PODCAST

Delve into Money

Kurtis Hanni

There are a lot of great financial resources out there. Why not take those resources and learn from them each week? The Delve into Money podcast aims to look at books (financial and non-financial) and apply them to your personal finance journey. Whether you're seeking tips on budgeting, investing, creating a long-term financial plan, or financial independence, this podcast should help you take steps forward in your financial journey.


Show notes and resources at delveintomoney.com


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What is this podcast about?
A framework for achieving long-term goals and the not-to-do list (Redeeming Your Time book #3)Removing the financial distractions from your life  (Redeeming Your Time book #2)Creating a system to handle open loops & setting up a weekly financially review (Redeeming Your Time book #1)BONUS: 2022 Goals and Setting Good Goals with AdultingIsEasy, MainStMoney, & RoadToWealthPod (A Twitter Spaces)10 Financial Goal Ideas in 20222021 Year in Review: Lessons I've learned and how they apply to your financesSHORTS: How much should my emergency fund be?
What is an emergency fund?An emergency fund is a stash of money set aside to cover the financial surprises life throws your way. These unexpected events can be stressful and costly.Here are some of the top emergencies people face:Job lossMedical or dental emergencyUnexpected home repairsCar troublesUnplanned travel expensesBy setting up an emergency fund, you help protect you and your family from unexpected expenses.So how much should you have in an emergency fund?The general suggestion is to have 3-6 months of expenses set aside for emergencies. This will cover you in the case of job loss and allow you to look and find a new job, or at minimum find an alternative so you aren't out on the street.To calculate how much you need, it's common to remove expenses you wouldn't incur in a true emergency. This would be general spending, eating out, vacation, and savings goals. It's your discretion exactly what you do, but these are general guidelines.So, in what situations would you need more or less of an emergency fund?You need more if:During a recession (when unemployment rates are higher and the length of unemployment is often longer).If you're in a high-risk industry where layoffs are common.If your income isn't steady.If you're retired (and most of your money is in more-volatile stock and bond investments).You need less if:You have multiple streams of incomeYou could get a job quicklyYou aren't living off both incomesNo matter your situation, it's my opinion that 3 months is the lowest amount you should ever hold.Where do I keep it?We want this money to be liquid. It should be in a high yield savings account and not in the stock market or crypto investments.If you keep it in those, it's likely to be down when you need it. That risk is not worth it.But, that's also why you shouldn't keep too much. High yield accounts, in today's environment, only return around 1%. If you want a year's worth of emergency fund, my opinion is that you keep 6 months in high yield account and the rest in the market. Just a personal opinion.If you can't get to 3-6 months, anything is better than nothing!If you don't have an emergency fund, it's imperative that you get one. Sell things from your house to make it happen. Make the sacrifice today and the investment in your future.Follow me on TwitterSubscribe to my email newsletter
Dec 22 2021
8 mins
SHORTS: Budgeting Basics Part 2 - Setting Up The BudgetBONUS: Understanding Inflation with AdultingIsEasy, MainStMoney, RoadToWealthPod, & IAmCoachClint (A Twitter Spaces)SHORTS: 13 Ways to Spend Less During the Christmas SeasonBONUS: Understanding Asset Allocations with AdultingIsEasy, MainStMoney, AccentInvesting, & IAmCoachClint (A Twitter Spaces)SHORTS: Budgeting Basics Part 1 - Understanding your spendingThe story of Thanksgiving and counting our financial blessingsSHORTS: Why you need a budgetBONUS: Introducing a new series, SHORTS (PS. We had a baby!!)Replacing your negative money mindsets with positive ones - Soundtracks bookRethinking your money beliefs - Think Again by Adam GrantMoney and Marriage Launch EpisodeCrypto Deep Dive Part 2 with Stephen Wealthy - Mining, Staking, and recommendationsCrypto Deep Dive Part 1 with Stephen Wealthy

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