Question 1

What should I include in 'Monthly Expenses'?

Accepted Answer

For an accurate runway calculation, include all non-discretionary living costs: rent or mortgage, utilities, groceries, transportation, insurance premiums, and minimum debt payments.

Question 2

What are 'Liquid Savings'?

Accepted Answer

This is money you can access quickly, typically within a few days. It includes funds in checking accounts, savings accounts, and money market accounts. It does not include retirement funds like a 401(k) or IRA.

Question 3

How big should my emergency fund be?

Accepted Answer

Most financial experts recommend having an emergency fund that can cover 3 to 6 months of essential living expenses. This provides a solid cushion to handle a job loss or medical emergency without going into debt.

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