A couple of weeks ago there was a terrible fire at a local restaurant. This restaurant was a staple of our city and had been there for decades. Luckily, no one was injured but the building was a complete loss.
Have you ever thought about what you would do if your place of work had a fire? Or what if you showed up for work one day and they fired you out of no where? Or maybe you work for a small business and the owners have the company in a dire financial situation and inform you they are closing the doors effective immediately?
Although you may think none of these things could happen to you, they very well could. No one thinks these things will happen, but they do. The ultimate question you have to ask yourself is “are you ready?” What made me think about writing this particular post was an article I saw in the paper just a couple of days after the fire. It was discussing how the employees of the restaurant didn’t know what they were going to do financially. The article was mostly about applying for unemployment, noting how that process takes awhile. This is exactly why I (and just about any other financial expert) talk over and over again about an emergency fund. If you couldn’t go several months without any income, then you need to get to work on that emergency fund. Make it a priority in your budget, you just never know what can happen!