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Want More Freedom? You May Need a ‘Go to Hell’ Fund

Want More Freedom? You May Need a ‘Go to Hell’ Fund

Angela Colley

When it comes to saving money, any financial planner worth their salt will tout the virtues of creating an emergency fund. If you have money saved up for an emergency—whether a busted water heater or a car accident—that crisis shouldn’t send you into a financial tailspin thanks to the fund. There is power in that. The emergency fund is simply there to protect you when something goes wrong, not finance your extended vacation or help you tell your boss to shove it. If you want more freedom to do that (or at least the option), you may want to consider seeding another fund: The ‘go to hell’ fund.

As Zina Kumok at The College Investor explains, starting a ‘go to hell’ fund now can open up more opportunities later:

“‘Go to hell’ money isn’t about the desire to tell off your boss—it’s about choices. When you’re living paycheck to paycheck, your choices are severely limited by the need for consistent income. This lack of independence will wear you down over time, and take the shine away from what could be a fulfilling and interesting life.”

Whether you want to quit your dead-end job (and there are a lot of you, Kumok claims more than 30 percent of Americans are currently looking for new work), write the great American novel, or be the primary caregiver for your young child, you can do it if you set yourself up for it financially—and that is kind of awesome.

Wondering how to start your fund? Kumok has tips for that. Check out the rest of “Why Everyone Needs ‘Go to Hell Money’ (And How It Is Different Than an Emergency Fund)" at The College Investor. 

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