hey miles Beckler here with miles Becker
calm and this video is about the
importance of having an emergency fund
now I'm really gonna speak to this in to
kind of segments in two ways it is
really important for you whether you
have a day job and a traditional kind of
employment situation or whether you're
an entrepreneur building a business
online or offline it is so vitally
fund so first of all what is an
emergency fund an emergency fund is
essentially a bank account it's a
savings account I use a money market
account so I can get like a percent on
my money that contains three to six
months of your entire life's cost just
sitting there it's not in a bank that
you're easily able to get the money out
of you can transfer around if you need
but it's not your normal checking
account it's not your normal savings
account this is a third account you can
move it out of your main bank into
another account and you literally have
all of your bills all of your costs
everything for three to six months
sitting there safe just in case so if
you've got a day job if you're a w-2
employee this is going to number one get
you set up to be able to weather the
storm right just in case you never know
when things are gonna happen my dad
worked at the same company for 33 years
year-and-a-half before his retirement he
got fired he got fired you never know
when something like that's coming so
this is that emergency fund for that
number two if you're a w-2 employee and
you're starting to build a business
online which I can only assume you're
doing if you're watching my videos here
on my channel because that's all I talk
about generally just scraping the
surface of this wealth creation and
wealth preservation side of things but
if you are looking at breaking out on
your own once you're really truly ready
to go and quit your day job and start
your entrepreneurial endeavor full time
for yourself you need to make sure you
have at least six months covered and the
monthly cash flow already coming in from
your main business because that
transition time is not only scary but
you can have some fluctuations in your
income and you need to be able to
weather that storm and still make great
decisions so that kind of brings us over
to the entrepreneurial side if you're an
entrepreneur if you're an internet
marketer if you're an online marketer
the world has seen the internet world
has
so many massive changes I mean my first
income-generating system online was with
myspace for God's sakes like ever heard
of that website if you're under 25
probably not probably just rumors right
if you're in your 30s or 40s you've
probably heard of it you know that it's
absolutely obsolete in this day and age
and all of the tools and systems and
things we use in this day and age are
going to keep changing Google is gonna
keep updating its algorithm Facebook is
gonna keep updating its algorithm the
cost per click that we're basing our
businesses and our revenue on right now
is going to continue to fluctuate and
the odds are it's gonna fluctuate
increase more people are getting into it
more people are paying it's okay because
we build efficient funnels we're ready
for that but we really need to be in a
situation where we can weather any storm
that comes our way within our business
the really really big bonus that you get
and this is the most important part of
why you need an emergency fund is that
especially when you're an entrepreneur
it lists this weight off your shoulders
right it offers you a level of security
where you have this like newfound like
trust that like I'm good I got this I
got this month I got next month I got a
month after that I'm good like I can
live in the place I want to live at
don't base your income off a super cheap
place in the world be able to live where
you want to live have enough money for
that because when you're in that place
where you're like I've got this I'm good
right when you have that vibe you make
way better decisions if you're in
scarcity and you're scraping to get next
month's rent or car payment or credit
card payment or whatever it is and you
don't have the money in your bank net
yet and you need to put out a promotion
in order to pay some bills
you are gonna the odds of you making a
poor decision that it comes from that
place of scarcity go up infinitely and
you need to be making abundant decisions
focused on the long term right because
we're playing the long-term game we're
building businesses here that they're
gonna pay for our older selves and
you've got to be willing and be able to
kind of say no to opportunities that
creep up and be like wow that sounds
like fast money hmm fast mobile passive
income it's one of those passive income
systems from mr. Flinn who's got
the passive income system coming out
maybe I should maybe not because that is
BS right as we covered in the last video
so it puts you in this position where
you're able to kind of like really tune
into your creativity you're able to do
things because it's the right thing to
do in your business and you're able to
focus on that long-term growth because
you know you've got your next six months
of life covered no matter what happens
and when you start to come from that
place the content you're putting out is
better you're willing to give more of
yourself in your content people are more
attracted to you as a teacher or as a
helper or whatever it is you're doing
and I've seen it in my business your
business will grow because you're coming
from a place of security of trust of
abundance and then you're willing to
give more for example this channel right
here that you're watching right I mean
I'm just giving everything I know about
internet marketing I've gone through ten
plus thousands of dollars in courses and
seminars and classes and and study at
home and certification courses and I'm
just giving all the information I know
and I'm able to do that because I've got
my I've got my kind of like emergency
fund set up right it's there it's
chillin I've got my business running
with my wife so I'm at a level of
comfort I don't need to do this to try
to get from you
I'm able to do this to give to you and
that's why my numbers are going up so
quickly that's why you're watching this
right now there's a level of trust here
because I'm just giving them myself and
that's all I want to do on this channel
and I love being able to come from that
point that serves me haha this is kind
of selfish it serves me because it's
fulfilling for me to teach and give of
what I know regardless of the outcome on
the other end and that's why I'm doing
this and I didn't know this at first
right I came out I came into this
internet marketing thing with over forty
nine thousand dollars in student loan
debt I did not have a job or a way to
make enough money to live at home I
tried to break out and do the nomad
thing it fell apart I had to move back
to my parents house with my wife in my
late 20s it was horrible
right but that was one of those powerful
moments when I was like never again so
how can I protect myself from ever
having that happen again
boom emergency fund boom pay off all my
debt and guess what I did rolled up the
sleeves for three years knuckles to the
grindstone made it happen
now I'm debt free and I've got an
emergency fund sitting there and I'm
able to think a little more creative
creatively right and that's why I'm
doing this here because I don't need to
spend every hour of my day actively
getting money and actively working on my
business I'm able to have a little
freedom of expression a little freedom
of creativity I'm able to get my art out
which is kind of me and you right here
having this moment so it's so important
for you to get your emergency fund going
even if you still have debt go
aggressive at paying off your debt but
also start to move some money towards
that emergency fund to build yourself a
buffer zone and you'll be amazed at what
it does for your business that feeling
of like the bottom of Maslow's hierarchy
of needs of the ultimate security of
like am I gonna be okay next month when
there's like no question because the
money's in the bank that you got next
month on a month after in the month
after maybe even six months covered when
you get to that point life just becomes
more comfortable and I it's just so it's
a magic place to be so go full-on
to that you know say no to the Thursday
night happy hour that your friends want
you to go to be like nope I'm gonna stay
home and watch Netflix again tonight and
drink some bubbly water and a mug of tea
and take that 50 60 70 80 dollars you
might have spent that night go stuff it
in your emergency fund and keep doing
that I'm not saying don't have fun but
just make sure you're paying yourself as
well because it's really important to
have that you got to take care of
yourself financially because when you do
you can come from a totally different
place and you will find that you're more
inspired you're more excited you're more
creative and your business will just
flourish from that so I'm Miles bechler
again thank you very much for your time
I do appreciate it give me a thumbs up
here in YouTube if you enjoyed this
video leave me a comment if you have any
questions at all I'm happy to answer
your questions and be sure to subscribe
so you get the next video as it's
released and happy building your
emergency fund it's a fun thing turn it
into a fun positive things and you'll be
amazed amazed at what comes from it
thanks for your time
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