Latest / Becoming Financially Confident / Credit Cards Are Not Your Emergency Fund, Here's Why!

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Credit Cards Are Not Your Emergency Fund, Here's Why! · Becoming Financially Confident

• 0:37
  Hey,
• 0:37
  I've
• 0:38
  got
• 0:38
  a
• 0:38
  question
• 0:38
  for
• 0:38
  you
• 0:38
  today.
• 0:39
  Do
• 0:40
  you
• 0:40
  think
• 0:40
  your
• 0:40
  credit
• 0:41
  card
• 0:41
  is
• 0:41
  a
• 0:42
  good
• 0:42
  replacement
• 0:43
  for
• 0:43
  an
• 0:43
  emergency
• 0:44
  fund?
• 0:44
  I'm
• 0:44
  going
• 0:44
  to
• 0:45
  answer
• 0:45
  that
• 0:45
  on
• 0:45
  today's
• 0:45
  show.
• 0:47
  Hi
• 0:47
  there.
• 0:47
  Welcome
• 0:47
  back
• 0:48
  to
• 0:48
  Financially
• 0:48
  Confident
• 0:49
  Christian.
• 0:49
  This
• 0:49
  is
• 0:50
  your
• 0:50
  daily
• 0:50
  show
• 0:50
  where
• 0:51
  we
• 0:51
  really
• 0:51
  try
• 0:51
  to
• 0:51
  make
• 0:52
  you
• 0:52
  a
• 0:52
  more
• 0:52
  financially
• 0:53
  confident
• 0:54
  Christian.
• 0:54
  And
• 0:54
  I'm
• 0:54
  Ralph,
• 0:55
  and
• 0:55
  I'm
• 0:55
  so
• 0:55
  happy
• 0:56
  that
• 0:56
  you're
• 0:56
  joining
• 0:56
  me
• 0:57
  today
• 0:57
  on
• 0:57
  the
• 0:57
  show.
• 0:58
  Every
• 0:58
  day
• 0:58
  I
• 0:58
  try
• 0:59
  to
• 0:59
  give
• 0:59
  you
• 0:59
  just
• 0:59
  a
• 0:59
  little
• 1:00
  bit
• 1:00
  of
• 1:00
  financial
• 1:00
  wisdom
• 1:01
  to
• 1:01
  help
• 1:01
  you
• 1:02
  break
• 1:02
  that
• 1:02
  cycle
• 1:02
  of
• 1:03
  financial
• 1:03
  shame
• 1:03
  and,
• 1:04
  and
• 1:04
  do
• 1:04
  it
• 1:04
  with
• 1:04
  confidence.
• 1:05
  And
• 1:05
  today
• 1:05
  I
• 1:06
  got
• 1:06
  a
• 1:06
  great
• 1:06
  listener
• 1:07
  question
• 1:07
  that
• 1:07
  says,
• 1:07
  ralph,
• 1:08
  I've
• 1:08
  always
• 1:09
  heard
• 1:09
  that
• 1:09
  having
• 1:09
  a
• 1:09
  credit
• 1:10
  card
• 1:10
  available
• 1:10
  is
• 1:11
  just
• 1:11
  as
• 1:11
  good
• 1:11
  as
• 1:12
  having
• 1:12
  an
• 1:12
  emergency
• 1:13
  fund.
• 1:13
  That
• 1:14
  way
• 1:14
  I
• 1:14
  don't
• 1:14
  have
• 1:14
  to
• 1:14
  keep
• 1:14
  cash
• 1:15
  sitting
• 1:15
  around
• 1:15
  doing
• 1:16
  nothing.
• 1:17
  Is
• 1:17
  there
• 1:17
  really
• 1:18
  a
• 1:18
  reason
• 1:18
  I
• 1:18
  shouldn't
• 1:19
  just
• 1:19
  rely
• 1:19
  on
• 1:19
  my
• 1:20
  credit
• 1:20
  card
• 1:20
  for
• 1:20
  emergencies?
• 1:21
  Well,
• 1:22
  let
• 1:22
  me
• 1:22
  just
• 1:22
  tell
• 1:22
  you
• 1:23
  right
• 1:23
  now,
• 1:23
  that's
• 1:24
  a
• 1:24
  question
• 1:24
  I
• 1:24
  get
• 1:25
  all
• 1:25
  the
• 1:25
  time
• 1:25
  on
• 1:26
  this
• 1:26
  show,
• 1:26
  and
• 1:27
  it
• 1:27
  would
• 1:27
  seem
• 1:27
  rather
• 1:27
  intuitive.
• 1:28
  If
• 1:28
  you've
• 1:28
  got
• 1:28
  a
• 1:29
  credit
• 1:29
  card,
• 1:29
  well,
• 1:29
  sure,
• 1:30
  just
• 1:30
  go
• 1:30
  ahead
• 1:30
  and
• 1:30
  use
• 1:31
  that
• 1:31
  as
• 1:31
  your
• 1:31
  emergency
• 1:32
  fund.
• 1:33
  But
• 1:33
  here's
• 1:33
  the
• 1:33
  problem
• 1:34
  with
• 1:34
  that.
• 1:34
  If
• 1:35
  you
• 1:35
  think
• 1:35
  about
• 1:36
  the
• 1:36
  moment
• 1:36
  that
• 1:37
  you
• 1:37
  need
• 1:37
  that
• 1:38
  emergency
• 1:38
  fund
• 1:39
  or
• 1:39
  why
• 1:39
  you
• 1:39
  would
• 1:39
  go
• 1:39
  and
• 1:40
  pull
• 1:40
  that
• 1:40
  credit
• 1:40
  card,
• 1:40
  let
• 1:41
  me
• 1:41
  give
• 1:41
  you
• 1:41
  an
• 1:41
  example
• 1:42
  of
• 1:42
  that.
• 1:42
  Let's
• 1:43
  say
• 1:43
  all
• 1:43
  of
• 1:43
  a
• 1:43
  sudden,
• 1:43
  you're
• 1:44
  on
• 1:44
  your
• 1:44
  way
• 1:44
  to
• 1:44
  work,
• 1:44
  you're
• 1:44
  a
• 1:45
  little
• 1:45
  bit
• 1:45
  stressed.
• 1:45
  You
• 1:45
  had
• 1:46
  had
• 1:46
  a
• 1:46
  long
• 1:46
  weekend,
• 1:47
  and
• 1:47
  you're
• 1:47
  getting
• 1:47
  your
• 1:47
  mind
• 1:48
  back
• 1:48
  on
• 1:48
  going
• 1:48
  to
• 1:49
  work,
• 1:49
  and
• 1:49
  all
• 1:49
  of
• 1:50
  a
• 1:50
  sudden
• 1:50
  you
• 1:50
  hear
• 1:50
  a
• 1:50
  bang.
• 1:51
  The
• 1:51
  next
• 1:52
  thing
• 1:52
  you
• 1:52
  know,
• 1:52
  your
• 1:52
  car
• 1:53
  starts
• 1:53
  to
• 1:53
  drift.
• 1:53
  Well,
• 1:53
  you
• 1:54
  realize
• 1:54
  right
• 1:54
  away
• 1:55
  you've
• 1:55
  got
• 1:55
  a
• 1:55
  blown
• 1:56
  tire,
• 1:56
  and
• 1:57
  you
• 1:57
  make
• 1:57
  it
• 1:57
  to
• 1:57
  the
• 1:57
  side
• 1:58
  of
• 1:58
  the
• 1:58
  road,
• 1:58
  no
• 1:59
  one
• 1:59
  was
• 1:59
  hurt,
• 1:59
  which
• 1:59
  is
• 1:59
  a
• 2:00
  beautiful
• 2:00
  thing.
• 2:01
  But
• 2:01
  then
• 2:01
  you
• 2:01
  get
• 2:01
  out
• 2:01
  of
• 2:01
  the
• 2:02
  car
• 2:02
  and
• 2:02
  you
• 2:02
  look
• 2:02
  at
• 2:02
  your.
• 2:03
  Your
• 2:03
  front
• 2:03
  passenger
• 2:04
  tire,
• 2:04
  and,
• 2:04
  man,
• 2:05
  that
• 2:05
  thing
• 2:05
  has
• 2:06
  been
• 2:06
  reduced
• 2:07
  to
• 2:07
  smithereens.
• 2:08
  And
• 2:09
  you
• 2:09
  start
• 2:09
  thinking
• 2:09
  to
• 2:09
  yourself,
• 2:10
  wow,
• 2:10
  I'm
• 2:10
  going
• 2:11
  to
• 2:11
  have
• 2:11
  to
• 2:11
  get
• 2:11
  this
• 2:12
  fixed.
• 2:12
  And
• 2:12
  then
• 2:13
  you
• 2:13
  start
• 2:13
  having
• 2:14
  that
• 2:14
  immediate
• 2:15
  terror
• 2:15
  of,
• 2:15
  well,
• 2:15
  how
• 2:15
  am
• 2:15
  I
• 2:15
  going
• 2:16
  to
• 2:16
  pay
• 2:16
  for
• 2:16
  this?
• 2:17
  Now
• 2:17
  your
• 2:17
  initial
• 2:18
  reaction
• 2:19
  might
• 2:19
  be,
• 2:19
  well,
• 2:19
  you
• 2:19
  know
• 2:19
  what?
• 2:19
  I've
• 2:19
  got
• 2:20
  this
• 2:20
  credit
• 2:20
  card.
• 2:20
  I'm
• 2:20
  just
• 2:21
  going
• 2:21
  to
• 2:21
  go
• 2:21
  ahead
• 2:21
  and
• 2:21
  put
• 2:22
  it
• 2:22
  on
• 2:22
  that
• 2:22
  credit
• 2:22
  card
• 2:22
  because
• 2:23
  I'm
• 2:23
  sitting
• 2:23
  on
• 2:23
  the
• 2:23
  side
• 2:24
  of
• 2:24
  the
• 2:24
  road,
• 2:24
  I
• 2:24
  got
• 2:24
  to
• 2:24
  get
• 2:24
  this
• 2:25
  car
• 2:25
  fixed.
• 2:26
  I
• 2:26
  got
• 2:26
  to
• 2:26
  get
• 2:26
  my
• 2:26
  way
• 2:26
  to
• 2:27
  work,
• 2:27
  because,
• 2:27
  hey,
• 2:27
  if
• 2:27
  I
• 2:28
  don't
• 2:28
  get
• 2:28
  to
• 2:28
  work,
• 2:28
  I
• 2:28
  can't
• 2:29
  make
• 2:29
  money.
• 2:30
  But
• 2:30
  here's
• 2:31
  the
• 2:31
  problem
• 2:31
  with
• 2:31
  that.
• 2:32
  Right
• 2:33
  now,
• 2:33
  you're
• 2:33
  in
• 2:33
  a
• 2:33
  very
• 2:34
  stressful
• 2:34
  time.
• 2:35
  You're
• 2:35
  on
• 2:35
  the
• 2:35
  side
• 2:36
  of
• 2:36
  the
• 2:36
  road,
• 2:36
  something
• 2:36
  bad
• 2:37
  just
• 2:37
  happened
• 2:37
  to
• 2:37
  you.
• 2:37
  It's,
• 2:38
  quote,
• 2:38
  an
• 2:38
  emergency.
• 2:40
  And
• 2:40
  is
• 2:40
  this
• 2:40
  the
• 2:41
  right
• 2:41
  time
• 2:41
  to
• 2:41
  really
• 2:41
  create
• 2:42
  more
• 2:42
  debt
• 2:42
  for
• 2:43
  yourself?
• 2:44
  Do
• 2:44
  you
• 2:44
  think
• 2:45
  using
• 2:45
  a
• 2:45
  credit
• 2:46
  card
• 2:46
  is
• 2:47
  a
• 2:47
  way
• 2:47
  to
• 2:47
  build
• 2:47
  security?
• 2:49
  See,
• 2:49
  here's
• 2:50
  the
• 2:50
  thing
• 2:50
  I
• 2:50
  want
• 2:50
  you
• 2:50
  to
• 2:50
  understand.
• 2:51
  Credit
• 2:52
  cards
• 2:52
  create
• 2:52
  debt
• 2:53
  by
• 2:53
  their
• 2:53
  very
• 2:53
  nature.
• 2:54
  That's
• 2:54
  what
• 2:54
  they
• 2:54
  do.
• 2:54
  They
• 2:55
  don't
• 2:55
  create
• 2:55
  security.
• 2:56
  And
• 2:57
  if
• 2:57
  you're
• 2:57
  using
• 2:57
  a
• 2:57
  credit
• 2:58
  card
• 2:58
  for
• 2:58
  an
• 2:58
  emergency,
• 2:59
  what
• 2:59
  that
• 2:59
  means
• 2:59
  is
• 3:00
  you're
• 3:00
  borrowing
• 3:00
  at
• 3:00
  the
• 3:01
  highest
• 3:01
  interest
• 3:01
  rates
• 3:02
  around.
• 3:02
  Listen,
• 3:02
  if
• 3:03
  you
• 3:03
  don't
• 3:03
  know
• 3:03
  anything
• 3:04
  else
• 3:04
  about
• 3:05
  finances,
• 3:06
  know
• 3:06
  this.
• 3:07
  Credit
• 3:08
  cards
• 3:08
  are
• 3:08
  designed
• 3:09
  to
• 3:09
  make
• 3:09
  money
• 3:10
  for
• 3:10
  the
• 3:10
  credit
• 3:10
  card
• 3:11
  issuer,
• 3:11
  the
• 3:11
  banks,
• 3:12
  the
• 3:12
  credit
• 3:12
  card
• 3:12
  companies.
• 3:13
  That's
• 3:13
  where
• 3:13
  they
• 3:14
  make
• 3:14
  money.
• 3:15
  And
• 3:15
  if
• 3:15
  you're
• 3:15
  on
• 3:16
  the
• 3:16
  side
• 3:16
  of
• 3:16
  the
• 3:16
  road,
• 3:16
  you
• 3:17
  need
• 3:17
  that
• 3:17
  tire
• 3:17
  replaced.
• 3:18
  Well,
• 3:18
  guess
• 3:18
  what?
• 3:19
  You're
• 3:19
  borrowing
• 3:20
  money
• 3:20
  at
• 3:20
  the
• 3:21
  highest
• 3:21
  interest
• 3:21
  rate
• 3:22
  possible.
• 3:23
  So
• 3:23
  that's
• 3:23
  my
• 3:24
  first
• 3:24
  big
• 3:24
  takeaway
• 3:25
  from
• 3:25
  this.
• 3:25
  If
• 3:26
  you
• 3:26
  don't
• 3:26
  have
• 3:26
  that
• 3:27
  emergency
• 3:27
  fund,
• 3:28
  you're
• 3:28
  borrowing
• 3:28
  money,
• 3:29
  you're
• 3:29
  putting
• 3:29
  it
• 3:29
  on
• 3:29
  that
• 3:29
  credit
• 3:30
  card
• 3:30
  at
• 3:30
  the
• 3:30
  highest
• 3:31
  interest
• 3:31
  rate.
• 3:32
  But
• 3:32
  here's
• 3:33
  a
• 3:33
  bigger
• 3:33
  problem.
• 3:34
  You
• 3:34
  have
• 3:34
  this
• 3:34
  emergency
• 3:35
  right
• 3:35
  now.
• 3:35
  Yes,
• 3:36
  you've
• 3:36
  got
• 3:36
  to
• 3:36
  get
• 3:36
  that
• 3:36
  tire
• 3:37
  fixed.
• 3:37
  You
• 3:37
  got
• 3:37
  to
• 3:37
  get
• 3:38
  on
• 3:38
  your
• 3:38
  way
• 3:38
  to
• 3:38
  work.
• 3:39
  But
• 3:39
  here's
• 3:39
  the
• 3:39
  problem.
• 3:39
  If
• 3:39
  you
• 3:40
  use
• 3:40
  that
• 3:40
  credit
• 3:41
  card,
• 3:41
  you
• 3:41
  turn
• 3:42
  that
• 3:42
  debt
• 3:43
  into
• 3:43
  another
• 3:43
  crisis
• 3:44
  down
• 3:44
  the
• 3:44
  road.
• 3:45
  Because,
• 3:45
  yes,
• 3:45
  you're
• 3:46
  facing
• 3:46
  that
• 3:46
  emergency
• 3:47
  now,
• 3:47
  but
• 3:48
  you're
• 3:48
  going
• 3:48
  to
• 3:48
  have
• 3:48
  that
• 3:48
  financial
• 3:49
  burden
• 3:49
  later.
• 3:50
  I
• 3:50
  don't
• 3:51
  know
• 3:51
  how
• 3:51
  many
• 3:51
  people
• 3:51
  I've
• 3:52
  counseled
• 3:52
  over
• 3:52
  the
• 3:52
  years,
• 3:53
  listen,
• 3:53
  I've
• 3:53
  been
• 3:53
  doing
• 3:53
  this
• 3:54
  for
• 3:54
  30
• 3:54
  years.
• 3:55
  I
• 3:55
  don't
• 3:55
  know
• 3:55
  how
• 3:55
  many
• 3:56
  times
• 3:56
  I've
• 3:56
  counseled
• 3:57
  people
• 3:57
  throughout
• 3:58
  my
• 3:58
  30
• 3:59
  years
• 3:59
  of
• 3:59
  experience.
• 4:00
  And
• 4:00
  what
• 4:00
  they
• 4:00
  said
• 4:00
  to
• 4:01
  me
• 4:01
  is,
• 4:01
  ralph,
• 4:01
  you
• 4:01
  know,
• 4:01
  we.
• 4:01
  We
• 4:02
  had
• 4:02
  an
• 4:02
  emergency
• 4:03
  situation.
• 4:03
  We
• 4:04
  had
• 4:04
  to
• 4:04
  put
• 4:04
  a
• 4:04
  little
• 4:05
  bit
• 4:05
  of
• 4:05
  money
• 4:05
  on
• 4:05
  the
• 4:05
  credit
• 4:06
  card.
• 4:06
  Well,
• 4:07
  now
• 4:07
  they're
• 4:07
  looking
• 4:07
  in
• 4:07
  the
• 4:07
  rearview
• 4:08
  mirror.
• 4:08
  That
• 4:08
  was
• 4:08
  two
• 4:08
  years
• 4:09
  ago.
• 4:10
  That
• 4:10
  emergency
• 4:11
  right
• 4:11
  now
• 4:12
  has
• 4:12
  created
• 4:12
  this
• 4:13
  financial
• 4:13
  burden
• 4:14
  that
• 4:14
  just
• 4:14
  goes
• 4:14
  on
• 4:15
  and
• 4:15
  on
• 4:15
  and
• 4:16
  on
• 4:16
  and
• 4:16
  on
• 4:17
  and
• 4:17
  on.
• 4:17
  And
• 4:17
  here,
• 4:17
  let's
• 4:18
  go
• 4:18
  back
• 4:18
  to
• 4:18
  the
• 4:18
  first
• 4:18
  thing
• 4:18
  I
• 4:19
  mentioned.
• 4:19
  You're
• 4:20
  borrowing
• 4:20
  at
• 4:21
  the
• 4:21
  highest
• 4:21
  interest
• 4:21
  rate,
• 4:22
  and
• 4:22
  now
• 4:23
  you're
• 4:23
  creating
• 4:23
  this
• 4:23
  financial
• 4:24
  burden.
• 4:24
  And
• 4:24
  here's
• 4:24
  the
• 4:25
  problem.
• 4:25
  Those
• 4:26
  interests
• 4:27
  compound
• 4:27
  quickly.
• 4:28
  Even
• 4:29
  a
• 4:29
  small
• 4:29
  charge
• 4:29
  can
• 4:30
  take
• 4:30
  months.
• 4:30
  Or
• 4:30
  as
• 4:31
  I
• 4:31
  said,
• 4:31
  this
• 4:31
  particular
• 4:32
  person
• 4:32
  I'm
• 4:32
  thinking
• 4:33
  about,
• 4:33
  they
• 4:33
  came
• 4:34
  to
• 4:34
  me,
• 4:34
  they
• 4:34
  sat
• 4:34
  down,
• 4:34
  they
• 4:35
  said,
• 4:35
  ralph,
• 4:35
  we
• 4:35
  had
• 4:35
  a
• 4:35
  really
• 4:36
  rough
• 4:36
  year.
• 4:36
  My
• 4:37
  husband
• 4:37
  lost
• 4:37
  his
• 4:37
  job,
• 4:38
  and
• 4:38
  we
• 4:38
  had
• 4:38
  to
• 4:38
  pay
• 4:38
  a
• 4:39
  lot
• 4:39
  of
• 4:39
  our
• 4:39
  living
• 4:39
  expenses
• 4:40
  on
• 4:40
  a
• 4:40
  credit
• 4:40
  card.
• 4:41
  I
• 4:41
  would
• 4:41
  say
• 4:41
  that's
• 4:41
  an
• 4:41
  emergency.
• 4:43
  But
• 4:43
  now
• 4:43
  they've
• 4:43
  gotten
• 4:44
  years
• 4:44
  behind
• 4:44
  him.
• 4:45
  If
• 4:45
  I
• 4:45
  remember
• 4:45
  correctly,
• 4:46
  this
• 4:46
  particular
• 4:46
  client
• 4:47
  two
• 4:47
  years.
• 4:48
  And
• 4:48
  the
• 4:49
  interest
• 4:49
  was
• 4:49
  going
• 4:50
  up
• 4:50
  and
• 4:50
  up
• 4:50
  because
• 4:50
  in
• 4:51
  this
• 4:51
  particular
• 4:51
  case,
• 4:52
  the
• 4:52
  interest
• 4:52
  rate
• 4:52
  was
• 4:53
  in
• 4:53
  the
• 4:53
  plus
• 4:53
  25%
• 4:54
  rate.
• 4:54
  So
• 4:55
  you've
• 4:55
  borrowed
• 4:55
  at
• 4:55
  the
• 4:56
  highest
• 4:56
  possible
• 4:56
  interest
• 4:57
  rate.
• 4:57
  You've
• 4:58
  created
• 4:58
  a
• 4:58
  financial
• 4:59
  burden
• 4:59
  not
• 4:59
  just
• 4:59
  for
• 4:59
  today,
• 5:00
  but
• 5:00
  for
• 5:00
  the
• 5:00
  future.
• 5:01
  And
• 5:01
  that
• 5:01
  thing
• 5:02
  is
• 5:02
  just
• 5:02
  compounding
• 5:03
  on
• 5:03
  itself
• 5:04
  day
• 5:04
  after
• 5:04
  day.
• 5:06
  So
• 5:06
  now
• 5:06
  you're
• 5:06
  thinking,
• 5:07
  Ralph,
• 5:07
  I
• 5:07
  guess
• 5:07
  that
• 5:07
  credit
• 5:08
  card
• 5:08
  as
• 5:08
  a
• 5:08
  financial
• 5:09
  emergency
• 5:10
  fund
• 5:10
  isn't
• 5:10
  such
• 5:10
  a
• 5:10
  great
• 5:11
  idea
• 5:11
  after
• 5:11
  all,
• 5:11
  is
• 5:12
  it?
• 5:13
  And
• 5:13
  I'm
• 5:13
  going
• 5:13
  to
• 5:13
  say
• 5:13
  no.
• 5:14
  Here's
• 5:14
  why.
• 5:14
  I
• 5:14
  don't
• 5:15
  think
• 5:15
  that's
• 5:15
  a
• 5:15
  good
• 5:16
  plan.
• 5:16
  If
• 5:17
  you
• 5:17
  really
• 5:17
  want
• 5:17
  true
• 5:18
  peace
• 5:18
  of
• 5:18
  mind.
• 5:18
  I'm
• 5:19
  talking
• 5:19
  about
• 5:19
  financial
• 5:20
  peace
• 5:20
  of
• 5:20
  mind.
• 5:21
  To
• 5:21
  be
• 5:21
  that
• 5:21
  financially
• 5:22
  confident
• 5:23
  Christian,
• 5:23
  you
• 5:24
  really
• 5:24
  want
• 5:24
  to
• 5:24
  think
• 5:24
  about
• 5:25
  cash
• 5:25
  because
• 5:25
  cash
• 5:26
  don't
• 5:26
  create
• 5:26
  bills
• 5:27
  for
• 5:27
  the
• 5:27
  future.
• 5:28
  It
• 5:28
  doesn't
• 5:28
  create
• 5:29
  interest
• 5:29
  for
• 5:29
  the
• 5:29
  future.
• 5:30
  And
• 5:30
  listen,
• 5:31
  the
• 5:31
  only
• 5:31
  lender
• 5:31
  involved
• 5:32
  is
• 5:32
  you
• 5:33
  and
• 5:34
  an
• 5:34
  emergency
• 5:34
  fund.
• 5:34
  Here's
• 5:35
  the
• 5:35
  one,
• 5:35
  my
• 5:35
  big
• 5:36
  takeaway
• 5:36
  for
• 5:36
  today.
• 5:36
  I
• 5:36
  want
• 5:37
  you
• 5:37
  to
• 5:37
  really
• 5:37
  embrace
• 5:38
  this.
• 5:39
  An
• 5:39
  emergency
• 5:40
  fund
• 5:40
  is
• 5:41
  freedom.
• 5:42
  Just
• 5:42
  think
• 5:42
  about
• 5:42
  that
• 5:42
  for
• 5:43
  a
• 5:43
  second.
• 5:43
  That
• 5:44
  credit
• 5:44
  card
• 5:44
  is
• 5:45
  a
• 5:45
  shackle
• 5:45
  of
• 5:45
  debt.
• 5:46
  I'm
• 5:46
  going
• 5:46
  to
• 5:46
  talk
• 5:46
  to
• 5:46
  you
• 5:46
  in
• 5:46
  a
• 5:47
  second
• 5:47
  about
• 5:47
  a
• 5:47
  great
• 5:48
  Bible
• 5:48
  verse
• 5:48
  that
• 5:48
  really
• 5:49
  nails
• 5:49
  this.
• 5:49
  I'm
• 5:50
  going
• 5:50
  to
• 5:50
  end
• 5:50
  with
• 5:50
  today.
• 5:51
  But
• 5:51
  an
• 5:51
  emergency
• 5:52
  fund,
• 5:52
  it's
• 5:53
  not
• 5:53
  enslaving
• 5:54
  you.
• 5:54
  One
• 5:55
  of
• 5:55
  the
• 5:55
  big
• 5:55
  things
• 5:55
  I
• 5:56
  talk
• 5:56
  about
• 5:56
  on
• 5:56
  the
• 5:56
  show
• 5:56
  is
• 5:56
  how
• 5:57
  to
• 5:57
  break
• 5:57
  that
• 5:57
  cycle
• 5:58
  of
• 5:58
  financial
• 5:58
  shame.
• 5:59
  Well,
• 5:59
  one
• 5:59
  of
• 6:00
  those
• 6:00
  cycles
• 6:00
  is
• 6:01
  getting
• 6:01
  stuck
• 6:02
  in
• 6:02
  that
• 6:02
  debt
• 6:02
  cycle,
• 6:03
  that
• 6:03
  recurring
• 6:03
  credit
• 6:04
  card
• 6:04
  debt
• 6:05
  cycle.
• 6:06
  But
• 6:06
  an
• 6:06
  emergency
• 6:06
  fund
• 6:07
  truly
• 6:07
  is
• 6:07
  freedom.
• 6:08
  It's
• 6:08
  your
• 6:08
  money.
• 6:09
  It's
• 6:09
  ready
• 6:10
  to
• 6:10
  solve
• 6:10
  the
• 6:10
  problems
• 6:11
  without
• 6:11
  creating
• 6:11
  new
• 6:11
  ones,
• 6:12
  without
• 6:12
  creating
• 6:12
  that
• 6:13
  burden
• 6:13
  down
• 6:14
  the
• 6:14
  road.
• 6:15
  Well,
• 6:15
  now
• 6:15
  let
• 6:15
  me
• 6:15
  share
• 6:15
  with
• 6:16
  you
• 6:16
  this
• 6:16
  verse
• 6:16
  from
• 6:17
  the
• 6:17
  Bible.
• 6:17
  And
• 6:17
  if
• 6:17
  you've
• 6:17
  listened
• 6:18
  to
• 6:18
  my
• 6:18
  daily
• 6:18
  show,
• 6:18
  which
• 6:18
  I
• 6:19
  encourage
• 6:19
  you
• 6:19
  to
• 6:19
  do,
• 6:19
  you
• 6:20
  can
• 6:20
  see
• 6:20
  it@financiallyconfidentchristian.com
• 6:23
  this
• 6:23
  biblical
• 6:24
  principle
• 6:24
  comes
• 6:24
  right
• 6:25
  to
• 6:25
  us
• 6:25
  from
• 6:25
  Proverbs
• 6:26
  22:7.
• 6:27
  It
• 6:27
  says
• 6:27
  this.
• 6:28
  The
• 6:28
  rich
• 6:29
  rule
• 6:29
  over
• 6:30
  the
• 6:30
  poor
• 6:31
  and
• 6:31
  the
• 6:31
  borrower
• 6:32
  is
• 6:32
  slave
• 6:33
  to
• 6:33
  the
• 6:33
  lender.
• 6:34
  Just
• 6:34
  think
• 6:35
  about
• 6:35
  that
• 6:35
  for
• 6:35
  a
• 6:35
  second.
• 6:36
  The
• 6:36
  rich,
• 6:37
  the
• 6:37
  banks.
• 6:38
  And
• 6:38
  I'm
• 6:38
  not
• 6:38
  sitting
• 6:39
  here
• 6:39
  saying
• 6:39
  that
• 6:39
  all
• 6:39
  the
• 6:40
  banks
• 6:40
  are
• 6:40
  these
• 6:40
  greedy
• 6:41
  rich
• 6:41
  snobs.
• 6:41
  That's
• 6:42
  not
• 6:42
  what
• 6:42
  I'm
• 6:42
  saying
• 6:42
  at
• 6:42
  all.
• 6:43
  But
• 6:43
  what
• 6:43
  does
• 6:44
  this
• 6:44
  Bible
• 6:44
  verse
• 6:45
  say?
• 6:45
  What
• 6:45
  does
• 6:45
  Proverbs
• 6:45
  22:7
• 6:46
  really
• 6:46
  tell
• 6:47
  us?
• 6:47
  The
• 6:48
  rich
• 6:48
  rule
• 6:48
  over
• 6:49
  the
• 6:49
  poor.
• 6:49
  But
• 6:49
  more
• 6:49
  importantly
• 6:50
  than
• 6:50
  that,
• 6:51
  the
• 6:51
  borrower
• 6:52
  is
• 6:52
  slave
• 6:53
  to
• 6:53
  the
• 6:53
  lender.
• 6:55
  So
• 6:55
  if
• 6:55
  you
• 6:55
  want
• 6:55
  to
• 6:55
  break
• 6:56
  out
• 6:56
  of
• 6:56
  that
• 6:57
  financial
• 6:57
  slave
• 6:58
  or
• 6:58
  you
• 6:58
  want
• 6:58
  to
• 6:58
  break
• 6:58
  out
• 6:59
  of
• 6:59
  that
• 6:59
  cycle
• 6:59
  of
• 7:00
  financial
• 7:00
  shame,
• 7:02
  I'm
• 7:02
  going
• 7:02
  to
• 7:02
  encourage
• 7:02
  you
• 7:03
  right
• 7:03
  now,
• 7:03
  build
• 7:03
  that
• 7:04
  emergency
• 7:04
  fund.
• 7:05
  Don't
• 7:05
  rely
• 7:05
  on
• 7:05
  that
• 7:06
  credit
• 7:06
  card.
• 7:07
  It's
• 7:08
  just
• 7:08
  not
• 7:08
  the
• 7:08
  right
• 7:09
  answer
• 7:09
  for
• 7:09
  your
• 7:10
  long
• 7:10
  term
• 7:10
  financial
• 7:11
  success.
• 7:11
  Well,
• 7:11
  how
• 7:11
  about
• 7:11
  we
• 7:12
  pray
• 7:12
  together?
• 7:13
  Father
• 7:13
  God,
• 7:13
  we
• 7:14
  just
• 7:14
  thank
• 7:14
  you
• 7:14
  for
• 7:15
  your
• 7:15
  wisdom
• 7:15
  of
• 7:16
  the
• 7:16
  book
• 7:16
  of
• 7:16
  Proverbs.
• 7:17
  And
• 7:17
  Lord,
• 7:17
  we
• 7:17
  ask
• 7:18
  that
• 7:18
  you
• 7:18
  would
• 7:18
  grant
• 7:18
  us
• 7:19
  peace
• 7:19
  and
• 7:19
  grant
• 7:20
  us
• 7:20
  strength
• 7:20
  to
• 7:20
  really
• 7:21
  work
• 7:21
  hard
• 7:21
  to
• 7:22
  build
• 7:22
  that
• 7:22
  emergency
• 7:23
  fund.
• 7:23
  Lord,
• 7:23
  we
• 7:23
  see
• 7:24
  it
• 7:24
  as
• 7:24
  freedom.
• 7:24
  And
• 7:24
  we
• 7:24
  know
• 7:25
  that
• 7:25
  the
• 7:25
  only
• 7:26
  true
• 7:26
  freedom
• 7:26
  we
• 7:26
  will
• 7:27
  ever
• 7:27
  have
• 7:27
  is,
• 7:28
  is
• 7:28
  freedom
• 7:28
  in
• 7:29
  you,
• 7:29
  Lord.
• 7:29
  So
• 7:30
  today
• 7:30
  we
• 7:30
  ask
• 7:30
  you
• 7:31
  to
• 7:31
  just
• 7:31
  give
• 7:31
  us
• 7:32
  the
• 7:32
  courage,
• 7:32
  give
• 7:33
  us
• 7:33
  the
• 7:33
  tenacity
• 7:34
  to
• 7:34
  really
• 7:34
  save,
• 7:35
  Lord.
• 7:35
  To
• 7:35
  really
• 7:36
  build
• 7:36
  that
• 7:36
  emergency
• 7:37
  fund,
• 7:37
  Lord.
• 7:37
  So
• 7:38
  that
• 7:38
  when
• 7:38
  we
• 7:38
  get
• 7:38
  into
• 7:39
  that
• 7:39
  emergency
• 7:40
  situation,
• 7:40
  we
• 7:41
  don't
• 7:41
  have
• 7:41
  to
• 7:41
  worry.
• 7:41
  We
• 7:42
  don't
• 7:42
  have
• 7:42
  to
• 7:42
  let
• 7:42
  that
• 7:43
  compound
• 7:43
  interest
• 7:44
  just
• 7:44
  build
• 7:44
  future
• 7:45
  burdens
• 7:45
  for
• 7:45
  us.
• 7:45
  Because
• 7:46
  we
• 7:46
  know,
• 7:46
  Lord,
• 7:46
  you
• 7:47
  are
• 7:47
  the
• 7:47
  main
• 7:48
  reliever
• 7:48
  of
• 7:48
  burdens.
• 7:49
  And
• 7:50
  I
• 7:50
  ask
• 7:50
  this
• 7:50
  in
• 7:50
  the
• 7:51
  precious
• 7:51
  name
• 7:51
  of
• 7:51
  Jesus.
• 7:53
  Amen.
• 7:54
  If
• 7:54
  you're
• 7:54
  interested
• 7:54
  in
• 7:55
  learning
• 7:55
  more
• 7:55
  about
• 7:55
  my
• 7:56
  daily
• 7:56
  show,
• 7:56
  you
• 7:56
  can
• 7:57
  go
• 7:57
  and
• 7:57
  see
• 7:57
  me@financiallyconfidentchristian.com
• 8:00
  I
• 8:00
  would
• 8:00
  love
• 8:00
  to
• 8:01
  see
• 8:01
  you
• 8:01
  there.
• 8:01
  So
• 8:01
  God
• 8:02
  bless
• 8:02
  you
• 8:02
  and
• 8:03
  you
• 8:03
  have
• 8:03
  a
• 8:03
  great
• 8:03
  day
• 8:03
  today.