"We recommend focusing all efforts on filling one tank at a time. All of your extra cash flow, or fuel, should go to the tank that you're working on until it's full, or finished. Then, move to the next. We recommend that a three-to-six month emergency fund is saved for and that all bad debt is paid off before migrating towards investing," Howerton said., take advantage of it, Howerton advises.
"If you're saving for a major purchase or event within the next five years — like saving up for a down payment on a home, wedding costs, grad school, or starting a small business — then I typically don't adviseMoney you need to fund short-term goals should be set aside in a low-or no-risk account. "It's best to save it as cash in aso you can at least get some interest from it beyond what you'd get from your checking or regular savings account," Luong said.
As Olson put it, "one of the biggest advantages" of only investing for long-term goals is that "if your investment drops in value, you've got the luxury to be able to wait for it to recover in value before you sell it. Cash savings buys you time, and allows you flexibility."
This is true.
Make the 401k contributions automatic from day one. Don't wait for emergency fund. Set your budget based on the remaining 85% of salary to include contributing to an E-Fund.
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