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#15 - Finances for Actors - Part 7 (Emergency Fund), Part 8 (Retirement) & Part 9 (Debt)
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Emergency Fund:
An emergency fund is money that you put into an account in case of a rainy day.
Actors – this is not money you use from one job to the next – it’s money kept for true emergencies.
I like setting up an emergency fund in a money market account (that’s liquid – aka can sell at any time) that doesn’t show up on my online banking, so it’s out of sight and I’m less tempted to spend it.
Experts recommend saving 6-12 months of expenses in your Emergency Fund.
**Disclaimer: I (Michelle Dyer) am not a financial advisor, please contact one. The views expressed are strictly my own and do not reflect my employer.**
Retirement:
“Retirement?! Why do I need to be thinking about retirement in my 20’s? I’m just barely getting by now!”
Check out my blog post on Compound Interest.
…and my favorite JP Morgan Compound Interest Chart
The earlier you start saving, the better off you will be.
Your future self will thank you!
Debt:
Items Referenced:
- Book – The Total Money Makeover – Dave Ramsey
- Workshops – The Actors Fund
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