Having significant assets or a big paycheck can make you feel more financially secure than you really are, but building an emergency fund is essential to keeping your finances on track.
Having an emergency fund is critical to building and maintaining wealth over time. This is true even if you have a high net worth or a high monthly income. Both of these things can make you feel more financially secure than you really are, meaning an unexpected emergency expense could have a significant negative impact on your present – and future – finances.
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