Your money: When possible, use the power of compound interest
Dave Ramsey: Don't remove money from interest-bearing accounts until you are ready to use it.
Absolutely! When you're stuck in the middle of an emergency you always push the pause button on your Total Money Makeover and save as much as you can.
Think of it this way. Cash is your umbrella when it rains, and you never know just how bad the storm will be or how long it will last. Even if you have great health insurance, you're likely to end up paying a chunk out-of-pocket in situations like this. That's why it's important to have a big pile of cash on hand.
Remember, things like this are often just a bump in the road. They can be expensive, but taking care of important issues doesn't have to mean giving up on taking control of your finances.
Take care of immediate issues with yourself or your family first. Then, come back when things are better and pick up where you left off on your Total Money Makeover.
Life Photo Galleriesview all
- 90799Read live updates from the May 20 Moore tornado
- 38051Oklahoma devastated by second round of twisters
- 13823Oklahoma City tornado so large, may not be recognized, officials say
- 12196Several kids pulled out of Oklahoma school rubble alive
- 11468How to help tornado victims
- 10241At least 51 die in Oklahoma tornado, official says
- 7786Tornado in Oklahoma City suburb causes destruction