The median amount Americans hold in a savings account is about $5000, 57% of Americans could not afford a $500 surprise expense, and only 39% of Americans could pay for a $1000 surprise expense. Most folks know that having savings is a good thing and have been instructed time and time again that an emergency fund is an important financial asset to build up as you enter the workforce in your 20s, but what does this really entail, and what is it for?

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