Owen Rascovitch

Yeah, I did a bit of research before we came in and I found out that the average time it takes to get a new job in Australia at the moment and it's a pretty good jobs market in Australia.

At this time, it's about six to eight weeks.

So even if you're a very employable person, it might take six to eight weeks.

That's six to eight weeks of lost income.

If you've got a mortgage, if you've got rent, that stuff doesn't stop just because you injure yourself or you lose your job.

Yeah.

And another thing you mentioned there is it can take a while if you do injure yourself to get income protection, which is a type of insurance that we'll talk about soon.

You know, that can take three months from the date that you injure yourself or you see the doctor.

So it's really important that you have three to six months.

And I say if you're a single income family, six months.

If you're maybe someone such as yourself that lives at home still, maybe three months is okay.

And you're going to get there pretty quickly, right?

But the longer you can have, the better.

It starts to get an issue, I think, when you get to, say, 12 months or 18 months because then you start to have all this cash.

that's not really earning that much money that really should be invested.

But the one exception to that, I guess, is someone that's nearing retirement.

When you probably want a bit more cash, you probably want a couple of years.

And let's be honest, by then you probably have a fair few investments or whatever you'd hope.

So that's why you'd have an emergency fund.

And I would always have one prior to investing because what tends to happen is that when investment markets do really badly and say they crash 40% or 50% and it does happen, that tends to be the time when you become unemployed.