From the course: Financial Adulting
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Emergency funds and 401(k) plans
From the course: Financial Adulting
Emergency funds and 401(k) plans
- Before we get into specific investment accounts, I want to make sure you have an emergency fund first. Now we're not going to invest your emergency fund, but when the stock market drops it's important that you don't need to sell your stocks in order to get extra cash. That's what your emergency fund is for and we need to make sure that you have that funded first. Okay, so let's talk about some specific investment accounts and how we're going to use them. Every tool we're going to talk about has its advantages and disadvantages, so it's important to use a variety of them and to understand how they all work. So first, we're going to start with your 401k or your 403b, which is going to fund the future you. These are employer sponsored retirement accounts that should be set up by your employer. So before you do anything, check with your employer to make sure you're eligible, you're enrolled, and your account is set up. Next,…
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