What Unexpected Expenses Have Hurt You the Most Financially?
Life is full of emergencies, big and small. Emergency funds are designed to financially protect us in these events, but we do not always have enough funds to cover them or, perhaps, we did not foresee that an event would happen to us that would take our money away. What event cost you dearly?
Neil Gubler writes in Atlantic how, despite being a successful writer with a middle-class income, he lives paycheck to paycheck. He is not alone in this boat: The Federal Reserve Board found that 47 percent of respondents in their survey would not be able to provide $ 400 for emergency expenses . Gubler says that for him a lot of this was due to his choices (for example, the choice to live in New York and have children), but other things, such as a lawsuit from the publisher and the loss of his job, were less important. choice. “But the problem with finance is that life doesn’t cooperate,” Gubler writes.
Unexpected expenses, by their very nature, are difficult to plan for. Maybe it’s finding that your health insurance doesn’t cover 100% of the procedure, or it’s a divorce that you didn’t expect. What event surprised you (and your bank account)?
The Secret Shame of Middle-Class Americans | Atlantic Ocean