Ndubuisi 'Andy' EgwimMoney Coach for Medics|Ex-NHS GP|21+ Yrs Investor| Founder, MoneyWiseDoctor.com|Helping Medics Avoid Big Money Mistakes

Why You Need an Emergency Fund as a Doctor!

28 Nov 2024 · 1 min

Watch on YouTube

0:44

A short segment from a YouTube video by Ndubuisi 'Andy' Egwim emphasizing Rule 3: maintain an emergency fund. He defines an emergency fund as three to six months of living expenses, gives a worked example (if monthly living expense is £3,000 then a 3-month fund ≈ £9,000), and recommends longer coverage (6–12 months) for people without regular salary income, business owners, or those with higher risk tolerance.

Questions this video answers

Three to six months of living expenses.

About £9,000 (three months × £3,000).

Longer than 3–6 months — possibly six months or 12 months depending on risk appetite.

Chapters

Rule 3 is to have an emergency fund. What does an emergency fund really mean? Does it mean just saving money to nail it down? It just means having three to six months worth of your living expense, if your living expense per month is? 3,000. So emergency fund, at minimum, we suggest, will be three times that amount, which would be about £9,000. And again, it varies. For instance, if you're in a position like myself, you don't have a regular salary job, and you, you're not sort of like expecting, you know, an income that is sent to you every week or every month, then it makes sense to shoot for a longer emergency fund. Especially if you are running a business, you're starting a business, you're not sort of like living paycheck to paycheck. Maybe you might want to go six months or 12 months, depending on your risk appetite.