Your “3 Part” Rainy Day Fund

Key Takeaways

  • Make sure you always have three to six months’ worth of expenses saved in a rainy day fund that you can easily tap.
  • There are three aspects of a rainy day fund: objective, subjective and emotional.
  • A rainy day fund will enable you to weather the financial and emotional impact of a sudden job loss, medical emergency or unexpected major repair.

The American Dream —Your First Home

Key Takeaways

  • Before you embark on the dream of owning your own home, make sure there are no errors in your credit score or financial history.
  • If you can’t come up with a 20 percent down payment, you can often still buy a home—but you’ll typically need mortgage insurance.
  • Many new homebuyers underestimate how much they’ll pay in ongoing maintenance—budget $1 per square foot per year in addition to PITI.