The recent government shutdown disrupted people’s lives and work all over this country. And it brought with it a useful set of lessons in the world of personal finance. Let’s review them-
First, there is no such thing as a “safe” job. While we all seek stability through work, we must admit that events and decisions outside of our control may disrupt our employment in ways we must prepare for. Don’t fall into the trap of thinking your job will always be there.
Second, you must have an emergency fund to survive. The time will come when you cannot rely on your weekly paycheck to cover your expenses. Whether it’s a shutdown, a medical emergency, the loss of a job, or anything else, we need to have money put away in a rainy day fund that can plug the holes and protect our future.
These are just two of seven lessons spelled out by Trent Hamm in a recent post on The Simple Dollar. Read the rest of them now.