Placeholder Image

字幕列表 影片播放

  • If you had an emergency, and needed to come up with $400 right now, could you do it?

  • Shockingly, nearly half of Americans said they couldn't.

  • Which is another way of saying that nearly half of Americans have no financial flexibility

  • or freedom.

  • While it might not be the flashiest or most exciting financial goal, an emergency fund

  • is the foundation your entire financial health is built upon.

  • Without it, it's just a matter of time before an unexpected jolt causes a crack that will

  • eventually bring the whole house down.

  • We recently asked you, our amazing Two Cents community, to share your real-life stories

  • about how an emergency fund or lack thereof has impacted your lives and you really came

  • through!

  • So let's learn from each other what not having savings is truly costing you and pick

  • up some tips for finally making it a reality.

  • Rose and her husband were in the military making decent money as she finished up college.

  • Unfortunately, they didn't see any real need to save any of it.

  • So the day Rose was supposed to leave for a study abroad program, her husband totals

  • their new car on the way to the airport rendering them both carless AND cashless.

  • So what if you found yourself in a similar situation?

  • How much money could you save by having a proper emergency fund if your car decides

  • to kick the bucket?

  • I think it's time tooo...

  • Run the numbers!

  • Let's assume you are...for lack of a better word...average.

  • Most people, when buying a car, buy used with an average purchase price of $20,084 dollars.

  • You've also got the average american credit score of 673 and want to the most common car

  • loan length of 72 months.

  • Running this scenario through a big-named bank gave me an APR estimate of

  • 7.94%.

  • That means you'd potentially be paying a gob-smacking $5,000 in interest alone over

  • the lifetime of that loan.

  • If you or they had had even a little bit of an emergency fund, you could have potentially

  • afforded a shorter loan term, gotten a better interest rate or maybe even skipped out on

  • interest all together and just bought a cheaper car in cash.

  • All of which could have saved you hundreds if not thousands of dollars.

  • Another common unexpected expense you guys talked about were house repairs.

  • Poor Brianna and her husband woke up on one of the coldest days in winter with flames

  • shooting from the back of their furnace.

  • Thankfully they had the $3,500 in savings to keep frostbite at bay.

  • But what if they had approached it like most people would and put those repairs on a credit card?

  • Treating your credit cards like an emergency fund is like trying to use one of those weighted

  • work-out vests as a life-jacket.

  • With the average current credit card interest rate at 19.24%, financing a vital repair like

  • that could have cost them an extra $673 dollars, even if they managed to pay it off in one year!

  • That number could have easily climbed into the thousands if they stretched it out over

  • a few years.

  • But the lack of an emergency fund can cost you more than money.

  • After a year of battling an illness, one of our Youtube community members, “Almostlindsey,”

  • ended up needing an emergency surgery.

  • Thankfully, she had decent health insurance, so it shouldn't have been a big deal.

  • The problem was she'd already used up her sick leave at work!

  • So the time she'd be spending in the hospital would also beno-paycheck time.”

  • Without emergency savings and no access to credit (because of her lack of income), she

  • was forced to beg friends and family to help her cover her basics like rent and food until

  • she could get back to work.

  • She recalled the whole situation being both stressful and humiliating and has worked hard

  • to save up a cash cushion in the time since.

  • Then there's Ashley who said having an emergency fund may have saved her life.

  • She had a suspicion that she might be suffering from sleep apnea but quickly learned that

  • the testing and equipment involved wouldn't come cheap.

  • She said that having her emergency fund gave her the confidence to schedule an appointment

  • with her doctor.

  • And thank goodness she did.

  • Turns out tests showed her hunch was correct and that the lack of oxygen during sleep had

  • been significantly taxing her heart.

  • Thankfully, she told us that after six months of treatment, she's doing much much better.

  • Now I'm sure you're thinking “I get it Philip and Julia I need it...but how do

  • I get one?”

  • Here are our favorite three tips to start laying down your financial foundation -- the

  • right way.

  • TIP ONE: Pick a SPECIFIC number.

  • Most experts agree that a fully-funded emergency fund should have between three and six months

  • of expenses.

  • This number isn't just based on bills and rent, but also flexible expenses like

  • groceries, medications and transportation.

  • That is typically enough to pay deductibles on your health or auto insurance and could

  • also potentially handle a major transition like a sudden move or a critical home repair.

  • TIP TWO: Get Organized!

  • Now that you have a savings target in mind, set your money for this goal apart in some way.

  • If your savings for emergencies, a new phone, and your brother's bachelor party are smashed

  • together in a generalsavingsbucket, you're sabotaging yourself!

  • Get clear on what money is for true emergencies, and give it a special home.

  • TIP THREE: Sprint!

  • Sometimes, to get something you've never had you'll have to do something you've

  • never done.

  • Try challenging yourself to a spending freeze.

  • Cut back on every non-essential expense and hustle for any extra income you can for just

  • ONE month.

  • Seriously, cancel all your subscriptions, tell your friends you're sorry you can't

  • go see the new Marvel movie, and read comics at the library instead.

  • Remember, it's just for 30 days!

  • See how far you get towards your goal.

  • Then maybe take a week or two break to catch your breath, go out for a nice meal or two

  • then hit it hard again until you're done.

  • Now, congrats for making it all the way to the end of the video because we're going

  • to share a powerful little secret with you: saving up for an emergency fund requires you

  • to be intentional, focused and to live below your means.

  • Which are the exact same financial muscles it takes to ultimately build wealth.

  • So when you're finally done with this goal, awesome!

  • Take those mad money muscles you just earned and use them to build something amazing on

  • top of the foundation you just laid down.

  • And that's our two cents.

  • Thanks to our patrons for keeping Two Cents financially healthy.

  • Click the link the description if you'd like to support us on Patreon.

If you had an emergency, and needed to come up with $400 right now, could you do it?

字幕與單字

影片操作 你可以在這邊進行「影片」的調整,以及「字幕」的顯示

B1 中級 美國腔

為什麼你需要一個應急基金! (Why You NEED an Emergency Fund!)

  • 2 0
    Capalu Yang 發佈於 2021 年 01 月 14 日
影片單字