You’ve heard it before...you should have an emergency fund for those times when life throws you a curveball. But how much cash should you have on hand? CBS7 financial expert Mickey Cargile, with Cargile Investment Management in Midland, has some tips for you.
Below are the questions that Mickey answered on Wake Up West Texas:
Q1: Recent events in the oil industry and the coronavirus shutdown taught us the importance of a rainy day fund. What is the recommended amount of money to keep on hand?
Q2: Is it okay to substitute a line of credit on your credit card for your rainy day fund?
Q3: Where should you keep your 'cash' on hand?
Mickey Cargile joins Wake Up West Texas every Thursday morning at 6:15 a.m.