The Emergency Fund: Cheap price to pay for your peace of mind

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One day while showering to get ready for work, I discovered a small lump on my leg. It was this hard, immovable and funky lump. I immediately went to have this checked by a doctor.

In between the house and that trip to the doctor’s clinic, my thoughts turned to morbidity and the short length of our lives. If this lump turns out to be fatal, would I have time to enjoy my million? We work so hard and sacrifice so much, it would be such a shame to die early and be unable to enjoy the fruits of our hard work.

As I got to the doctor’s office and waited for my turn, I realized how calm I was. Well, I wasn’t excited about any needles or whatever painful procedure that may be done on me. I was, however, quite confident that my solid emergency fund would be enough to cover any medical procedures required to remove the lump, if necessary. Moreover, my funds and investments would be enough to cover any foregone income should an extended leave be required for recovery.

My employer provides pretty good health insurance but I felt quite good about myself. Yes, it would be a shame to die early and be unable to enjoy the fruits of our labor. An emergency fund is among the fruits of such labor and I was enjoying it at that exact moment. My emergency fund is a cheap price to pay to enjoy that moment of peace and confidence that I will be okay financially. In the absence of health insurance, I have the funds to go to any doctor and have the necessary procedures done to resolve any health issue. I knew that I could cover any foregone income for some time should any future health issue come up.

It’s hard enough getting sick, nobody needs the added emotional and mental burden of worrying about money to pay for a doctor, medicine or for the hospital.

Have you built up an emergency fund?

xoxo,
20 something lawyer

*There were no needles!  My lump turned out to be a harmless cyst. Whew!

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