Importance of having a Financial Satey Net by Tomieka Smith

Video #1

tomiekalandell — 2024-03-27 13:20:11 UTC

I chose this video because it is a great start when someone is looking at starting their safety net funds, it looks at the best ways to start saving and the best ways to grow your savings. The video goes into detail in regards to all the different kinds of situations to save for such as: retirement funds, emergency funds, and even college funds for you children when they are ready to begin. They also spoke about how traditional savings accounts might be cost you money instead of helping to save your money, they review different ways to increase your profit with different financial profiles.

Video #2

tomiekalandell — 2024-03-27 13:52:52 UTC

This video details the best ways to build your financial safety net, I chose this video because it also goes into detail on comparing debit to savings. The video also goes into detailing the importance of having at least $1000 in an emergency fund. The speaker Rachel Cruze is a well know financial advisor, in the video she also details how debit significantly increases your risks of financial instability, and how having a safety net or any kind of savings will be able to ensure your financial stability. She continues to detail that investing into a termed life insurance policy it will be able to grow your savings much fast than any other plan.

Video #3

tomiekalandell — 2024-03-27 13:57:28 UTC

I chose this video because Rachel Cruze starts off applauding today's Memes and TikTok and other social media platforms for the content of ensuring that everyone is being educated on the way finances work and bringing awareness to the importance of saving and creating a financial safety net. She speaks on reviewing your finances at the end of the week every week to start a reset and to maintain knowledge about maintaining and understanding how to get to managing your finances and keeping it to a level that in any case of an emergency you are able to afford it with struggling.

Video #4

tomiekalandell — 2024-03-29 20:19:51 UTC

I chose this video because in it a stay-at-home employee is reviewing a senior marketing strategist living in Canada budgeting tips and budgeting by paycheck. She reviews the person’s income reviewing the patient's fixed expenses and variable expenses, after reviewing all unavoidable expenses she then moves onto savings and what is being put in, and the current amount. She then also reviewed the person's debt and budget calendar, and lastly, she reviewed the paycheck budget with all these facts in mind. She then discussed the conclusion to this review and offered her recommendation to the client in regards they are living above their means or not.

Website #1

tomiekalandell — 2024-03-29 20:36:31 UTC

This website reviews the importance of having an Emergency Fund also known as a Safety Net Fund. It reviews the benefits of having an Emergency Fund such as: debt limitation, financial control, and peace of mind etc. This is important because not having any funding behind you during a financial emergency can cause great debit because the person could end up having to take out a lot of lines of credit depending on how grave the emergency is. This could result in the person’s credit also taking a hit which will affect them greatly for years to come.

Website #2

tomiekalandell — 2024-03-29 20:38:03 UTC

This website reviews the importance of having an Emergency Fund also known as a Safety Net Fund. It reviews how much you should be saving and how you can start building your fund with recommendations from a reputable bank such as: setting up automatic transfers, putting awa a portion of your tax refund, and setting monthly saving goals. It also goes into the importances of keeping finances intact as it could help settle any unexpected expenses that may appear because the future is not written an no one can predict what emergencies will arise and how hard the financial hit will be.

Website #3

tomiekalandell — 2024-03-29 20:42:59 UTC

This website reviews the importance of having an Emergency Fund also known as a Safety Net Fund. It encourages the need for clients to be able to learn how to budget between their needs and their wants. This process will help the client be able to differentiate between wasting funds on something that is determined as a want instead of a need, it also forces them to notice how continuing to purchase things that is determined as not a necessity and can steadily be put into a savings account which can be contributed towards an emergency should one appear in the future.

Image 1

tomiekalandell — 2024-03-29 21:09:10 UTC

I chose this image because investing with stocks are a great way to increase the profit of your safety net fund because if you invest in the correct stocks the you will be able to increase the profit towards and better financial future.

Image 2

tomiekalandell — 2024-03-29 21:15:48 UTC

I chose this image because represents another term for a Safety net fund, which is a rainy day fund. This image is significant because you see it is rainy outside, but the piggy bank is protected by an umbrella so it is safe from the rain just like when you have savings when an emergency comes up so you are covered.

What did you learn about your topic that surprised you the most?

tomiekalandell — 2024-03-29 21:23:20 UTC

The thing that surprised me the most about my topic was so many people are unable to save due to them living pay-cheque to pay-cheque which results in them being unable to have any savings.

If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

tomiekalandell — 2024-03-29 21:27:25 UTC

I think the most important knowledge I will be passing on are all the budgeting tips and tricks I have learned and also the importance of a weekly finance review.