If you have ever attended one of my “Law Firm Finance 101” seminars, you have heard me stress the importance of having emergency funds in place for both you and your law firm.
I recommend having at least six months’ worth of ordinary living and business expenses saved up and placed in savings accounts so that you can weather storms such as unexpected illnesses, economic downturns, etc.
If you are wondering how most people deal with unexpected expenses, click here to read a great article by Sheyna Steiner of Bankrate.com. In the article, Ms. Steiner shares recent research done by Princeton Survey Research Associates International that shows how typical Americans plan to deal with bumps in the economic road.
From the article:
Acting proactively rather than reactively to reduce spending should help you boost your savings and increase your peace of mind. There's no way to avoid unforeseen expenses, but having a plan in place for emergencies could help you sleep at night.
I could not agree more. Make 2016 the year that you gain financial peace of mind by creating emergency funds for your family and your law firm!
President and Chief Executive Officer
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