How to Structure an Effective Emergency Fund
Even if you only have $500 in your emergency fund, today we reveal why having this money in the right place can yield BIG dividends. If you have your $500 in an account paying the average rate, you'll make around $2.50 in interest per year. Yet, by moving these Benjamins to a well-structured emergency fund, you could earn around $22.50. Doesn't sound like much? Assuming this takes 30 minutes, we're talking about earning $40 an hour! That's a GREAT rate of return on your time invested.\nEpisode Overview\nWhy Your Emergency Fund Matters More Than Ever:\n\nEver wondered where to stash your emergency fund for the greatest benefit? With rising interest rates, it\u2019s a discussion worth your time. We\u2019ll cover:\n\nHow much should you keep in your emergency fund?\n\nAvoiding common pitfalls.\n\nUnderstanding the differences between money market accounts, high-yield savings accounts, and other options. And yes, we clarify all this mumbo-jumbo so you can actually understand it!\n\n(What are YOUR thoughts on emergency funds? Share with us on Instagram or on Facebook!)\nSegment Highlights:\n\n\nTikTok Minute: What\u2019s \u201cguy math\u201d? We\u2019ll dive into this fun trend and how it compares to \u201cgirl math.\u201d This guy applies girl math to his tool collection. What could go wrong?\n\n\nNew Segment Debut: Sometimes, online advice needs a second opinion. Hear OG\u2019s take on some questionable financial tips. Today, we open with Sammie, who is asking for help with her 401k. As you can imagine, any time you ask for advice on the internet, it goes downhill quickly from there. If you see horrible advice in a financial forum, send it to us! (joe at stacking benjamins dot com)\n\n\nDoug\u2019s Trivia: Test your knowledge with Doug\u2019s latest trivia question and much more! Today, he dives into Federal holiday trivia to celebrate Juneteenth.\n\nJoin the Community:\nFor deeper dives, curated links, and exclusive discussions, subscribe to our newsletter, The 201. Join the Stacking Benjamins community and let\u2019s achieve financial success together!\n\nLearn more about your ad choices. Visit podcastchoices.com/adchoices