#28: What is a good account for an emergency fund besides a savings account?

Episode 28: What is a good account for an emergency fund besides a savings account? Today, join Josh and Garrett as they discuss emergency funds and where to put emergency fund money other than savings accounts! 3 key takeaways: Savings accounts are FINE but it’s easy to transfer money back out, so sometimes it’s easier to set up some barriers to easy transfers. The purpose of an emergency fund is NOT to get a return on it! Options for where clients should put their emergency funds: High Yield Savings Account (consider accessibility) CDs (consider liquidity) Cash (consider scale) Whole Life Insurance/Universal Life Insurance (IF the prerequisites make sense; also be careful because licensing is required to discuss) TIPS - Treasury Inflation-Protected Securities (more esoteric: i-bonds or e-bonds) Roth IRA (be careful because licensing is required to discuss; you cannot legally tell a client to sell things from their IRA) Resources mentioned in this episode: Is Financial Coaching Breaking the Law? What to Look For in a Financial Adviser? Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey: Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow