Three Critical Things You Need to Know About Emergency Funds

Everyone talks about how important it is to have an emergency fund, but few people talk about what kind of emergency fund that should be.

After all, there's a big difference between stuffing money in a shoe box for a rainy day and setting up a savings account. Take it up a level, and there's a big difference between letting your money hang out in a standard savings account and investing in a no-penalty CD or money market account.