Financial Planning: ”How much money should I put in my emergency fund?”

Summary Notes:

Phillip talks about how to know how much money you need in an emergency fund. He explains that there is a balance between the subjective and objective aspects of wealth building. When it comes to cash, the right amount is unique to the individual and what makes them feel comfortable.

Intellectual intelligence often surpasses emotional intelligence, and this can lead to making mistakes, especially in the realm of finances.  A few ways to increase emotional intelligence around money include listening to podcasts about emotional intelligence, positive affirmations, meditation, speaking with people who have good money and emotionally intelligent habits, and speaking with a financial advisor.

It is important to remember that feeling good financially is key to unlocking opportunities that can lead to wealth. This is exemplified by Warren Buffett, as if his mind were in someone else's body, they would become a billionaire in five years. This is because he has opened up pathways that allow him to see opportunities and attract things that others are not yet ready to. It is these pathways that allow people to see investments and business opportunities that others are not aware of. 

Timestamps

0:01:19 How to Determine the Right Amount of Cash for Your Emergency Fund

0:03:24 The Dangers of Letting Intellectual Intelligence Outpace Emotional Intelligence in Financial Planning

0:08:29 Balancing Facts and Feelings for Wealth Building

0:10:27 The Impact of Emotional Intelligence on Financial Success 

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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.