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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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