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Money Buzz 08/03

Setting up an emergency fund, the impropriety of mutual fund fees and more

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This story appears in the August 2003 issue of Entrepreneur. Subscribe »

Lay Away

Even in the best of times, knowing there's money stowed away to cover unexpected circumstances can be a comfort, which is why financial planners recommend establishing an emergency fund to see you through a business lull or stock market downturn. In times of uncertainty, that financial security blanket is even more crucial-and may need to be a tad thicker.

"I used to tell people to establish a fund that will see them through six months of living with no income," says Karen Altfest, a certified financial planner and vice president of New York City-based L.J. Altfest & Co. CFP. "Now I tell families to have enough put away for as much as a year, depending on whether it's a two-income or one-earner household."

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