Ep10: Financial Baby Step 7 - Building a Three to Six Month Emergency Fund

Special thanks to our Title Sponsor, MedicalExpertWitness.com – helping you build your medical expert witness agency. —---- The episode covers Baby Step 7 in the financial journey. It starts with a recap of the previous steps, which include protecting loved ones through insurance and estate planning, saving up a starter emergency fund, investing, paying off debt, and maxing out retirement accounts. Baby Step 7 is to save up a three to six month emergency fund, which is crucial for doctors who may need to leave their job or relocate. The emergency fund should cover fixed and variable expenses but can exclude wants. It is recommended to keep the fund in a place that is easily accessible and can earn some interest, such as a high-interest savings account. Dr. Disha created this podcast to share her story and provide guidance to those who feel trapped in their financial circumstances. Let's join forces, take charge of our finances, and work together towards the ultimate goal of financial freedom. Share this podcast with friends and colleagues who may benefit from this transformative journey. It's time to embrace change and embark on the path to financial freedom. If you enjoyed the show, find and follow Dr. Disha everywhere else: Twitter Website Facebook The Frugal Physicians Facebook Group YouTube (Coming Soon!) ----------- Looking for something specific in this show? Here you go! [00:02:30] A three to six month emergency fund. [00:06:12] High interest savings accounts. [00:11:33] Roth IRA withdrawal exceptions. [00:14:30] Investing emergency fund money. [00:17:29] Roomba price tracking. Please note: The content shared on the podcast is for informational purposes only and should not be considered individualized financial advice. It is essential to consult with professionals such as accountants, financial advisors, or attorneys to receive personalized guidance based on your specific needs.