A 1 month emergency fund is way too little. The number 1 reason its advised to have 3-6 months is because realistically speaking if you were to suddenly lose a job/income its going to take around 1 month and a half at best to obtain another job and earn income again. For a lot of people it might take even longer.
👎👎Don't like this advice at all. 2 of the 3 ways suggested to get emergency cash isn't possible if the job is lost. Once your job is lost, leave about taking a new loan from 401k, any outstanding 401k loan amount has to be paid back in full, otherwise, it will be treated as a distribution. The cash-out refinance option again may not be possible without a job and even if it is, the closing costs will kill you for emergency needs. It is always advisable to have 2 (if not 3 or more) months of expenses in an emergency fund in a high-yield savings account, and invest remaining as per your risk tolerance. An emergency is not just your car breaking down, the main source of income for many is a paying Job and if that job is lost and you don't have an emergency fund you are doomed, what is the use of the 1-month emergency fund?
@@CraigBaileyfinancialseeds You are in a field where a particular solution doesn't fit all, and everyone needs a custom solution catering to their specific needs. I'm glad you are doing these videos to give different perspectives, it will compel everyone to think, which is most important. Thanks for your efforts.
@@CraigBaileyfinancialseedsyour advice is dangerous. And if you get someone who disagrees with logic and facts you should be able to counter the same way. The fact that you just said “do your own video” tells me you know his point is valid but you can’t dispute it. Not a good look.
If you have an emergency during the $1000 emergency fund stage, you stop paying off debt and work to address the emergency, then get that $1000 fund back up, then resume paying off the debt. Just because you have a plan, does not mean you can not change that on the fly.
I keep 1k for short term emergency fund for things that come randomly like flat tire etc and 3 months long term emergency of living expenses at different high yield savings account out of sight and out of mind.
To provide financial consulting services that involve advising clients on buying or selling securities, you typically need to be licensed. The specific licensing requirements vary depending on the jurisdiction and the type of financial advice you're providing. In many cases, individuals offering investment advice or recommending specific securities must hold licenses such as the Series 65 license in the United States. If you are not giving specific advice on securities products any one can consult with education or experience.
This video is confusing and makes no sense logically. Yet you ramble irrelevant scriptures. Everyone needs a fully funded 6 month emergency fund and building that is the most important financial cornerstone. You need to save at least 10-15k even before thinking about paying off debt
God doesn't fall under finances; rather, finances falls under God. As well as relationships, and how one treats others, and how we work, and everything in our lives. "The earth is the Lord's and everything in it belongs to him." God is at the center of everything, and it is by following the Lord that we can consider how to steward the finances he has provided (and relationships, and jobs, and homes, etc.) in wisdom; we can consider how God wants us to treat people and things in honorable ways, rather than acting in ways that only or mostly consider our self-focused needs and desires. At least this is the case from a Biblical worldview; you may have a different worldview.
@@lailas.3205 the book of proverbs teaches us how we should deal with money and finances. Most people are missing the point of the video. He's correct you should keep 1 month of saving in a high yield bank account so that inflation doesn't erode your money. After that invest your money in a vehicle like a Roth IRA so the money grows at a rate of 10%. If you have an extreme emergency you can withdraw your contributions without penalty. You just can't touch the capital gains.
Your math is incorrect. A individual can't received both options when choosing between opportunity cost. It's independent - $13,000 or $17,000. But to gain the high historical value there high risk. Meaning history may not repeat. The tradeoff could end up as a loss equal to the investment value $10,000. Cerify financial certificates only allows you to sell securities products. I been a financial consultant for federal government (Department of Justice) and owned my business since 2004. I have an Executive MBA - a credential that actually required by the market to consult. Lost of income job search on average take one month for every 10k a person would like to earn. You add second issue - unexpected house repair, unexpected car repair or family death which I seen happen more than once. I came home from a vacation in Philippines. My garage door spring broke and the hot water tank. Then a emergency trip out of town to attend a funeral all in the same month. Luckily I didn't overspend on vacation which most people do. Thank God no credit card was needed. It's better to have and not need, than to need and not have.
A 1 month emergency fund is way too little. The number 1 reason its advised to have 3-6 months is because realistically speaking if you were to suddenly lose a job/income its going to take around 1 month and a half at best to obtain another job and earn income again. For a lot of people it might take even longer.
👎👎Don't like this advice at all. 2 of the 3 ways suggested to get emergency cash isn't possible if the job is lost. Once your job is lost, leave about taking a new loan from 401k, any outstanding 401k loan amount has to be paid back in full, otherwise, it will be treated as a distribution. The cash-out refinance option again may not be possible without a job and even if it is, the closing costs will kill you for emergency needs. It is always advisable to have 2 (if not 3 or more) months of expenses in an emergency fund in a high-yield savings account, and invest remaining as per your risk tolerance. An emergency is not just your car breaking down, the main source of income for many is a paying Job and if that job is lost and you don't have an emergency fund you are doomed, what is the use of the 1-month emergency fund?
Totally agree with you 😊
Good point you should do your own video
@@CraigBaileyfinancialseeds You are in a field where a particular solution doesn't fit all, and everyone needs a custom solution catering to their specific needs. I'm glad you are doing these videos to give different perspectives, it will compel everyone to think, which is most important. Thanks for your efforts.
@@CraigBaileyfinancialseedsyour advice is dangerous. And if you get someone who disagrees with logic and facts you should be able to counter the same way. The fact that you just said “do your own video” tells me you know his point is valid but you can’t dispute it. Not a good look.
@@yh2059376 I agree. A more professional reference to his theory would have been better.
If you have an emergency during the $1000 emergency fund stage, you stop paying off debt and work to address the emergency, then get that $1000 fund back up, then resume paying off the debt. Just because you have a plan, does not mean you can not change that on the fly.
I keep 1k for short term emergency fund for things that come randomly like flat tire etc and 3 months long term emergency of living expenses at different high yield savings account out of sight and out of mind.
We're just looking into where to house our Emergency Fund, thank you for the blessed timing!
Thanks for watching
To provide financial consulting services that involve advising clients on buying or selling securities, you typically need to be licensed. The specific licensing requirements vary depending on the jurisdiction and the type of financial advice you're providing. In many cases, individuals offering investment advice or recommending specific securities must hold licenses such as the Series 65 license in the United States. If you are not giving specific advice on securities products any one can consult with education or experience.
Dave Ramsey say 1000.00 is a Starter starter, starter
3-6 months is different depending on your lifestyle for some people thats 3k or 5k and others need 20k in order to supplement income for 6 months
Stack as much cash you can.
This video is confusing and makes no sense logically. Yet you ramble irrelevant scriptures. Everyone needs a fully funded 6 month emergency fund and building that is the most important financial cornerstone. You need to save at least 10-15k even before thinking about paying off debt
Hey if it works for you
You had me up to the point where you started Bible preach. In which column does God fall under in finance classes? 🤔
Talks about finances over 2,000 times in the Bible. Most churches won’t tell you that
God doesn't fall under finances; rather, finances falls under God. As well as relationships, and how one treats others, and how we work, and everything in our lives. "The earth is the Lord's and everything in it belongs to him." God is at the center of everything, and it is by following the Lord that we can consider how to steward the finances he has provided (and relationships, and jobs, and homes, etc.) in wisdom; we can consider how God wants us to treat people and things in honorable ways, rather than acting in ways that only or mostly consider our self-focused needs and desires. At least this is the case from a Biblical worldview; you may have a different worldview.
@@lailas.3205 the book of proverbs teaches us how we should deal with money and finances. Most people are missing the point of the video. He's correct you should keep 1 month of saving in a high yield bank account so that inflation doesn't erode your money. After that invest your money in a vehicle like a Roth IRA so the money grows at a rate of 10%. If you have an extreme emergency you can withdraw your contributions without penalty. You just can't touch the capital gains.
Your math is incorrect. A individual can't received both options when choosing between opportunity cost. It's independent - $13,000 or $17,000. But to gain the high historical value there high risk. Meaning history may not repeat. The tradeoff could end up as a loss equal to the investment value $10,000.
Cerify financial certificates only allows you to sell securities products. I been a financial consultant for federal government (Department of Justice) and owned my business since 2004. I have an Executive MBA - a credential that actually required by the market to consult. Lost of income job search on average take one month for every 10k a person would like to earn. You add second issue - unexpected house repair, unexpected car repair or family death which I seen happen more than once. I came home from a vacation in Philippines. My garage door spring broke and the hot water tank. Then a emergency trip out of town to attend a funeral all in the same month. Luckily I didn't overspend on vacation which most people do. Thank God no credit card was needed. It's better to have and not need, than to need and not have.
Excellent and clear content! New subscriber. ❤🎉❤
Thanks. I truly appreciate it
Hallelujah! I received this. Blessings! ❤🎉❤
Amen
Dave Ramsey is a multimillionaire r u?
>>>>>>>>>>RICHARD FAIN> RUclips👍