Wealth & Wonder Vol. 18
“Hmmm… this area of your gum is really thin. You need surgery.”
I’m sitting in the dentist chair, mouth wide, while the dr. says the words I’ve dreaded hearing.
You need surgery.
The messed-up thing is I’ve already had surgery on this area, but it didn’t really work (thanks for nothing, Doc!)
And because I’ve done it before, I know it’s painful and requires not eating solid foods for Two. Whole. Weeks.
THE HORROR!
Obviously, I’m being dramatic, but it sucks.
And that’s before we get to the finances.
Surgery ain’t cheap, and as a self-employed business owner, my insurance doesn’t extend to the kind of high-quality dental care my shitty gums require, so I have to see my dentist out of pocket. And boy, this one is going to hurt.
We’re talking thousands of dollars.
And here comes ✨The Emergency Fund✨ to the rescue.
She really is that girl. A stash of money, easily accessible (ie, not invested in the markets), that exists specifically for these oh shit! moments.
For some people, gum surgery wouldn’t qualify as an emergency.
But as someone who deeply believes death enters through the mouth (I heard Sarah Silverman say this once, and it’s been embedded in my brain ever since), I don’t screw around with my teeth.
I know the concept of an emergency fund is likely not new to you, but the importance of having a cash cushion cannot be overstated.
Maybe it’s surgery, maybe you get laid off, or your car needs a major repair, or your work dries up for a few months.
The emergency fund's got you.
Standard financial advice suggests that your emergency fund should have enough to cover basic expenses (i.e., not manicures or streaming services) for three months for full-time employees and six months for freelancers.
Six months. Ouch. That’s a lot of money. And while that's a great suggestion and a good goal to work toward, don’t let the hugeness of that number stop you from saving.
Even one month of expenses will come in clutch when you suddenly need new spark plugs, or in my case, a gum graft. You'll be grateful for any amount of money you've got in that account.
So start saving today.
Put aside $50 or $100 a week, whatever you can manage without feeling the pinch (obvi the more the better.)
Ideally, transfer it to a high-yield savings account like this one from Ally, or this one from Amex (not sponsored, but Ally, hit me up, girl, I refer you to everyone).
For bonus points, make the transfer automatic so that you don't even know the money is getting saved!
If you have any questions on how to get this going, or any experience with a gum graft you want to share, reply to this email!
In Wealth & Wonder,
Kacy
P.S. TLDR; An emergency fund is 100% that bitch, and it’s a good idea to start creating one right now by putting aside $50-100 a week (or more if you can handle it) into a High Yield Savings account until you have 3-6 months of basic living expenses.