This video is all about, creating an emergency account, and where to save it, how much to save and how to get started. And most important why.

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1. Why you Need an Emergency Account
– I’ll tell you guys two personal stories, that I hope you learn from
– This happened at age 17-19 and also at 20

When I was in college: 17-19 age
– I got to have around almost 4 jobs, two were normal minimum wage jobs and the other 2 were business I was starting
– And just like a farmer: I made a lot of money during the good times
– But I spent it all ( after the Season was over, my 2 jobs let me go, and I was left broke
– I was making $60 a week, to the point where I had to ask my mom for $10 a day to go to college, that was embarrassing, if I had saved money, I could have been fine until I got another hustle or something

When I turned 19 I learned my Lesson:
– And when I was broke, I started using my simple budget system, where every dollar had a job, so I split that $60 into 6 different jobs ( but this helped me create habits
– I got my job back as a work-study in college
– I paid off my debt, I save for emergencies, eventually, things started going well
– And btw I put the emergency money in a piggy bank with no exit hole, so there was no way for me to take the money out

Here Is the Second Story:
– After nearly a year of saving for an emergency, something happened
– On November 18th, 2017, I was 19 years old I think, and that day I heard the news my dad passed away ( and knew this was an emergency )
– So I cracked up the emergency fund, and I had somewhere around 2k inside ( I have pictures actually )
– I used that money for flights and everything I needed, I quit my job and gave myself some time to figure things out ( but I had the money to do that )

Tip: the point is when you’re prepared you to have options, and that’s what you want. You don’t want to go into credit card debt, or not be able to be there for emergencies.

2. How Do you Save Emergencies:
– Here is 3 step plan to do

The first Step is:
– Save $1000 asap ( as fast as possible and keep it in cash and set a goal )
– TO do this, you’ll have to understand your expenses and your income
– How much do you spend and how much do you make, and how long will it take you to save it up ( remember needs and wants, those are different things )
– The goal should be ( 3-6 month worth of expenses )

Step 2:
– Make it a habit and remember your goal
– I recommend 10-20% of your income you start saving it up for emergencies
– This way in around 30 paychecks it will be fully funded

Step 3:
– You cant keep all that money in cash, but you cant keep it with your regular money either ( because you might spend it, you want a window of safety )
– Save that money with Wealthfront, this way that money is separate and you can’t touch it
– However they do give you a debit card ( so put that debit card in an envelope with a letter tape to it, saving this money is for a real emergency, and I made a commitment, and sign it ) – and if you are savage cut the card, and the money will take 3 days to transfer

3. Here are some extra things I can’t go over
– But remember money should have 6 jobs and this is only one of them
– So here is a video on how to go out their build wealth even if you are on a low income
– Video: https://www.youtube.com/watch?v=iaAAoPIZf4o

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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