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Financial Planner

Category - General Principles of Financial Planning

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How much emergency funds savings should there be?

3 - 6 months
6 - 12 months
18 - 24 months
24 - 48 months

Explanation

Answer: A - Emergency funds savings should extend for 3 - 6 months. Determining the adequacy of reserves, the number of incomes should be considered. For one-income families, a six-month savings may be appropriate, while a two-income family may need six months’ worth of funds to sustain.

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