SECURING THE BASE
DISCIPLINE ~ ACCOUNTABLE ~ PATIENT
SECURING THE BASE:
Weather you are an athlete at any level, (weekend, warrior, retired high school or college athlete, fitness instructor, occasional recreational player, working with children and adults to gain a skill in a particular craft), it all starts with the base. This concept of the base is not just applicable to sports, and athletes, it not just relevant for the naturally, strong, those developing strength, or those losing strength and mobility because of old age. Today we are applying our “Secure the Base” concept to your finances.)
Now many of you are thinking, I would love to “ secure the base” but right now I’m having trouble making the monthly payments, ( rent, school, medical bills, car expenses, and life, oh yeah… and those kids) I’m only sharing this information because I can relate.
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Question: How much do I need to have in my “Secure the Base” account… (Emergency Savings Fund.)
Answer: Enough, really Thurman that is a weak answer…. I know my point here there is no exact number, but if you speak with your friends, and professionals in wealth management, they will use a guide of 3 – 6 months of living expenses, (rent, food, car expense, school) whatever it is you need to run your life and family for). Right now, you don’t have a plan, nor any money set aside, and every emergency is a catastrophe, so I’m suggesting you start small an build some good solid habits, get some rhythm, practice.
Remember when you secure the base, a potential catastrophic emergency, becomes a minor inconvenience.
Below is a dynamic example you can use to set your goal, and get started on creating your (Emergency Savings/Securing your base)
· Set your goal, and timeline
· Input the information dollar per day in the model below
· Identify the person/individual you are going to let know you are working on this goal and ask them to check in on you and the progress you are making towards this goal periodically. I like to call this person my “Good Idea Coach”
HOW TO GET THERE… (One Day at a Time)
Option 1 (One Day at A Time):
Determine your Dollar Goal ($500) / Number of Days to get there (30) = $16.67 per day.
Option 2 (Beginning Saver / $ Per Day Savings Plan)
After the first 30 days, repeat until it is not a chore, but a way of life…. Do it as a family, do it with your young kids, adult kids, friends, spouse, significant other, Grandma, you will be amazed at what wealth you can amass, and not miss much. Having an emergency savings plan has brought me “ piece of mind” any many aspects of my life, and hopefully it will do the same for you.