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How To Start An Emergency Fund : Saving your first $1000
Today’s video is so close to my heart because I believe not enough education and attention is given to this particular topic : building personal wealth.
I was researching a topic for a freelance client of mine and came across a fairly startling statistic : about 70% of people who live in the US do not have a savings account.
Considering that a savings account is the most basic unit to building personal wealth I took this finding to heart. On top of THAT, I also realized that personally, I had not been proactive about about starting a savings account for myself !
I leapt into action and started getting my financial life in order.
FIRST STEP.
Pay off all debt. I am currently taking care of that aggressively.
SECOND STEP
Create a $1000 emergency fund.
What I have learned through this process
- If you are passive about your money, opportunities to build wealth that are painfully obvious will pass you by
- Saving up a $1000 was not as difficult as I thought it was – you just have to take intentional consistent action
- Once you build up the courage to save up $1000, saving up $5000, $10,000 etc will actually begin to feel within reach
I talk about my experiences in the video above.
Disclaimer :
I am not a certified financial planner. The information I share in the video is from personal experience only.
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