Are You Prepared for a Financial Emergency?
- December 30, 2019
Life is full of unexpected events, both good and bad. To be prepared for these events, it is important that your finances incorporate a plan for emergency and unexpected events, without having to use up funds from other investments or savings.
Cash Flow Management
Cash flow management is a way for you to plan for the unplanned. Your cash flow management allows for your investments to be uninterrupted during these events. This means you won’t have to tap into your retirement savings or other long-term assets to have the means to cover the emergency event.
Setting up an Emergency Account
In your cash flow strategy, setting up an emergency account, in addition to other cash assets, allows you access to funds for the purpose of an unexpected need, at no threat to your other savings and investments. The emergency account should have enough assets to cover three to six months of regular expenses. Over time you can add to this account and build up its value.
Financial Planning for the Unexpected
The most challenging part about planning for the unexpected is the fact that it is unknown in terms of timing and event features. Depending on the different factors that make up your risk tolerance, your financial emergency plans may look different.
Contact your Oppenheimer Financial Advisor to discuss how you can plan for unexpected emergencies and incorporating measures to help ensure you are able to withstand these moments. Our Financial Advisors act in your best interest and can help you understand your financial outlook for both the expected and unexpected.
Disclosures
©2019 All rights reserved. This report is intended for informational purposes only. All information provided and opinions expressed are subject to change without notice. The information and statistical data contained herein have been obtained from sources we believe to be reliable. No part of this report may be reproduced in any manner without the written permission of Oppenheimer Asset Management or any of its affiliates. Any securities discussed should not be construed as a recommendation to buy or sell and there is no guarantee that these securities will be held for a client’s account nor should it be assumed that they were or will be profitable. The Consulting Group is a division of Oppenheimer Asset Management. Oppenheimer Asset Management is the name by which Oppenheimer Asset Management Inc. (“OAM”) does business. OAM is an indirect, wholly owned subsidiary of Oppenheimer Holdings Inc., which is also the indirect parent of Oppenheimer & Co. Inc. (“Oppenheimer”). Oppenheimer is a registered investment adviser and broker dealer. Securities are offered through Oppenheimer. Past performance does not guarantee future results. 2852506.1