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Topic: What the the most common finanical misunderstandings?
Replies: 11   Last Post: Feb 1, 2011 11:52 AM

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Valerie Klein

Posts: 180
Registered: 2/25/10
Re: What the the most common finanical misunderstandings?
Posted: Oct 7, 2010 10:15 AM
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I assume you mean personal fiscal stability? I find the notion of a rainy day fund or an emergency savings account to be very helpful, but it is hard for people to wrap their head around: (a) the amount needed for some level of security and (b) what constitutes an emergency. I suspect in the math classroom, playing out some budget models with fixed monthly, quarterly, annual and then random unexpected costs could be a useful way to play with this concept. I also have found this to be an interesting cost of living comparison tool: http://bit.ly/d0QRlx which might spark an interesting conversation about the necessary size of an emergency fund in various cities/locations (the rule of thumb I have heard is that your emergency fund should be able to cover your expenses for 3 - 6 months, if not more).

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