A Powerful Reminder of How Life Throws Us Curveballs

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What's one purchase you made in the past 3 years for under $50 that's been an absolute game changer for you?

For me, it was buying a portable air pump to inflate car tires for less than $30.

Let me explain:

In 2016, I drove from New York City to Montana in a rental car.

During this particular cross-country road trip, because I am fanatical about proper tire inflation, I stopped several times to check the air pressure of the tires.

To check the air pressure of the tires, I had to purchase an air gauge and stuff in cash to get change in quarters to use a gas station air pump to inflate the tires (because you can't pump air into your tires for free anymore).

You get the idea.

During this one-week cross-country road trip (my maiden voyage), I checked the tires of the rental car 3 or 4 times.

So, when I purchased my SUV (the Beast Rabban) in 2020, one of the first items I bought was a small portable air pump.

Just to be prepared.

Fast forward to 2023: three weeks ago, I went out to my car to move it from one side of the street to the other (because New York City has alternate side street parking).

When I turned on my car, a dashboard notification alerted me that one of the tires was extremely low.

I pulled out my trusty air pump (some of the best money I have ever spent) and correctly inflated that tire.

The following weekend, as I was getting ready for a weekend getaway, I was in for a surprise when I turned on my car to find the exact same tire underinflated again.

The tire wasn't flat, but it was dangerously underinflated - a cause for concern.

I grabbed my trusty air pump, inflated the tire, and left for our getaway.

Throughout the weekend, we covered close to 500 miles.

To my relief, the tire held up remarkably well (thank goodness for the tire inflation indicator on the dashboard).

A few days after the getaway, I went out to move the car and was met with the disheartening sight of the tire nearly flat.

It was a clear sign that I needed to take action (other than relying on my trusty air pump).

It was time to see a professional.

I paid a visit to a mechanic who specializes in fixing flats.

The fact he opens his shop at 6:30 a.m. is a bonus, as who knows how long I'd have to wait for a mechanic in New York City if I went at a time other than early morning.

The mechanic removed the suspect tire from my vehicle and, to my shock, unearthed a ~3-inch screw embedded straight into the tire.

The screw was embedded perpendicular to the tire's surface and flush - I never saw anything like it.

The mechanic swiftly removed the screw, patched the tire, and I was back on the road.

This experience served as a powerful reminder of how life has a knack for throwing us curveballs when we least expect it, underscoring the importance of being prepared - not just for roadside mishaps but especially financially.

Consider this: while figures may vary, 45% to 57% of Americans don't have a penny in an emergency fund.

Let that sink in for a moment - nearly half of Americans can't cover a $1,000 emergency expense (with or without using a credit card).

This statistic highlights a critical issue many of us tend to overlook: emergencies don't wait for the perfect time, nor do they wait until our next paycheck.

Like an uninvited guest, they show up when they please, and being unprepared financially can lead to unnecessary stress and financial strain.

Truth be told, for most of my life, I didn't have an emergency fund (heck, I didn't even know what an emergency fund was).

If an unexpected expense arose, I took care of it using a credit card.

The importance of having an emergency fund can't be overstated.

It's not just about setting money aside; it's about providing yourself with a safety net, a cushion to fall back on when life throws a curveball your way.

Imagine having the peace of mind knowing that you have a financial buffer, ready to handle unexpected expenses.

Whether it's a car repair, a medical bill, or any other unforeseen circumstance, having an emergency fund can make all the difference.

Seriously consider building or strengthening your own emergency fund.

Start by saving 1 month of essential expenses in a High-Yield Savings Account, e.g., rent/mortgage, car payment(s), estimated utility and grocery costs, etc.

Then continue to build:

3-6 months is good.

6-9 months is better.

9-12 months is best.

It may not seem urgent now, but trust me, when you're faced with an unexpected expense, you'll be grateful you took this step.

The one action you do not want to take is putting that unexpected expense on your credit card (which may lead to further financial stress).

Remember: there’s always time to start building your financial safety net.

Your future self will thank you.

Interesting reads:

Only 19% of Americans increased their emergency savings in 2023.

Once your emergency fund is set, start building your travel fund. Lonely Planet just revealed its 50 top travel destinations for 2024.

You can find the collection of my favorite financial tools & resources by clicking here.

Thanks for reading!

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