RHYS MARTELL  |  financial advisor

Do I Need an Emergency Fund?

Should you have an emergency fund? Yes. I recommend a solid year’s worth of expenses set aside in cash. And I give that advice to everyone, no matter how wealthy they are.

I understand that may take a while to build up to. And maybe some debts need to be paid off first, but you should make it a goal.

Here’s why. Let’s use COVID as an example.

When Covid hit, almost no one saw it coming. And the world went into panic mode. In a heartbeat, everything was at risk.

But those who had a stack of cash had three really important things:

  1. The ability to take a hit to their income

  2. The ability to work less if they wanted to or needed to

  3. The ability to invest at some of the most delicious prices we’ve seen in over a decade

Yes, you could’ve used a line of credit. But not without adding a bunch of risk to an already risky situation. Remember, a line of credit isn’t your money. It’s someone else's. And they control it. Not you.

The key point is that the sun doesn’t always shine. Sometimes it gets dark. Very dark. It’s wise to be ready.


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This article is for educational purposes only and is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. Opinions expressed are those of the owners and writers only. Every effort has been made to compile this material from reliable sources, however, no warranty can be made as to its accuracy or completeness. It may also include forward looking statements concerning anticipated results, circumstances, and expectations regarding future events. Forward-looking statements require assumptions to be made and are, therefore, subject to inherent risks and uncertainties. There is significant risk that predictions and other forward looking statements will not prove to be accurate. Please consult an appropriate professional regarding your particular circumstances. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or the fund facts before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual Funds and Segregated Funds provided by the Fund Companies are offered through Worldsource Financial Management Inc., sponsoring mutual fund dealer. Other Products and Services are offered through Rhys Martell/Well-Built Plans Financial.

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