
10 Sources of Emergency Cash, Ranked From Best to Worst
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What happens when your emergency cash runs dry—and life keeps happening?
A recent article lays out a ranked list of ten ways to access emergency cash, starting with the best options and ending with the ones you’ll want to avoid unless it’s truly a last resort:
- Emergency Fund / Short-Term Securities
- Low-Risk Assets in Taxable Accounts
- Roth IRA Contributions
- Life Insurance Cash Values
- 401(k) Loan
- Home Equity Line of Credit (HELOC)
- Hardship Withdrawals from 401(k)
- Reverse Mortgage
- Margin Loans
- Credit Cards
The takeaway?
Know your emergency funding hierarchy before a crisis hits. With a plan in place, you’ll be better equipped to make calm, informed decisions when life throws you a curveball.
Resource:
- MorningStar article by Christine Benz: 10 Sources of Emergency Cash, Ranked From Best to Worst
- Christine Benz’s book - How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement https://a.co/d/3rZ3JgF
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