Start with an envelope, and a $20 bill
Here’s what I ̶w̶a̶n̶t̶ need you to do, starting tomorrow:
1. Acquire an envelope. Can be a normal business envelope, or maybe one of those return envelopes from the multitude of bills you receive.
2. On the outside of the envelope, write “MICHAEL”. Don’t worry, you’re not going to give me this envelope, or what you are going to put into it.
3. Once a week, put a $20 bill in that envelope. Keep that envelope in your house, hidden, and you ABSOLUTELY CANNOT TAKE ANYTHING OUT OF THIS ENVELOPE!
Repeat step 3 weekly. In 52 weeks, a year from today, grab the envelope and you should have $1,040 in there.
Congratulations, you are now part of only 36% of the American population that have $1,000 in an emergency fund.
The reason why I asked you to write MICHAEL on the envelope? It will remind you of who helped you get an emergency fund started.