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JAM Program Simple Steps
JAM Interactive Budget Program
SS #4 Emergency Fund
Roth IRA as an Emergency Fund?
I recently read an interesting article on Using Your Roth IRA as an emergency fund. There are some pros and cons with stashing your emergency fund in a Roth IRA.
Use Roth IRA as your backup emergency fund
Pros
- Money grows tax free. This works especially well if you don’t have a major emergency.
- Less temptation to [...]
Emergency Fund- How Should I Invest My Emergency Fund? Part 3
My answer for what you should invest in is much shorter than the list of what you should not invest your emergency fund in.
ING checking or savings- If you have been reading this blog at all, you know my heart, for savings accounts, lies at ingdirect.com.
Money Market Funds-
You will see Money market funds in your [...]
Emergency Fund – Where do I put it? Part 2
Your emergency fund is not the account that is going to build wealth. Your emergency fund should be exactly that: a fund that is accessible for an emergency. Our definition of ‘emergency’ may be different, but I think of emergencies as something unexpected, like medical expenses or a job loss. Christmas & Vacation: not an [...]
Emergency Savings- How much should I put in? (Pt. 1 of 3)
This question seems to always come up when it comes to the emergency savings. Unfortunately, there is no quick answer to this. My answer is typically: it depends (gee, thanks Bryan). My general answer is 3-6 months of living expenses. If you don’t know your monthly expenses, this would be a great first step up [...]