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Do You Have a Safety Net?

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Sandy Botkin

Co-founder at Taxbot
Sandy is a CPA, Tax Attorney, and former IRS trainer. He has authored many helpful books on the subject of taxes, including 7 Simple Ways to Legally Avoid Paying Taxes ( Click Here ), Lower Your Taxes: Big Time ( Click Here ), and Real Estate Tax Secrets of the Rich ( Click Here ).
Sandy Botkin
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Here is a question that I want EVERYONE to think about:

Could you pay your bills and mortgage if you weren’t paid for a month or even for several months?

The government shutdown was a real life test for financial preparedness. If you answered that you would have a problem paying your bills, you are in an emergency situation that needs resuscitation. Sadly, you aren’t alone. I was reading that an astonishing 50% of Americans are living from paycheck to paycheck.

Unfortunately, this can happen to you in many ways such as:

  • unemployment
  • stock market decline when you need the money most
  • temporary furlough

So what is the answer? The key is to have at LEAST two years worth of living expenses as an emergency fund. This fund should NOT be subject to stock market fluctuation. It should be placed in safe investments such as CDs, annuities, savings accounts etc. You can put some of it in short term bonds too that have a maturity of less than two years.

I can’t overstate this enough. The first financial goal that everyone should have is to set up an emergency fund. I promise you that if you follow my advice, you will make the rest of your life less taxing.


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Sandy Botkin

Sandy is a CPA, Tax Attorney, and former IRS trainer. He has authored many helpful books on the subject of taxes, including 7 Simple Ways to Legally Avoid Paying Taxes ( Click Here ), Lower Your Taxes: Big Time ( Click Here ), and Real Estate Tax Secrets of the Rich ( Click Here ).

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