One of the worst things that can happen to you if you live in Florida is to have your air conditioning go out during the middle of summer. Often times this means you have the unexpected surprise of having to replace your entire system, which could run anywhere from $3,000 to $5,000. Or, maybe you’re retired and some of your income is coming from rental properties, and then, horror of all horrors, your tenant stops paying rent. Or, you have unexpected repairs to perform on the rental property which will eat up most, if not all, of your rental income. These are just a couple of examples of why it is so critically important to have a rainy day, emergency reserve fund. You may wonder how much you should have in your emergency fund and where you should put the money? Here are 3 tips to guide you.