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Build Margin and Protect Against Emergencies
Unfortunately, things go wrong. To protect against the downsides that we often can’t control, it’s imperative to have liquidity for emergencies and to be properly insured against major events. As a rule of thumb, we like to see 3-6 months of living expenses in the bank (or in cash) to cover the unexpected. It’s also wise to have the correct amount of health, life, and disability insurances in place (and possibly long-term care insurance). While we want to plan for contingencies, we must also remember that we can never accumulate or protect against EVERY contingency. We must remember that God is our ultimate provider. Matthew 7:24-29 is about the houses built on rock and sand. What substance is your financial house built on?
CHALLENGE: Review your insurance policies. Do you have adequate coverage? Review your emergency fund. Does it meet the 3-6 month recommendation?
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*CFP® Professional Designation