The Roanoker November/December 2022 - 39
F
undamental money management
advice is similar among professionals.
Certain things just work.
The past couple of years, though,
have brought on dramatic changes
that have disrupted lives and the usual flow
of money. What was easy three years ago
may be a struggle today. When life throws
you surprises, it's always good to go back to
the basics.
As a Dave Ramsey Endorsed Local
Provider and Smartvestor Pro, I often reference
his 7 Baby Steps. Most households seem
to agree with these tips, others not so much.
What's most important is to understand what
they mean for you, they're guidelines. It's
important to familiarize yourself with what
they are before crafting your money plan.
EMERGENCY SAVINGS
Dave Ramsey advises setting aside $1,000 for
emergencies as Step 1. This is doable for just
about anyone. It won't last for long, though,
and that's why he suggests finishing your work
here in Step 3.
Standard advice is six months of living
expenses in a liquid account. Data shows unexpected
life events either cost that much or take
that long to recover from. Few expect to lose a
job or get in a terrible car accident, but it happens.
Having that financial cushion while you
recover eases the stress.
Today's inflation and rising interest rates
should be considered too. A six-month emergency
fund may not be enough in tomorrow's
dollars. Banks vary in the interest rates they
offer so it's important to shop around. If money
isn't appreciating at least as quickly as inflation
is deflating it, emergency funds are shrinking.
Seek a savings account that matches or exceeds
the inflation rate in interest payments.
TheRoanoker.com
NOVEMBER/DECEMBER 2022 39
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The Roanoker November/December 2022
Table of Contents for the Digital Edition of The Roanoker November/December 2022
The Roanoker November/December 2022 - Cover1
The Roanoker November/December 2022 - Cover2
The Roanoker November/December 2022 - 3
The Roanoker November/December 2022 - 4
The Roanoker November/December 2022 - 5
The Roanoker November/December 2022 - 6
The Roanoker November/December 2022 - 7
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The Roanoker November/December 2022 - 47
The Roanoker November/December 2022 - 48
The Roanoker November/December 2022 - 49
The Roanoker November/December 2022 - 50
The Roanoker November/December 2022 - Dining1
The Roanoker November/December 2022 - Dining2
The Roanoker November/December 2022 - Dining3
The Roanoker November/December 2022 - Dining4
The Roanoker November/December 2022 - Dining5
The Roanoker November/December 2022 - Dining6
The Roanoker November/December 2022 - Dining7
The Roanoker November/December 2022 - Dining8
The Roanoker November/December 2022 - Dining9
The Roanoker November/December 2022 - Dining10
The Roanoker November/December 2022 - Dining11
The Roanoker November/December 2022 - Dining12
The Roanoker November/December 2022 - Dining13
The Roanoker November/December 2022 - Dining14
The Roanoker November/December 2022 - Dining15
The Roanoker November/December 2022 - Dining16
The Roanoker November/December 2022 - Dining17
The Roanoker November/December 2022 - Dining18
The Roanoker November/December 2022 - Dining19
The Roanoker November/December 2022 - Dining20
The Roanoker November/December 2022 - Dining21
The Roanoker November/December 2022 - Dining22
The Roanoker November/December 2022 - Dining23
The Roanoker November/December 2022 - Dining24
The Roanoker November/December 2022 - Dining25
The Roanoker November/December 2022 - Dining26
The Roanoker November/December 2022 - Dining27
The Roanoker November/December 2022 - Dining28
The Roanoker November/December 2022 - Dining29
The Roanoker November/December 2022 - Dining30
The Roanoker November/December 2022 - Dining31
The Roanoker November/December 2022 - Dining32
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The Roanoker November/December 2022 - 82
The Roanoker November/December 2022 - Cover3
The Roanoker November/December 2022 - Cover4
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