He Raked In $990,000 Playing In The NFL Last Year, Teaches Finance At UPenn, And Interned At UBS. And Hes Got A Simple Piece Of Money Advice We All May Need To Hear Right Now.

NFL midfielder Brandon Copeland made $990,000 in the NFL last year, according to CBS Sports, but that's not the coolest thing about him. He also built a financial empire called Copeland Media, serving as CEO and overseeing the company's financial advisory firm, Cascade Consulting Group. While at the University of Pennsylvania, he interned at UBS and has since returned to his alma mater to teach a course in financial education. And two years ago, he added Kiplinger collaborators to his resume.

One of his tips that seems especially important right now – with the recession going on and some savings accounts paying more than they have been since 2009 (see the best savings account rates you can find here) – is that you need an emergency fund. . Here's what other experts recommend and what other experts say.

"A healthy emergency fund usually has three to six months of salary or living expenses, but as always, you need to assess your situation and save as much as possible," Copeland says. (Copeland reportedly keeps most of his salary to himself.) He says an emergency fund can help with medical problems, job loss, debt relief, and more.

What are the experts saying now about emergency money?

Dana Jacobs, a certified financial planner at Legacy Care Wealth, agrees that an emergency fund for 3-6 months of expenses is essential for a financially healthy family. “Typically, we put those savings in high-interest savings accounts so our clients can get a little more out of the funds,” says Jacobs. Find out the best savings account rates you can get here. Find out the best savings account rates you can get here.

If you're a two-income family, says Jacobs, you can usually access a small emergency fund because you have extra income to cover possible job losses. But dependents, those with regular jobs, or those with only one income tend to save more.

"Having a lot of money to withdraw gives you a lot of flexibility, and there's real peace of mind knowing that if disaster strikes, you'll be fine. It's better to have too much money than not enough," says Keith Spencer, a certified financial planner at Spencer. Financial Planning.

If the recommended reserve amount seems out of reach for the family, certified financial planner Paul Collinson of Legacy Planning Advisors recommends dividing the money into more accessible areas. “Aim to build up a month's worth of reserves every 3-6 months until you reach the recommended number of months, perhaps. "The bottom line is that it's important to empower family members when setting desired goals, such as setting up an emergency fund in a few months or years," Collinson says.

And remember that this number can be liquid. "If you pay for child care now, it's definitely covered, but maybe not in a few years," says certified financial planner Christina Guglielmetti of Future Perfect Planning.