the worst situation is for you to generate more debt during this time and max out on your credit card.
Please subscribe to our channel if you want to learn more on finance basics.
Professorsavings signing off