I often read the advice of personal finance writers like Suze Orman, Liz Pullam Weston, and Robert Kiyosaki. Although their insights and approaches differ vastly, the one thing they all agree on is the importance of saving an emergency fund. In finance terms, the emergency fund is there in case you lose your job, or the car breaks down or the refrigerator stops working.
If you happen to have family and friends scattered across the US, then you should also be saving a secondary emergency fund of 60,000 frequent flyer miles. The four major US Airlines, (United/Continental, Delta, US Airways, and American) all offer unrestricted economy class tickets anywhere in United States for 60,000 miles. “Unrestricted” means that if there is a seat on the plane, you can have it for 60,000 miles. (On American and United you only need 50,000 miles)
Imagine how handy this could come in if a loved one were seriously injured or passed away. The airlines are not nearly as generous with bereavement fares as they used to be. Even for happy news, such as the birth of a child or a sudden engagement, these tickets can save you huge money.
The airlines are raising prices, and last minute fares are where they sting travelers the most. A last minute cross-country ticket can easily cost over $1,500. That’s more than a new fridge or most car repair bills! In order to protect yourself from this potentially crippling financial situation, you’ll need a 60,000 mile air bag.
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