We all know the story of the 10 virgins in the bible, who waited for the groom to come. They all had fuel in their lamps but five of them had extra fuel and the other five did not. It took a long while before the groom arrived so their lamps burnt low on fuel. Shortly before the arrival of the groom, the five who had extra fuel poured it into their lamps while the other five had to leave, looking for fuel.
When the groom eventually arrived, he met only the five who had extra fuel to pour in their lamps, they went into the ceremony and the door was shut behind them. By the time the other five virgins came back, there was no way to get access into the ceremony.
The bible called the five who had extra fuel, the wise virgins and the once who don't, he called them the foolish virgins
Come to think of it. It wasn't the fault of the virgins that the groom came late, after all they all had fuel in their lamps from the beginning, yet the were called foolish and at the point of emergency they missed opportunities. Life would not sympathise with anyone for not being prepared just because the situation wasn't their fault.
That brings us back to our topic.
Failing to plan is planning to fail. Emergency might come in the form of a bad happening scenario that needs to be attended to financially, it might also come in the form of a long awaited opportunity that landed suddenly and needs to be claimed, cleared or purchased with a certain amount of money before it gets missed. this is why it is important have an emergency Fund.
As much as no one prays to be in a situation of emergency, one must plan ahead for it because life can be so unpredictable and the things we don't plan for might end up ruining the once that we planned for, like the case of of tue five foolish virgins.
Best plans for Emergency funds
Have an asset
In an era where things get expensive by the day, currency values decrease, and the economy gets worse everyday, income from job security would never be enough to settle timely needs and also be left for emergency purposes. Having a asset/structure that generate income passively will not only sort the present, it will also provide an avenue to save funds for unforeseen emergencies.
Invest in people
People are the best asset one can invest in, people are also the worse liability one can invest in, so invest in the right set of people. When needs arise, you have the backing of men who are willing and ready to stand by you.
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