Whether we like it or not, money can have a big impact on our lives.
For example, let's say you have a relatively unstable career with a low risk tolerance. You'd probably want to have a large emergency fund. But if you have a rock-solid career with a high risk tolerance, then you might only feel the need for a few months' worth of expenses on hand. It truly comes down to personal preference based on your situation. I have a low risk tolerance
In order to fund my lifestyle for an entire year, I would need $35,000 in readily available money, so that's how much I keep on hand. As a freelance writer, there are good months and bad months. My income is typically fairly steady, but there have been some dramatic ups and downs along the way.
The 'experts' don't really know how much you will need. Focus on how long it would take to replace your stream(s) if you lost it. Go from there.
What can minimum wage earners hope to keep in savings going paycheck to paycheck? A friend has taken two years of very frugal living to save,$490.00. NO entertainment, movies, meals out, haircuts, clothes, a twenty year old car. $35k isn't pocket change❗
You will lose the equivalent of about $1,500 in purchasing power to inflation in just the first year. Excessive risk aversion will keep you poor.
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What % of US citizens do you think can do this?
Oh yeah, everyone can just save $35,000 for a rainy day. Most people dont even have enough saved for a $500 emergency. Tone deaf AF
The author needs to learn how to exploit others for financial gain. Those in the top 10% of wealth already know how.
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