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Short answers to the questions readers send Emarsys Finance most often, plus where to write if yours is not covered here.
Most households are well covered with three to six months of essential expenses, not total income, sitting somewhere accessible within a day or two. Single income households or anyone with unpredictable pay should lean toward six months, dual income households with stable jobs can often stop closer to three.
Lenders usually reserve their best rates for scores of 740 and above, though the jump from the low 700s to the mid 700s often matters less than clearing the 700 threshold at all. Below 660, expect noticeably higher rates regardless of how much higher your score climbs above that line.
Pay off anything above roughly 7 to 8 percent interest before investing, since that is a return few investments beat reliably. Below that rate, especially with an employer retirement match on the table, investing while paying the debt on schedule usually wins the math.
As much as you can up to the annual contribution limit, but the honest starting point for most people is whatever amount you can automate monthly without touching it. A partial contribution made consistently every year beats a full contribution made twice and skipped three times.
State sales tax if you itemize and live somewhere without income tax, student loan interest even without itemizing, and job search costs in the year you were laid off are the three that come up most often in conversations with people who filed on their own.
Not to open a brokerage account and buy a broad index fund, which covers most of what a first investor needs. An advisor earns their fee when your situation gets complicated, such as multiple accounts, a business, or an inheritance, not for the first contribution.
The account itself works the same way, the difference is almost entirely the interest rate, which at an online bank can run ten to twenty times higher than a brick and mortar savings account. The insurance limits and access rules are usually identical.
Write to info@emarsysfinance.com and ask. Questions that arrive more than once usually end up as an article, and the ones that arrive often end up on this page.
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