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What is an emergency fund?

Sh!t happens. Cars break down. Water heaters leak. You lose your job. You need an emergency fund of available cash that you can tap to cover these emergencies. You should shoot to cover six months of living expenses.

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What is mortgage insurance?

If you put down less than a 20% down payment when buying a home, the lender will require you to have mortgage insurance to protect them in case you end up not paying your mortgage. If you bought a $500,000 home, you would have to pay around $7,500 for mortgage insurance.

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What is an HSA?

An investment account from your employer that lets you save for health costs – no taxes for money that goes in, no taxes on money it makes, and no taxes when you take it out. You should only consider it if you and your family generally have low health expenses.

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