{"id":8608,"date":"2019-10-03T00:22:07","date_gmt":"2019-10-02T15:22:07","guid":{"rendered":"https:\/\/bluebook.mylifehouse.com\/step-2\/"},"modified":"2022-10-24T15:39:32","modified_gmt":"2022-10-24T06:39:32","slug":"7-steps-to-financial-freedom-step-2","status":"publish","type":"post","link":"https:\/\/bluebook.mylifehouse.com\/fa\/7-steps-to-financial-freedom-step-2\/","title":{"rendered":"Step 2: Save A Beginner Emergency Fund"},"content":{"rendered":"<h3>Save A Beginner Emergency Fund<\/h3>\n<p>&nbsp;<\/p>\n<p><strong>What\u2019s A Beginner Emergency Fund?<\/strong><br \/>\nSave and set aside $1,000 for a \u201crainy day\u201d.<br \/>\nIn case something goes wrong, instead of going into debt you can use this emergency fund.<br \/>\nPut it somewhere you can\u2019t access easily so you won\u2019t be tempted to spend it on that holiday or latest iPhone.<\/p>\n<div  class=\"x-accordion-group\" ><div class=\"x-accordion-heading\"><a id=\"tab-662ce28896437\" class=\"x-accordion-toggle collapsed\" role=\"tab\" data-x-toggle=\"collapse-b\" data-x-toggleable=\"662ce28896437\" aria-selected=\"false\" aria-expanded=\"false\" aria-controls=\"panel-662ce28896437\"><i class='x-framework-icon x-shortcode-accordion-icon' data-x-icon-s='&#x2b;' aria-hidden=true><\/i><span>Proverbs 21:20<\/span><\/a><\/div><div id=\"panel-662ce28896437\" class=\"x-accordion-body x-collapsed\" role=\"tabpanel\" data-x-toggle-collapse=\"1\" data-x-toggleable=\"662ce28896437\" aria-hidden=\"true\" aria-labelledby=\"tab-662ce28896437\"><div class=\"x-accordion-inner\">The wise store up choice food and olive oil, but fools gulp theirs down.<\/div><\/div><\/div>\n<p>What do wise people do with their money in a good season?<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Do You Need \u201cPlastic Surgery\u201d?<\/strong><br \/>\nIf you have trouble spending money that you don\u2019t have on credit cards, perhaps you should cut them up!<br \/>\nYou can also switch to a \u201cdebit card\u201d where the money comes directly from your bank account.<br \/>\nThis also helps with budgeting, with a credit card it is like looking in the rear vision mirror.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Credit Card Points<\/strong><br \/>\nOften times stores or companies offer a \u201cpoint system\u201d.<br \/>\nMany times it is just a system to get you to use the credit card more.<br \/>\nBe wise and live on the money that you have in the bank, not on what you can repay in the future.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Plastic or Cash?<\/strong><br \/>\nOne of the most often cited studies is one conducted by Dun &amp; Bradstreet, where they found that people spend 12-18% more when using credit cards instead of cash.<br \/>\nMcDonald&#8217;s reports its average ticket is $7 when people use credit cards versus $4.50 for cash.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Life Insurance<\/strong><br \/>\nIt is a wise thing to take out life insurance to support anyone that replies on your income (eg. spouse, kids) in the case of your death.<br \/>\nA recommended amount is to take out insurance equal to 12 times the income needed each year.<br \/>\nThis means the insurance payout can be invested and 8% each year can be drawn to live on, leaving a buffer for the investment to grow and account for inflation.<br \/>\nIn most cases the government pension will not cover a family&#8217;s needs so you will need other insurance.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Term Life Insurance vs Whole Life Insurance<\/strong><br \/>\nTerm life insurance is the most simple and inexpensive type of life insurance and is easily available online.<br \/>\nThe cost is approximately $10 \/ month per $100,000 of insurance, and the rate stays the same throughout the whole term.<br \/>\nIt may be more expensive depending on your age.<br \/>\nYou can decide how long the term should be, but in most cases it is recommended to set the term until your kids are out of college (eg. 20 years)<\/p>\n<p>Whole life insurance is a package of term life insurance, insurance and savings.<br \/>\nIt is usually sold in person, has large commissions, and is much more expensive.<br \/>\nIn most cases it is best to get your insurance with an insurance company, savings with a bank and investing with a securities company.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Medical Insurance<\/strong><br \/>\nThis is insurance to cover any gap between government health insurance and hospital fees.<br \/>\nOften times for a longer stay in hospital this can be about $50-100 per day or $3,000 per month!<br \/>\nThe cost is approximately $20 \/ month for $100 of coverage per day and may be more expensive depending on your age.<br \/>\nMost plans also include payments for new or advanced treatments.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Long Term Disability Insurance<\/strong><br \/>\nThis is insurance to cover your loss of income from accidents that prevent you working.<br \/>\nIt is more expensive than the other insurances as it is much more likely to occur.<br \/>\nThe approximate cost is $50 \/month for a $3000 \/ month salary, and may be more expensive depending on your age.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Save A Beginner Emergency Fund &nbsp; What\u2019s A Beginner Emergency Fund? Save and set aside $1,000 for a \u201crainy day\u201d. In case something goes wrong, instead of going into debt you can use this emergency fund. Put it somewhere you can\u2019t access easily so you won\u2019t be tempted to spend it on that holiday or latest iPhone. What do wise &#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[217],"tags":[571],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Step 2: Save A Beginner Emergency Fund - | The Blue Book<\/title>\n<meta name=\"description\" content=\"Sae and set aside $1,000 for a \u201crainy day\u201d. 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