Erika Kullberg
What Is an Emergency Fund? - Erika Kullberg
Emergency funds are savings you set aside in case a large, unexpected expense comes up or you lose your income. Here's how to start one.
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5 Smart Money Moves for 2024: Boost Your Savings and Income
A recent video by financial expert Erika Kullberg outlines five key strategies for individuals to enhance their financial well-being in 2024. Kullberg emphasizes the importance of opening a high-yield savings account, noting that it not only earns more interest but also helps prevent impulsive spending by keeping savings separate from checking accounts. She also advises consumers to re-evaluate their phone bills, stating that "80% of Americans overpay for wireless." As a solution, she suggests considering providers like Boost Infinite, which offers unlimited plans from $25 a month and combines coverage from three top 5G networks. Furthermore, Kullberg recommends building an emergency fund sufficient to cover three to six months of expenses, ideally stored in a high-yield savings account. For career advancement, she encourages individuals to actively seek new job opportunities if their current salary is not keeping pace with market rates, highlighting that "the average salary increase for switching jobs is 15%," compared to an average 3% raise. Finally, Kullberg strongly advocates for opening a ROTH IRA and consistent investment. She illustrates the power of compound interest, stating that investing just $9 a day from age 20 could lead to a million dollars in tax-free growth by retirement. She suggests using savings from reduced phone bills to kickstart this investment.
