Has financial stress become the new normal for most of us?
If you’re feeling financial stress and worry, you’re not alone. But it’s not inevitable. You don’t have to panic about your present or agonize about the what-ifs in the future. In this blog post, I’ll share three time-tested keys to achieving financial peace of mind, so you can weather whatever curve balls life throws at you…
Step 1: Have a Sizeable Liquid Rainy Day Fund
Life happens, and we should all expect the unexpected. Without safe and liquid cash reserves, how will you cope with:
- A medical emergency?
- Disability?
- A broken major appliance or leaky roof?
- Loss of a job?
- A family member needing assistance?
Without a sizeable liquid rainy day fund, you may be forced into selling or liquidating your nest egg assets prematurely—the investments you planned on keeping over the long haul. When this happens, the timing is often terrible. You’re at the mercy of current market conditions and forced to sell at the worst possible time.
Honestly? That’s how the majority of people live. Their fortunes depend on Wall Street, the Dow Jones, the next paycheck coming in. (Great Grandma at least had that old jelly jar filled with cash!)