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Nov
21
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Nearly each fiscal planning and private finance book you will ever read recommends you to start an emergency savings fund, or wet day fund as some call it, to meet surprising money emergencies, as one of the first steps you need to take to make money. Some counsel a fixed amount, for example $500 or $1,000, be set aside for monetary emergencies.
I have seen suggestions from $500 to $12,000. Others endorse saving a certain number of month’s earnings for finance emergencies, for example 3 month’s earnings, 6 month’s earnings, or as much as 12 month’s revenue. Still others suggest setting aside a specific number of month’s routine costs , for example 3 month’s living costs, 6 month’s routine expenses, or perhaps 12 month’s routine costs, to meet surprising financial emergencies. With all this antagonistic monetary recommendation, what quantity of money should you save for money emergencies?
In an article titled “The Helpful Attitude”, Wallace D Wattles wrote: If you live right, think right, and work right, there won’t ever be a wet day for you. If you lay up for a stormy day, you’ll galvanize the sub-conscious with the terror of a stormy day; with the idea of weakness and incompetence, and so you’ll cause the wet day to come”. I do not know about you, but each single time in my life I tried to build up an emergency savings fund, guess what happened? A monetary emergency would pop up out of the blue and wipe out my emergency savings fund leaving me right back where I started.
Till I read those words by Wallace D Wattles, it never dawned on me that, by my private thoughts and actions, I’d be creating the self-same thing I was most trying to avoid. Does this mean you should not keep any additional cash at all? In the same article, Wallace D Wattles wrote: “supply a surplus, so you may take benefit of any new opportunity”. After I started to build a surplus to use new fiscal opportunities, rather than saving for fiscal emergencies, guess what occurred then? There is a Creative Power inside you that makes your life into the precise picture of that to which you target your attention. If you target your attention on financial emergencies, by pondering them, by preparing for them, by saving for them, that is precisely what you may have in your life.
If you target your attention on financial opportunities, by brooding about them, by preparing for them, by providing for them, that is exactly what you will have in your life.