The Value of Emergency Savings

In this month’s 2 Minute Financial Focus I want to talk about the value of emergency savings.  And I want to share my story with you. 

You see, it was back in 2001 and my wife and I were planning for our second kid.  We set a goal together of getting rid of as much debt as we could so that she could be a stay at home mom and take care of the kids.  We knew it was going to be a challenge.  So we saved like crazy and paid a lot of things off. 

Then the day had come.  My wife was ready to turn in her notice to quit her job.  That exact same day…..I got let go from my job! 

Imagine the devastation.  What would happen to our goals that we worked so hard for? 

Because we had worked so hard and saved up so much for emergencies, and this was an emergency….  It allowed us to refocus, and it allowed me to make a career change that led me into financial services.  Which lead me her today and is the foundation for the FOCUSED book. 

If I wouldn’t have had that emergency saving, where would we be today?  Having that money saved up allow us to turn what looked like our biggest problem, into what became our biggest opportunity.

My question to you is….do you have an emergency saving?   Life is going to throw us curve balls.  Are you ready for them?  If so, you can knock it out of the ball park by turning your biggest problems into your biggest opportunity. 

So remember, financial freedom IS living in a way that you can turn your biggest problems into your biggest opportunities.  And having an emergency savings is a way to do it!