Using Your Emergency Fund
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
15 min
2 speakers
4 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
Hey, this is Daniel. Thanks for listening to DIY Money. If you haven't already, be sure to give us a five-star review on iTunes so your friends know that they can learn from the show. Now, enjoy the show.
Welcome back, ladies and gentlemen. You're listening to another edition of DIY Money. DIY Money.
What's your day? How what? Last day in the old stomping grounds.
Yeah, for you. Because I'm not, this is not my last day. Because my desk does not really arrive until sometime tomorrow. Well, that's fair. Which means I can't go over to the new office until like Friday. And then I have meetings. So there's like no reason for me to even do that. So I'm planning on moving my stuff sometime this weekend.
When I heard that, I was like, that's sad. That's sad. It is sad, yeah. You can borrow half of my desk for a few days if you need.
I appreciate that.
Just like the old times of you and Logan sharing an office. Very kind of you. Just letting you know.
Very kind of you. No, I mean, I'm looking forward to it.
Okay, then let's put it this way. Last podcast recording in this studio.
Yeah.
How about that?
That's amazing. We are moving offices. Juul Financial is moving offices not far down the road, but nonetheless, it is a move like our fifth or sixth over all these years because we keep growing, and we are adding more people, and we need more conference rooms. I mean, it's just wonderful. We are very blessed in our business. Speaking of our business, this podcast is sponsored by Juul Financial. If you have a complex situation, want to speak to an advisor, feel free to reach out. You can visit us on the web at jewelfinancial.com, J-O-U-L-E, financial.com. All right, let's get right into our question today because we got a doozy. From Cynthia, what do you got? DIY!
Hi, DIY Money. This is Cynthia. I have a question about using the emergency fund. Thanks to following the DIY Money path, I was able to build an emergency fund. but now I'm unemployed and rely on it. My question is, do you have any advice on the mindset or strategies for navigating this reverse phase of the DIY money path? I've paused my investments for now, but I'm wondering if it makes sense to transfer some money from my brokerage account to my emergency fund account. What's your take on that? Thank you.
All right, Cynthia, I hope that we have gotten this question to you in time because I know there's sometimes a lag when we get questions and we send them to you and we do genuinely want this to be relevant and helpful, not just to our audience, but to you. So first of all, I'm sorry to hear that you are unemployed. It is fascinating to me that it's probably the first mention from a caller of unemployment since starting this show, with the caveat being, COVID when everybody seemed to have lost their job or at least maybe thought they were losing their job for a while. And so we had a lot of comments and so forth about that. So interesting to me as someone who studies markets in the economy, because I'm hearing this and seeing this a lot of places, it's not yet showing up in the overall economic data, but
But it's coming. It's coming. And if this question is not an indication, I strongly encourage folks out there who listen to the show regularly and are investors understand the economic times are changing. Does not necessarily mean that I'm saying all markets are, you know, in doomed and et cetera. But I am telling you that the economic conditions are changing in this sort of. economic boom that we've been experiencing for the last several years is more than likely at minimum going to be slowing down, if not coming to a halt for a while. And we'll see what happens thereafter. So, Cynthia, you're in a situation right now, I would say, first and foremost, thank goodness you have an emergency fund. I hope that you have, again, not just followed some of the early steps, such as the fast cash or the emergency fund, but I hope that, you know, ancillary debt or quote-unquote bad debt is under control.
and, you know, you're able to navigate this season of life.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–6:10
2
When does the episode introduce the emergency fund question from Cynthia?
6:10–6:28
3
What details does Cynthia share about her unemployment and paused investments?
6:28–8:28
4
What immediate mindset advice does Quint give for using an emergency fund while unemployed?
8:28–15:14