Financial Education: Prudent Reserve
8
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Ray Dalio boldly proclaimed "Cash is Trash".
In this video we discuss the idea of a prudent reserve. While not countering Dalio's claim, it is a good idea for individuals to follow what businesses do. They often set up a prudent reserve, a fund that has money in it to weather slowdowns in revenues. We can do the same thing in our personal lives. The first goal should be to have 3 months worth of living expenses set aside. After that try to push it to at least 6 months. This can help us to offset loss of income and cover our bills while we try to make other arrangements to rectify the situaiton.
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