Financial Advice for the day

[UberEatsDriver]

Owning a home and having investments is cool but also having an emergency savings fund is something that is slept on.

you’ll sleep better at night knowing you saved an emergency fund before saving for a house so when an emergency expense comes along it will not delay your home ownership goals.

Most Americans do not have even have $1,000 in their bank account.

first goal for you coli dwellers is to save $1,000 of emergency before anything else.

accomplish that goal and hit me up for the next steps in your financial life.

 

[[REDACTED]]

Advice*

 

[Monsanto]

Owning a home and having investments is cool but also having an emergency savings fund is something that is slept on.

you’ll sleep better at night knowing you saved an emergency fund before saving for a house so when an emergency expense comes along it will not delay your home ownership goals.

Most Americans do not have even have $1,000 in their bank account.

first goal for you coli dwellers is to save $1,000 of emergency before anything else.

accomplish that goal and hit me up for the next steps in your financial life.

January had three pay periods, I hope Thecoli was allocating some funds to their savings with that extra cheque.

 

[NoMoreWhiteWoman2020]

I’m trying to save 3 out of my tax refund

 

[UberEatsDriver]

January had three pay periods, I hope Thecoli was allocating some funds to their savings with that extra cheque.

this is a fact. I hope the coli brehs take their tax refund and commit to only two things.

1.) Adding to the emergency savings fund

2.) Paying off debts to help them start fresh.


And to all you coli brehs who are debt free or have good debts and have an emergency fund. Use that Tax money to invest in something.

if that’s completed than enjoy life.

 

[Double Burger With Cheese]

This type of advice is good, but needs to come with money management advice as well, being that many people are living paycheck to paycheck. It’s no set criteria’s for emergency savings, but at least three months of your total monthly bills is recommended. People in though financial situations need to learn ways to cut cost and other money management skills that will allow them to start building their emergency fund. Saving money is money management itself, but things like budgeting, investment tools, and shyt like that need to be taught along with that.

 

[levitate]

It’s your life VIPs... TAKE CHARGE!!!

 

[Paper Boi]

you tryna contribute to the advice?

 

[Ezekiel 25:17]

Yeah, emergency savings a must.

To add onto the Op:

Imagine having enough savings where you don't give a damn if you get fired because your bills are covered for the whole year

 

[UberEatsDriver]

Yeah, emergency savings a must.

To add onto the Op:

Imagine having enough savings where you don't give a damn if you get fired because your bills are covered for the whole year

that makes life so much easier. You can plan for the next gig and if you get a new job in like 2-3 months you can save all that money since you good for a year

 

[invalid]

Might also want to add that there are different types of savings accounts and that you should have at least three.

1) The “Fukk You” Account - this is the savings account with 3-6 months of expenses, or my own personal preference, income, saved so that if shyt is not going right on your job, you can leave and know you’re good until you find something else.

2) The Passbook Account - this is the account that you save 10% of your income for future purchases or emergencies.

3) The Investment Account - this is the account that you save money to put towards investments (stock, real estate, business) Could be used to contribute to a Roth ($6,000 max).

The idea is that once you meet the 3 to 6 months of your expenses or earnings, you stop contributing to that account.

Continue to drop 10% into your passbook.

You may want to increase your contribution to the investment account but it’s not required especially if you are contributing to a company sponsored retirement plan.

You can even get more granular and have a couple of other accounts for stuff like future purchases (like vacations or trips) and maintenance and upkeep items (car -(tuneups, oil changes, tires) house -(winterization, roofing) etc.) and keep the passbook strictly for emergencies.

Lots you can do.

There are different benchmarks to how much you should save. For me, I save a minimum of half of my total monthly take home pay.

 

[TLR Is Mental Poison]

I would also add.... some kinds of debt are OK to keep while building an emergency fund. Makes no sense to spend your last dollar paying off a student loan or buying a car, especially if you have good credit/low rates.

 

[UberEatsDriver]

I would also add.... some kinds of debt are OK to keep while building an emergency fund. Makes no sense to spend your last dollar paying off a student loan or buying a car, especially if you have good credit/low rates.

im ok with keeping a very low balance on my credit cards to maintain a credit score that will grow but I do hate using credit cards so I mainly use my credit card for eating out and gas since I get cash back.

usually my balance at end of the month is still far below 30% of the credit limit.

 

[Software]

Owning a home and having investments is cool but also having an emergency savings fund is something that is slept on.

you’ll sleep better at night knowing you saved an emergency fund before saving for a house so when an emergency expense comes along it will not delay your home ownership goals.

Most Americans do not have even have $1,000 in their bank account.

first goal for you coli dwellers is to save $1,000 of emergency before anything else.

accomplish that goal and hit me up for the next steps in your financial life.

2nd step is to pay off all your debts

 

[mamba]

Yeah, emergency savings a must.

To add onto the Op:

Imagine having enough savings where you don't give a damn if you get fired because your bills are covered for the whole year

That’s where I am in life.

I have enough saved to chill for at least 3-4 years if I ever wanted to.