Besides reducing stress, building
a substantial emergency fund can help protect you when unexpected costs arise, and prevent the need to turn to loans and high interest debts to cover your expenses.
Building
a substantial emergency fund that covers between three and six months» worth of living expenses is key to a secure financial foundation.
No matter how you pay for your boat, make sure you have
a substantial emergency fund set aside to cover any unexpected costs.
Personally, I believe that borrowing money so you can borrow more money is a really stupid idea and I certainly wouldn't consider doing it unless I had
a substantial emergency fund built up to cover the myriad expenses that often come up when dealing with commercial real estate properties.
You have a retirement account (or two), are building
a substantial emergency fund, and make sure to adjust your investment strategies as necessary.