THE NEED FOR EMERGECNY SAVINGS – MORE IMPORTANT TODAY THAN EVER!
Shortly after starting my career, I read most likely I would work for ten companies. I thought that ridiculous and arrogantly laughed.
My last employer was my 10th – NOT so funny anymore. I was laid off four times during the course of my career. When I look back at the career “crisis” I faced, I realize we really use the word crisis too loosely. On a scale of 1-10 my job losses rank less than a one when compared to a true crisis – COVID-19 NIGHTMARE! This pandemic has impacted over 181 countries and in the U. S. displaced over 33 million workers. Many of those hard-working people will NOT return to the same job. The good news – many new and revolutionary jobs will be created precisely because of this crisis. COVID-19 has fundamentally in weeks changed the world.
While we do not know the precise date, we end this nightmare, you control your destiny!
THE NEED FOR EMERGENCY SAVINGS WILL BE WITH YOU FOR THE REST OF YOUR LIFE
https://wealthbuildingpowers.com/2019/01/21/earning-maximum-returns-on-your-emergency-savings/
When I faced my four job losses, because of my parents coaching/mentoring, I had adequate emergency savings to hold me over until I landed a full-time job. COVID-19 is demonstrating emergency savings is NOT a nice to have but a NECESSITY!
Many of you facing this crisis today had savings and some did not. Regardless, of which bucket you fall in, you must build or rebuild emergency savings as soon as your income restarts.
The best way to protect yourself from the financial impacts of job loss is having money in the bank. You will face career stumbles, and this is probably NOT the last pandemic we will encounter. Hopefully we will be better prepared as a nation. You personally cannot HOPE, you must PREPARE and build your emergency savings. Get in the habit of living below your means.
WHAT PERCENTAGE INCOME SHOULD YOU SAVE?
AS MUCH AS YOU CAN! You save the amount you can afford and keep adding over the months and years. The more you save, the more money you have for retirement and other savings objectives. Build up to 20% or MORE, of your paycheck toward total savings. This includes your retirement savings, short-term savings and any other savings goals. You need at least three to six months’ worth of expense money sitting in cash or easily converted to cash
CONCLUSION
Einstein defined insanity as doing the same thing repeatedly and expecting different results. START building or rebuilding your emergency savings as soon as your income resumes. Keep saving, until you reach a MINIMUM of 20% savings!
COVID-19 CHANGED THE WORLD – RESISTANCE IS FUTILE
Thank you to all the “Essential Workers” who go to work to keep this country running. Our brave and terrific health care workers, Police, Fire, EMT’s; the employees we used to ignore at the grocery, drug stores, Walmart’s, Target, etc. The employees who produce our food, where so many have become ill with COVID-19 and some have lost their lives.
To all the families who lost a loved one to this virus, I send my sincere condolences and prayers.
{CONTINUED FROM PREVIOUS COVID-19 BLOGS}
HOW TO MANAGE CORONAVIRUS HEALTH AND INVESTMENT RISK – MARCH 2, 2020
WHEN THE U. S. HAS A COUGH THE REST OF THE WORLD CATCHES A COLD – WHAT HAPPENS WHEN CHINA HAS A CORONAVIRUS? – MARCH 9, 2020
PANICKING WILL NOT ERADICATE THE CORONAVIRUS PROBLEMS – MARCH 16, 2020
https://wealthbuildingpowers.com/2020/03/16/panicking-will-not-eradicate-the-coronavirus-problems/
WHEN FEAR RUNS HIGH, THE NEED FOR COURAGE MUST RUN HIGHER! – MARCH 23, 2020
THERE IS ONE THING WE CAN ALL DO TO HELP SOME OF OUR TRUE HEROES – MARCH 30, 2020
A CALIBRATED LIFTING OF THE CORONAVIRUS EMERGENCY SHUTDOWN – APRIL 6, 2020 100
THE S&P 500 REBOUNDED 25% IN THREE WEEKS – BUT THE WORSE MAY NOT BE OVER APRIL 13, 2020
THE S&P 500 REBOUNDED 25% IN THREE WEEKS – BUT THE WORSE MAY NOT BE OVER
COVID-19 HAS KILLED NUMEROUS “ESSENTIAL WORKERS” – AMERICA’S EMPLOYEES ARE NOT DISPOSABLE! APRIL 20, 2020
COVID-19 HAS KILLED NUMEROUS “ESSENTIAL WORKERS” – AMERICA’S EMPLOYEES ARE NOT DISPOSABLE!
WAKING FROM THE COVID-19 NIGHTMARE – BETTER, RICHER AND SMARTER! APRIL 27, 2020
COMING OUT OF COVID-19 AND RETURNING TO “NORMAL” SHOULD BE A NON-STARTER – OUR KID’S AND GRANDKIDS’ LIVES DEPEND ON GETTING SOMEPLACE BETTER MAY 4, 2020 63 VIEWS
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger, with a NC State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I had a desire for making a difference as a speaker and writer, to help others. I was blessed to be coached and mentored by strong women and men in both my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (small but brilliantly created plant nursery). I am a successful investor in stocks, options, real estate and happy to share my personal finance and investment lessons learned with you.
However, I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog, as recommendations for your personal situation. For individual finance advice please seek your own licensed CPA or fiduciary financial advisors.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
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