Building A 6-Figure Savings Account Won't Be Easy, But It Will Be Worth It.

Treating my emergency fund the way it deserves to be treated. 😌

February 25, 2023

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2 min

Many of us say we want to be wealthy, but each of us has a different meaning when we say that. That being said...

What does wealth mean to you?

To me, it means not having to worry. If you remember, I only want to watch movies and write all day.

I know that lifestyle requires money, which is why I'm looking into building multiple income streams. However, to truly be wealthy, you must learn to manage your money.

I've already automated my paycheck to split into four main accounts, but honestly, I haven't respected the purpose of those accounts.🫠

So for the next 12 weeks, I will commit to not touching my emergency fund unless there's a real emergency (hopefully, there won't be).

Remember, an emergency fund is a sum of money set aside for unexpected expenses or financial emergencies. These include medical bills, car repairs, or job loss. The purpose of an emergency fund is to provide a financial safety net and prevent individuals from going into debt or having to rely on credit cards or loans to cover unexpected expenses.

The recommended amount for an emergency fund is three to six months' worth of living expenses. This can vary depending on individual circumstances, such as job security and family size. It's important to keep the emergency fund in a separate account from everyday spending and to only use it for true emergencies. By committing to not touching the emergency fund for a set period of time, individuals can establish the habit of saving and build a solid financial foundation.

If — when I stick to this commitment, I should see some real savings after these next 12 weeks.

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