An emergency fund is a bank account with money set aside to pay for large, unexpected expenses, such as:
- Unforeseen medical expenses.
- Home-appliance repair or replacement.
- Major car fixes.
- Unemployment.
An emergency fund is a bank account with money set aside to pay for large, unexpected expenses, such as:
- Unforeseen medical expenses.
- Home-appliance repair or replacement.
- Major car fixes.
- Unemployment.
Life is full of unexpected situations – good and bad.
Hence, apart from other things, you need to be prepared for it financially.
The current pandemic is an example of one such unplanned expense.
If you already have loans that you are paying off, then an emergency fund can help you avoid borrowing more.
Every individual has different financial needs.
Each individual has a unique combination of lifestyle, dependents, income, and unavoidable expenses.
Before calculating the amount of the emergency fund you need, it is important to calculate the minimum amount you need to get through the unavoidable monthly expenses.
Ensure that you don’t include avoidable expenses that movies, travel, etc. in this amount.
Once you have finalized the amount of the emergency fund you need to build and start working towards saving it, it is important to find a good place to keep it.
However, another important aspect of an emergency fund is that you will not need it regularly.
By investing a sizable part of the emergency fund in these schemes, liquidity is ensured since you can redeem within a couple of days.
Average returns on liquid funds hover around the 6-8% mark.
Let’s say that your basic living expenses are Rs.40,000.
Therefore, you will need to save between Rs.2-2.5 lakh as your emergency fund.
Considering the increasing costs of living, this can take time.
You can consider starting a systematic investment plan (SIP) and automate your savings and investments.
https://t.co/pcZKzcu2mB
How to Build a Emergency Fund.
— Abhay | Money Wisdom \U0001f4b0 (@MoneyWisdom_) May 21, 2021
Emergency Fund 101
A Thread \U0001f447
Inspiration -- @FI_InvestIndia pic.twitter.com/DSQXgrvegQ
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1/x Fort Detrick History
Mr. Patrick, one of the chief scientists at the Army Biological Warfare Laboratories at Fort Detrick in Frederick, Md., held five classified US patents for the process of weaponizing anthrax.
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3/x His team explored Q fever, plague, & Venezuelan equine encephalitis, testing more than 20 anthrax strains to discern most lethal variety. Fort Detrick scientists used aerosol spray systems inside fountain pens, walking sticks, light bulbs, & even in 1953 Mercury exhaust pipes
4/x After retiring in 1986, Mr. Patrick remained one of the world’s foremost specialists on biological warfare & was a consultant to the CIA, FBI, & US military. He debriefed Soviet defector Ken Alibek, the deputy chief of the Soviet biowarfare program
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5/x Back in Time
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Great article from @AsheSchow. I lived thru the 'Satanic Panic' of the 1980's/early 1990's asking myself "Has eveyrbody lost their GODDAMN MINDS?!"
The 3 big things that made the 1980's/early 1990's surreal for me.
1) Satanic Panic - satanism in the day cares ahhhh!
2) "Repressed memory" syndrome
3) Facilitated Communication [FC]
All 3 led to massive abuse.
"Therapists" -and I use the term to describe these quacks loosely - would hypnotize people & convince they they were 'reliving' past memories of Mom & Dad killing babies in Satanic rituals in the basement while they were growing up.
Other 'therapists' would badger kids until they invented stories about watching alligators eat babies dropped into a lake from a hot air balloon. Kids would deny anything happened for hours until the therapist 'broke through' and 'found' the 'truth'.
FC was a movement that started with the claim severely handicapped individuals were able to 'type' legible sentences & communicate if a 'helper' guided their hands over a keyboard.
For three years I have wanted to write an article on moral panics. I have collected anecdotes and similarities between today\u2019s moral panic and those of the past - particularly the Satanic Panic of the 80s.
— Ashe Schow (@AsheSchow) September 29, 2018
This is my finished product: https://t.co/otcM1uuUDk
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1) Satanic Panic - satanism in the day cares ahhhh!
2) "Repressed memory" syndrome
3) Facilitated Communication [FC]
All 3 led to massive abuse.
"Therapists" -and I use the term to describe these quacks loosely - would hypnotize people & convince they they were 'reliving' past memories of Mom & Dad killing babies in Satanic rituals in the basement while they were growing up.
Other 'therapists' would badger kids until they invented stories about watching alligators eat babies dropped into a lake from a hot air balloon. Kids would deny anything happened for hours until the therapist 'broke through' and 'found' the 'truth'.
FC was a movement that started with the claim severely handicapped individuals were able to 'type' legible sentences & communicate if a 'helper' guided their hands over a keyboard.
