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Reply to "Tell me about your emergency fund"
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[quote=Anonymous]I am the PP with the 10 alternatives to an emergency fund. An emergency to me is something that is truly rare. A major, unexpected medical event, unemployment over a month long, being sued, etc. For almost everything else, we have insurance: like a car breaking down or having to buy a new water heater, or being disabled while working. These aren't emergencies to me. That is part of everyday living. I am lucky that I haven't had any REAL emergencies that I can think of. The cost of having a large chunk of money earning about nothing is higher than the cost of using your credit card or your retirement funds. $60K * 5% a year is $3,000. By not having an emergency fund, I have made well over $60,000!!! ($3,000 * 20 years). With the compounding interest concept, it is actually much more than $60,000. [/quote]
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