YouTube video by Ndubuisi 'Andy' Egwim advising people with debt or no emergency fund to "AMASS" savings before investing. He recommends reviewing income and expenditures, aiming to save 20% of income as a starting point, automating that 20% into a "freedom fund", and trimming unnecessary subscriptions to free up cash.
20% of income.
In our mastermind. When people say look, they want to start investing but they've got credit card debt or they want to start investing, they don't have the emergency fund, we say no, you need to amass, amass the money. First we look at income expenditure. You want to look at, can I do 20%? That's the starting point. I found out that if 20% of your income goes out every month, nobody would die. You might find out that suddenly you're now thinking, oh, how did I subscribe for this subscription that I've not used for 12 months? You will find that money then it will force you to find the money. So you find the money. If you've automated 20 of your income as a landing account, I started doing this even as a house officer. The money is landing in your account. You don't have to do anything. 20 is going out into your freedom fund. You're paying everybody. You pay yourself.
