Should I deplete my emergency fund?

Check out The Rachel Cruze YouTube Channel for life and money tips! http://www.youtube.com/user/RachelCruze?sub_confirmation=1 ________________________________________________________________ Steve in Phoenix ran into a medical emergency and is concerned about depleting his emergency fund. What should he do? Find A Financial Peace class near you! http://www.daveramsey.com/fpu/classfinder?ectid=70.11.1195 Check out Chris Hogan’s book “Retire Inspired” http://www.daveramsey.com/store/books/retire-inspired-by-chris-hogan/prodD078.html?ectid=70.11.1194 Do you want to take control of your money? Get “The Total Money Makeover” book here. http://www.daveramsey.com/store/books/dave-s-bestsellers/the-total-money-makeover/prodtmmoclassic.html?ectid=70.11.1193 Download the FREE EveryDollar App and start telling your money where to go. http://www.daveramsey.com/everydollar?ectid=70.11.1192 Do you need help with your taxes? Find an Endorsed Local Provider near you! https://www.daveramsey.com/elp/tax-services?ectid=70.11.1191 Need help selling or buying a home? Click the link to find an Endorsed Local Provider in your area. https://www.daveramsey.com/elp/residential-real-estate?ectid=70.11.1190 Do you have questions about investing? Let one of our Endorsed Local Providers help. https://www.daveramsey.com/elp/investing?ectid=70.11.1189 IN THIS VIDEO: Dave Ramsey, The Dave Ramsey Show, Financial Peace University, FPU, The Total Money Makeover, budget, envelope system, emergency fund, baby steps, radio show, debt freedom, EntreLeadership, mortgage, ELP, daveramsey.com, money, finance, economy, investing, saving, retirement, cash, mutual fund, stock market, business, leadership, credit, drtlgi

Comments

1. 50k and 5 kids. Ouch.
2. $50k with 5 kids. .
3. In what world does a new transmission cost only $1,000?!?!
4. One of my biggest regrets is cashing out a 401.. looking back, I see how little I received after the penalties and tax.. and looking back, I see how much that account would have grown in the years since.. I can also see that I didn't make much effort to figure out another way to stay afloat, and there were plenty of other ways I could have stayed afloat, vs cashing out the retirement funds!
5. 5 kids in apartment RESPECT !!!
6. duh. make payments to medical
7. send them $150.00 a month duh
8. Dave Ramsey does not live in the real world.
9. The medical bill is an interest free loan. Pay it back over time.
10. Possible solution: Borrow $6000+ against the 401k at a term that results in monthly medical payment amount. Pay the $5000 settlement on medical bill (the $7000 saved hopefully beats/matches 401k rate of return). Pay for the auto repairs. Payback yourself through the 401k. Smile!
11. buy a $500 banger!
12. forget a car if the car is going to cost you money to repair it  just take the buss an save for a new car