Newspapers may be going the way of the dinosaurs but I’ve always loved fossils. The same cannot be said of great content and it can come from anywhere, not the least of which are the brilliant journalists from The Globe and Mail.
In a recent piece, the Personal Finance Columnist, Rob Carrick polled subscribers on giving a new face to the fossilized title of an Emergency Fund.
Over 4000 opinions later, subscribers voted to stash their cash in a “Plan B Fund”.
I’m fine with plan b, but I prefer rainy day fund more. It’s more visceral, but I guess as Canadians it’s more like snowy day.
As Morgan Housel espouses in his book, The Psychology of Money, keeping that rainy day fund can help you from unnecessarily interrupting the magical compounding of your other investments. In which case, it really is Plan B in more ways than one.