Avoid financial ruin
Wouldn't it be nice if life went exactly as planned? Since it rarely does, it's a good idea to create an emergency fund.
Brad Smith, CEO of debt management company Rescue One Financial in Irvine, California, works with more than 100,000 clients trying to avoid bankruptcy.
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"Many of them could have avoided enrolling in a debt management plan had they had any type of emergency fund set up," he says. "There are many people out there who are living so paycheck to paycheck that a blown transmission would send them into bankruptcy. An injured child or a natural disaster could easily be handled with additional funds."
Avoid letting unexpected expenses or events lead you to financial ruin. Build your emergency fund by following these tips.