From the course: Financial Adulting
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Risk reduction techniques
From the course: Financial Adulting
Risk reduction techniques
- I want to show you three risk reduction techniques that will help you master risk and become the financial adult. The emergency fund, life insurance and then high deductibles. Let's start with the emergency fund. I'm sure you're thinking, how's this an insurance technique? Well if your fridge breaks or you break your arm or your car needs new brakes, how are you going to pay for it? Having an emergency fund helps reduce the risk that these bad things will ruin your finances. Everyone should have an emergency fund, especially the most basic kind. At the bare minimum, you should have at least $1000 in cash on hand, so that you can deal with everyday emergencies, like car trouble or medical bills. Without putting it on your credit card or getting a loan to take care of it. If you've got a job and you're doing pretty well and you're able to save up a little bit, then we recommend that you have at least three to six…
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