Back to the Basics: Fast Cash and Emergency Fund
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
17 min
3 speakers
4 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
How does the episode introduce the topic of fast cash and emergency funds?
Hey, this is Allie, and thanks for listening to the show. Give us a five-star review where you listen and share this episode with someone who might need to hear it. Now, enjoy the show. Welcome back, ladies and gentlemen. You're listening to another edition of DL1 Money.
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So after you went to Buffalo, you did the whole Buffalo thing. You watched the Bills lose at the last second. It was a two-point conversion, right, I think?
Yeah, because we missed the point after the previous touchdown.
Do you still have Super Bowl hopes?
Oh, for sure. Absolutely. Yeah, I mean, it was a bad showing.
Well, I don't mean to brag too much on this podcast, but Daniel's not on here anymore, so I don't have someone asking me regularly, but I am the fantasy football champion this year, so kind of a big deal.
That is kind of a big deal. Who was that with? That was in the family?
This was our friends, so I have 12 guys that I do it with every year.
What's the loser have to do this year?
Um, loser has to go put, um, a hundred dollars on red at the casino. And then if they lose, they lose a hundred dollars. If they win, they have to buy everybody drinks.
Oh, that's fun.
Yeah.
So you're all going to go to, that'll be a very fast trip to the casino. It'll be like the end of the bills game here. And it's gone. And it's gone. And it's over, and we're going home. Yeah. Well, that's fun. I was terrible. I was in a league where, you know, the top, I don't know, six or eight go on to the playoffs.
Sure.
Do you do the same thing?
Yep. Is that a common thing? Yep. Six. Okay.
Well, what's frustrating about this is I was number three in points throughout the entire year. So if you ranked them by points. Sure. But every time I played someone... They put up the most amount of points they've had the entire season. It was so frustrating. So, yeah, there's nothing I could do. You're the points guy. I was the points guy. Yeah. But whatever. It is what it is. He's like, I just picked up Aaron Rodgers. I'm like, pick up your daughter from school. He's like, dude, your wife is about to be a free agent. All right. We overran the episode last time probably because I talked too much. But I think it was fine because it was a good subject matter. So I want to jump right into it today and talk about what to do with this margin.
We talked about how important it is to create the margin because you're not going to make any progress unless you have excess capital. But I want to talk about what to do with that. It's not like you just create excess capital every month and then you just go out and spend it willy-nilly. There's a process. that we have put in place that we feel is pretty important in order to start not just building some barriers around you from a safety perspective, but also for you to start progressing on the wealth creation stage. So, Logan, why don't you take us through maybe the first step, and we'll just kind of bounce some things around and go from there.
Yes, the first step in this process is to get $1,000 of what we call fast cash. This is the money that you have in maybe even physical cash in your house and your safe and wherever it might be. But it's $1,000 and it's really targeted for small emergencies. So a small emergency is tires on your car. Or it might have to be a medical visit where you had to go to the emergency room and now you're having to pay a big bill for it. Whatever it might be, but that $1,000 is really your buffer that can act in the small emergencies that we know life throws at you constantly. And, Quint, we always say it's the hierarchy of what you do at the margin. If you're sitting out there right now and you don't have this $1,000 available, you should be able to get it in a very quick time period.
Yeah. I'm only laughing because several episodes ago, we were talking about Allie doing her Facebook marketplace, which I know she went off and bought an espresso machine from some guy in the woods, and now she comes in talking about her espresso and all the rest of this nonsense.
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Chapters
4 chapters
1
How does the episode introduce the topic of fast cash and emergency funds?
0:02–7:27
2
Why do the hosts emphasize creating margin before making financial moves?
7:27–11:13
3
What is 'fast cash' and how much should you keep on hand for small emergencies?
11:13–14:35
4
How did the hosts illustrate rebuilding fast cash with a real-life selling example?
14:35–17:22