Have you started setting some money aside in the event of a financial emergency? You never know when the car will need four new tires, the refrigerator will die, or you will need to fly across the country immediately to visit a sick relative. And the way most people are going--living paycheck to paycheck--any financial hiccup could quickly snowball into a major financial crisis. As discussed before, an emergency "rainy day" fund is a critical part of your financial arsenal. In fact, every one of our financially-independent clients fully expect the unexpected, and you should too for one simple reason: You never know when or where a financial emergency will occur.

Second Opinion
You probably think we're overreacting. We're screaming about the sky falling and you just don't have the time to deal with it right now. Trust us; this is a critical component for your financial success, and it should not be ignored. Still don't believe us? The Motley Fool has a great article detailing additional reasons why the emergency fund a critical piece of your financial journey.

"Emergencies or even should-have-been-foreseen expenses will spring a credit card trap on you that can take years to escape from. How Foolish it is to have the money you'll need soon safely accruing interest instead of charging that valve job or honeymoon and paying double-digit interest rates on it for years."

A Little at a Time
You don't have to inherit a $10,000 windfall to sock away cash for a rainy day. Just put aside a few bucks each month, and before you know it, your rainy-day-fund will provide the security and financial peace of mind you need.