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A Financial History Lesson


What did you learn from our last great recession of 2006 to 2012? Many have still not fully recovered from the Great Recession. Hopefully you learned you can never have a large enough cash reserve, an Emergency savings account that is insured, liquid and ready if needed on short notice. If you havenít figured this out, then be ready because history does repeat, and what is your plan? Will you be financially prepared for our next great economic down turn? If you donít believe this will ever happen again and fail to plan, or prepare financially you are taking a large risk. To say if Asia or Europeís economies go into a recession it wonít impact your household budget, may be naÔve.

Every year we read articles from so-called financial experts telling us to use our Tax Refund as our Emergency savings money. If you didnít have the discipline to save money each month in an Emergency Account, what makes you believe you will have the maturity and discipline to save your tax return and not spend it? Odds are not in your favor and itís highly unlikely this money will be there when you need it for a real Emergency, not to mention the amount usually isnít enough to cover a real emergency. Donít fall into this trap, this is more ďOld Rule of  ThumbĒ the financial services industry likes to tell people. We all know the truth, stop kidding yourself, set a simple goal to start an automatic savings plan into an FDIC savings account. Take your tax return and use it to pay-off your debts, if you have any left then put it towards your emergency fund.

Its human nature to forget the past, or believe it wonít happen to you, or it wonít happen again. You feel confident now that your income is stable. Maybe your household has two incomes again. You feel everything is going great, that it will never end, this is a normal feeling. We forget what it was like to lose an income, or both. Maybe you drained your retirement accounts to pay your bills to survive financially during the Great Recession. How did you pay that large tax penalty? Are you still paying it, or just ignoring it? Death and taxesÖÖ.never forget!

You must have cash (Emergency Money) in an FDIC saving account that unlike most retirement accounts, have no early withdraw penalties, no transaction fees, or tax penalties. You must reconsider this financial blunder and update your financial priorities by setting your emergency savings as a priority, a head of your retirement account; start today.


Phillip Day, President
Academy of Financial Literacy, Inc


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