• LaToya

Emergency Funds: If you stay ready, you don't have to get ready!

At the end of 2018, I was laid off! The start-up that I was working for dissolved (the downside of start-ups). I got the call while I was out of town for my mother’s wedding (horrible timing right?), and for a brief moment I panicked but then I remembered that I was prepared for a moment like this.


These are the 4 things that I had in place:

1. An emergency fund account - after I received my last paycheck I was able to “pay myself” from my own savings account. I transferred over the same dollar amount I would have received from my paycheck on a bi-weekly basis. 2. My own company - I’ve been an entrepreneur for the last 8 years (while still working full-time) and last year my business consulting company Westbrooks Consulting Group really took off. I booked a 5-figure corporate project that kept me afloat once I was laid off. 3. Investment accounts - I was able to sell some of my investments (ETF’s) and transfer the funds into my bank account. This gave me the cushion I needed when I had to wait for my client to pay me (corporate clients don’t pay on time). 4. Reduced my expenses - I stopped going out as much and reduced my expenses. I said no to attending some brunches, dinners and trips. I also didn’t fly home for the holidays.

Knock your finances out of the park!


Being prepared gives you options...like the ability to look for a new job in peace and not out of desperation. The ability to help family out during a time of need and it also reduces the stress that comes when the income stops.

35 views

BROWSE

ABOUT WEALTHLY

Wealthly.png

Wealthly is here to help millennials and couples reach their personal financial goals through strategy, support and technology.

Site Credit

CONNECT

latoya@wealthlyliving.com

New York, New York

(786) 553-2472

  • Facebook
  • Instagram
  • Black LinkedIn Icon
  • Facebook
  • Instagram
  • LinkedIn - Black Circle