Emergency Fund: How Much Should You Have? Why Is Saving Money Important? | Money & Investing Podcast

✅What is an emergency fund? 💲How much should you have in the emergency fund? ✅Why is saving money for this fund important? ✅ What's the difference between savings and emergency funds? ✅ Answers to these questions are covered in the video, as well as given an exciting example of personal experience of the necessity of the emergency fund.

In this "Money and investing" show, Andrew Baxter and co-host Mitch Olarenshaw talk about an emergency fund, why you need one, and how much should you have money there.

💻🎧📝 This episode will benefit people, who start their journey to learn how to manage their money and accumulate wealth.

00:00 Intro.
01:17 Cash as an asset vs. cash as a tool.
02:14 Why is it tough to hold cash in the bank during inflation?
04:00 What is the emergency fund designed for?
06:50 The difference between savings and the emergency fund. How much money should you have in the emergency fund?
08:46 What is the difference between necessary, emergency, and discretionary expenses for using that cash?
11:03 How to adjust the emergency fund in accordance with increasing "lifestyle inflation"?
13:05 The important money fundamentals.
15:27 Personal experience of the necessity of the emergency fund.

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