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Personal Finance

Creating An Emergency Fund

Everybody should have one for ‘just in case’.

Nigel Willmott




As part of your budget and personal spending plan preparation you should aspire to putting aside a little extra cash towards building up an ‘emergency fund’.

What is an emergency fund?

Have you ever had those times when life happens and an event strikes you out of the blue that costs you money?

This could be an event such as your car breaking down, a medical emergency, additional school funds, home repairs or even a more serious event such as job loss.

So what are the consequences of not having an emergency fund? Many people have no choice but to resort to borrowing the money. This means that they may dip further into the credit and debt spiral.

If there is another emergency or sudden event this will just compound the situation and increase the debt burden further. So the vicious spiral goes.

An emergency fund is exactly what it says it is – a separate fund dedicated to meet any emergency eventualities that one may incur from time to time.

How do I create an emergency fund?

You can start small or start with what you can afford. The important thing is make a start. Don’t procrastinate and divert the funds elsewhere. Slot the emergency fund payment into your budget and make it a regular monthly contribution discipline.

Read Next: Sustaining Your Lifestyle on Less

Where should I invest it?

Typically you need something that is liquid. You need something that you can access fairly easily but have it just far enough out of reach so that you don’t be tempted to plunder any of the accumulated capital too easily.

You want something where the investment risk is low so that the capital is not eroded but at the same time there will be a little bit of growth.

The most likely facility for an emergency fund would be a 32-day notice deposit account or a suitable money market investment vehicle. These are available through most financial institutions.

How much should I accumulate in my fund?

The general rule of thumb is that at all times the capital in your emergency fund should match 3 – 6 months of gross monthly expenses.

If at any stage you dip into it you must ensure that you bring it back up to these levels again.

Read Next: The 6 Steps of Financial Planning

Final Word

An emergency fund is an important part of your personal financial planning. It will give you piece of mind that should an emergency strike that financially you will be able to meet the challenge.

Remember, the cost of not having such a fund will mean that you could very well incur the cost of credit if you have to borrow the money.

Nigel Willmott is a certified financial planner and financial wellness coach. He founded Motivate Today, a financial wellness solutions company focused on the financial wellness needs of employees, members of retirement funds, financial planners and young adults and teens.

Personal Finance

6 Ways To Develop A Millionaire Mindset

Chasing money has remarkably little to do with getting rich.



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If you truly want to have a million dollars, you must first be and think like a millionaire. By doing so, you will attract the necessary resources to you.

So, you want to become a millionaire entrepreneur? You’re not alone. Many dream of leaving their job and becoming their own boss, enjoying the various millionaire lifestyles we watch on TV. But there’s a difference between those who dream of becoming millionaires and those who do. And it begins and ends with mindset. If you don’t develop that mindset, you will continue to spin your wheels, working just as hard, but never going anywhere.

Developing a millionaire mindset requires you to stretch your thinking. Start by developing the following six attributes.

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Personal Finance

4 Ways To Become A Millionaire Even When You Start With Little

It costs nothing to take advantage of the limitless opportunities online.

Timothy Sykes




The hardest part of becoming successful is getting started to begin with. But despite the challenges ahead of you, there’s a way to become a millionaire when starting with little. I’m going to show you four reasons why you can become a millionaire with just a small investment.

1. First focus on learning, not big gain

Education is your greatest weapon. Focus on learning in the beginning. Don’t make the mistake of focusing on making huge gains in the beginning. Learn everything you can because this is how you build the foundations for long-term gains.

Related: 21 Choices Millionaires Make That You Aren’t Making But Should Be

They say that if a millionaire goes bankrupt they’ll nearly always be able to get it back. And that’s because they might have lost their money, but they have the knowledge of how to get back to where they need to be.

2. You can learn loads about any topic online


I’m grateful for the internet. It’s the single biggest library in the world. You’re reading this article right now and you’re acquiring knowledge you wouldn’t have been able to acquire 40 years ago.

Use the internet to its fullest extent, whether that’s through reading books, browsing articles or watching video tutorials. Set some time aside every day to learn something online. It could be a video series or a favorite blog.

When you get into the habit of learning regularly you’ll find that you advance much faster.

3. Focus on the niche you love

These days you can learn about anything and target the niche you’re passionate about.

This is what I was able to do with penny stocks. I found a gap in the market and provided knowledge to people who wouldn’t have otherwise being able to access this sort of information.

You can do that with absolutely any niche. When you find a niche you’re passionate about and you use the reach of the Internet you start to make huge gains.

4. Prove your expertise by creating free content

Your reputation as an authority is the new business card. There’s a reason I created a penny stock guide and made it free for all. You may have already seen ads for it on social media. The way to succeed with little is to create a reputation through your content.

Related: How To Become A Millionaire, Explained In 1 Minute

It’s the gateway to success because through free content you start to build relationships with others who value your work. And from there everyone gets richer.

You can do lots with a little

The days when you needed a huge investment to become successful are long gone. These days you can do so much with just a little. Find what you love, advance your knowledge in that area, and create a product that fulfills a need. Finally, work on building up relationships through portraying yourself as an authority on your subject.

Combine everything together and you can accomplish anything.

This article was originally posted here on

Related: 13 Habits Of Self-Made Millionaires You Could Adopt Today

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Personal Finance

10 Tips To Become A Millionaire This Year

Becoming a millionaire requires changing your mindset and implementing some changes.

Murray Newlands



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Becoming a millionaire may seem out of your reach, but it’s possible with the right attitude and guidance. The fact of the matter is your income can only grow as quickly as you do, so you need to change your mindset to achieve your goal of becoming a millionaire.

Once you have a millionaire mind, you can’t lose it, no matter what financial or business mistakes you make along the way. To get yourself there, you’re going to need some structure. To help you, I’ve outlined the top ten tips you should follow to become a millionaire this year.

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