Owen Rascovitch

it actually is incredible the the power that this has it might it might sound like a long time you know three or five years but after that time you know you might find that if you invest and you do it well you might be making more money from your investments than you are from saving from your job you know so it it's an incredible thing it starts small but it's like this idea of little bits lots of times and you do that only after you you spend less than what you make so you know we'll get well i'm sure compound interest will come up again and again and again throughout the series but

It's just about identifying what's your non-negotiable and then what is your negotiable and working from there.

One thing that we mentioned earlier on was this idea of an emergency fund.

Yeah.

Can you explain what it is, why you have one and why it's really important?

Yeah, so when you say consumer debt, you mean like credit cards, using credit cards?

That's crazy.

Yeah, so they're taking advantage of the people who are in need.

Yeah.

Yeah, so you never want to be – I mean that's kind of like the worst thing that can happen because you get stuck in that situation and the loans just hang around for years and years and years.

Yeah, and you mentioned it there.

You said that we'd use this emergency fund and I keep this in a savings account.

So this isn't invested.

It's not in anything that's really exotic.

Like I'm not trying to make a lot of money from it.

This is just something that's simple.

It's not necessarily accessible.

Like I can't just go and get my new card out and just tap and then I buy something with it.

This is something.

you know i can transfer in and out but it's something that is reserved specifically for emergencies right yeah and also gives you that peace of mind having that there so if anything unexpected happens you know your emergency fund set up and one of the things that you mentioned earlier on was that three to six months why would why would someone need to save three to six months