What is an Emergency Fund? As the name implies, an emergency fund is specifically saved for an emergency. This could be due to many unforeseen circumstances, such as medical bills, a car malfunctioning, a pipe burst at home, etc. These can be very expensive bills that need to be paid in a relatively short time. Thus, your emergency fund needs to be (close to) immediately accessible. Another way to say this is that it needs to be liquid.
Finally! Training is over and now it is finally time to become an attending! All those years of training has enabled me to practice medicine without someone watching over my back (that part somewhat scares me!). Another benefit is a massive bump in salary, likely the biggest increase in salary I am going to see in my entire career. Getting off on the right foot financially has important implications for long term wealth and financial independence.