💰Falling sick taught me this

read time 2 minutes

Hi Aanisha,

Only when you fall sick do you realize: health truly is wealth.

This past week, I fell sick for 5 days. And let me tell you, it wasn’t fun. I don’t fall sick often because I take a lot of preventative measures to begin with. I do my daily breathing exercises. I take natural immunity boosters like turmeric ginger shots. I go to the gym, I eat well, I prioritize my rest. But no matter what you do, the bug sometimes gets you when you least expect it, and all you can do is let it happen.

And like in life, your finances can take a sudden turn too.

You could increase your income, budget, invest, and still have your money journey thrown off by one emergency - be it an unforeseen doctor’s visit, a car breakdown, or even losing a job. That’s why a healthy emergency fund should be your #1 priority.

As an entrepreneur, my emergency fund has gotten me through many uncertain days, helping me be more prepared for the unexpected. 

An emergency fund is your financial safety net. Instead of relying on credit cards or loans, you dip into this fund, keeping your long-term money goals safe. So how does a fund like this work?

• It starts with a budget.  Track all your expenses to understand how much money you would need to live your life as usual for one month.
• Multiply this number by 6.  This is the goal to grow your fund to.
• Set aside a portion of your income each month dedicated to growing this fund. Make this your #1 priority.
• Store your emergency fund in a high-yield savings account. This helps grow your money faster through the power of compounding. Pick from our favorite HYSAs here.
• Never withdraw from this fund. Use it only for emergencies.
• Whenever money is withdrawn from this fund, put it back ASAP. Your emergency fund can never be too large, so continue to add to it to build your financial safety net.

Pro Tip: Don’t assume you can put this off for later. Emergencies are never scheduled, so take the preventative measures today. 

Using my affiliate link helps support my team and I to create new content for you every week. Thank you! 

- Milan and Team

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