Money Buzz 08/03
Setting up an emergency fund, the impropriety of mutual fund fees and more
By Jennifer Pellet •
Opinions expressed by Entrepreneur contributors are their own.
Lay Away
Even in the best of times, knowing there's money stowed away tocover unexpected circumstances can be a comfort, which is whyfinancial planners recommend establishing an emergency fund to seeyou through a business lull or stock market downturn. In times ofuncertainty, that financial security blanket is even morecrucial-and may need to be a tad thicker.
"I used to tell people to establish a fund that will seethem through six months of living with no income," says KarenAltfest, a certified financial planner and vice president of NewYork City-based L.J. Altfest & Co. CFP. "Now I tell familiesto have enough put away for as much as a year, depending on whetherit's a two-income or one-earner household."
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