In this episode, A.B. Ridgeway challenges listeners to reflect on their financial priorities, specifically when it comes to building an emergency fund. Drawing from a report highlighting that one in four Americans have no emergency savings, A.B. discusses the common excuses people make for not saving and the mindset shifts necessary to prioritize financial security. He tackles the concepts of lifestyle creep, how inflation impacts saving, and the importance of setting financial goals to prepare for unexpected events. A.B. also emphasizes the importance of cutting back on unnecessary expenses to prioritize yourself and your family's well-being.

Key Takeaways:

1. Emergency Savings is Essential, Not Optional: One in four Americans don't have emergency savings, but having at least three to six months of living expenses saved is crucial for financial security.
2. Lifestyle Creep is Real: As people earn more, their spending often increases, but maintaining a modest lifestyle while increasing savings can help combat this issue.
3. Prioritize Yourself First: You can't help others financially if you're struggling yourself. Establish financial boundaries, save for your future, and only then consider discretionary spending.

Notable Quotes:

1. "You don't have emergency savings because you don't want to have emergency savings."
2. "Set up a framework to say 'no' more now so you can have more 'yeses' later."
3. "You need to prioritize your savings before you think about saving the world."

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.