Money and wealth are not the same thing so it’s important to follow the 5 steps of the Winning at Wealth Program if you want to be financially successful.  

To review, the 5 Steps of Winning at Wealth are: 

  1. Develop the proper money lens: Understand money and how it works.
  2. Budgeting: Live below your means so you can create savings and investments. 
  3. Emergency Funds: Have 3-6 months of living expenses saved and readily available.
  4. Investing: Match the correct investment tool to your goals. 
  5. Repeat and refine the process: Build healthy money habits and remember wealth is created in service to others.  

While it’s tempting to skip steps and jump straight into investing, establishing a solid emergency fund is vital to building your wealth. 

In this episode, John walks through the benefits of an emergency fund and how to best prepare for life’s unexpected expenses. 

In this episode, you’ll also hear:

  • Why you need an accessible emergency fund 
  • Building an emergency fund vs. paying off debt 
  • Aligning your emergency fund with your comfort level  

Must-listen moments: 

[00:02:36] It’s important to understand that the emergency fund is not about growing your money or getting a great return. The emergency fund is there to ensure you have a way to deal with the unexpected things life’s sure to throw at us.

[00:06:03] Be the boss. Remember, you’re in charge of your money. Money is under your control, and it will do exactly what you tell it to do. 

[00:09:03] Again, there’s no black and white, right or wrong answer to this question. You have to look at your circumstances and the risks that those may create and align that with your personal comfort level.

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Disclosure: The following program is sponsored by Fourth Avenue Financial, which is solely responsible for its content. Securities offered through J.W. Cole Financial Member FINRA SIPC, Investment advice offered through J.W. Cole Advisors. Fourth Avenue Financial, J.W. Cole Financial, and J.W. Cole Advisors are unaffiliated entities. The opinions expressed by John K. Burdette II should not be construed as specific investment, legal, or tax advice. All economic and performance information is historical and not indicative of future results. Investing may involve the risk of loss of principal. Any Tax advice on this show is not intended to be used by any person for the purpose of avoiding US federal or state tax penalties that may be imposed on such a person, and each listener should seek advice from their tax advisor or legal counsel on topics that arise from the show. John K. Burdette II is not providing legal or tax advice. Nothing should be construed as solicitation of an offer to buy securities.

The preceding program is sponsored by Fourth Avenue Financial, which is solely responsible for its content