1761
5 min 35 sec

Q&A: Should I use an emergency savings fund for my side hustle?

The headline says it all: should you use an emergency savings fund for a side hustle? Get ready for a personal finance cage fight!
Q&A

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What It's About

Today's listener wonders if she should break the golden rule of personal finance.

Notes from Chris

Episode 1761
Let’s get real! Today’s topic can be expressed in a single sentence: Should I use an emergency savings fund for my side hustle?

I feel like everyone who hears that question already has an opinion. In this ongoing dialogue I try to provide my answer as well as pose any further questions that might be helpful.

"Hi Chris this is Jess from Arcadia and I recently found your show through Spotify. A few years ago, I began to take my finances more seriously and work on a plan to get out of debt. That led me to you and the goal of increasing my income rather than just trying to cut expenses and save more. But I have a dilemma: a business project I'd like to invest in will require some real capital—it's not a hundred-dollar startup. I have an emergency savings fund that I could tap, but this isn't an emergency. I’ve thought a lot about it and I don’t think it’s a gamble; I think it’s a true investment in an idea I believe in. But I’m also pretty sure most financial advisers would say “Don’t touch your emergency fund.” What do you say?"

Listen to today's episode to learn more...

 
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Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,

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To infinity and beyond,

Chris Guillebeau