From the course: Build Sustainable Wealth and Get Out of Debt

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Excel by building out your emergency fund

Excel by building out your emergency fund

From the course: Build Sustainable Wealth and Get Out of Debt

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Excel by building out your emergency fund

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- Now you're going to build some emergency funds in your life insurance cash value, perhaps also in your money manager account, depending on how we balance those two out. Once you have a healthy savings fund, then whatever's left over in these two accounts at the end of every month, you move across, and you make an extra payment on debt number one. Don't spread it out between all the debts or make extra payments on several of them. Focus on one. That's the most efficient way to do it. Now let's take a quick side trip. Maybe your paycheck doesn't come into your personal checking account monthly. Maybe it comes in weekly. Or maybe you're a business owner, and it comes in more sporadically. So you go ahead, you put your weekly paycheck, or however it comes in, into your personal checking account. Still take your 70% living expenses out of there. And you take 10% of every paycheck, put it into your money manager account.…

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