{"id":240491,"date":"2025-10-26T03:02:11","date_gmt":"2025-10-26T03:02:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/240491\/"},"modified":"2025-10-26T03:02:11","modified_gmt":"2025-10-26T03:02:11","slug":"5-financial-frights-every-adult-needs-to-plan-how-to-survive","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/240491\/","title":{"rendered":"5 Financial Frights Every Adult Needs To Plan How To Survive"},"content":{"rendered":"\n

The scariest horrors in life don\u2019t come in costumes. They slash your wallet<\/a>, often when you least expect it.<\/p>\n

Discover Next: I\u2019m a Self-Made Millionaire: Here\u2019s How I Use ChatGPT To Make a Lot of Money<\/a><\/p>\n

Read More: How Far $750K Plus Social Security Goes in Retirement in Every US Region<\/a><\/p>\n

Every adult needs to plan for these five financial frights,<\/a> so they don\u2019t bleed you dry when they inevitably strike.<\/p>\n<\/p>\n

Business owners and employees alike can lose their incomes overnight. And given the slowing job growth<\/a> reported by the Bureau of Labor and Statistics (BLS), this fear feels especially keen at the moment. In fact, survey data from the Federal Reserve last month shows Americans\u2019 confidence in finding a new job has fallen to a record low.<\/p>\n

Financial Planner Scott Leonard of Navigoe<\/a> warned that this comes with a secondary risk as well: being forced to sell your stocks at a loss to cover your living expenses. \u201cIn a recession, the stock market often falls just as the unemployment rate rises. The risk of losing your job is compounded by the risk of also being forced to sell stocks in a down market.\u201d<\/p>\n

Keep an emergency fund<\/a> with three to twelve months\u2019 living expenses, and consider keeping an unused credit card that you can tap in an emergency.<\/p>\n

Check Out: 3 Signs You\u2019ve \u2018Made It\u2019 Financially, According to Financial Influencer Genesis Hinckley<\/a><\/p>\n

Even the healthiest adult can succumb to a prolonged illness or suffer a major injury. These health crises also cause double damage, costing enormous healthcare bills while also potentially putting you out of work.<\/p>\n

\u201cEven if you\u2019re young and healthy, health insurance should still be a no-brainer,\u201d said Financial Planner Brian Harrison of SAVVI Financial<\/a>. \u201cHealth savings accounts (HSAs) allow individuals with high-deductible health plans to save money tax-free for out-of-pocket health expenses, and invest that money for tax-free compounding returns.\u201d<\/p>\n

In fact, your HSA account can serve as a secondary retirement,<\/a> given that it combines the tax benefits of both traditional and Roth accounts.<\/p>\n

Physical items like cars and homes wear out and require repairs. Sooner or later, everything in them must be replaced, so budget for it.<\/p>\n

Your home and car repair fund should actually stay separate from your emergency fund. Home and car repairs aren\u2019t unforeseeable \u201cemergencies\u201d \u2014 they\u2019re costs you can expect every year.<\/p>\n

\u201cAs a general rule of thumb, set aside money for repairs equaling 1-4% of your home\u2019s value each year,\u201d said Adam Hamilton, real estate investor and CEO of REI Hub<\/a>.<\/p>\n

Inflation can chug along at 2% for decades, then surge to 9.1% like the U.S. experienced in 2022. To this day, inflation remains elevated and has increased from 2.3% in April to 2.9% in August.<\/p>\n

You can combat inflation<\/a> by holding your budget steady as you earn pay raises, to save and invest more money in inflation-resistant investments, according to Frank Davis, president of New Era Financial<\/a>. \u201cInvest in assets that historically outpace inflation, such as stocks and real estate.\u201d<\/p>\n

Living longer sounds like a dream, but it becomes a nightmare if you run out of money<\/a> to keep a roof over your head.<\/p>\n

\u201cLifetime guaranteed income solutions, like fixed indexed annuities, offer predictability and can safeguard you from uncertainty,\u201d said Tom Buckingham of Nassau Financial Group<\/a>.<\/p>\n

Speak with a financial planner to set a safe withdrawal rate from your portfolio, and set aside as much as you can toward your nest egg <\/a>during your working years.<\/p>\n

More From GOBankingRates<\/p>\n

This article originally appeared on GOBankingRates.com<\/a>: 5 Financial Frights Every Adult Needs To Plan How To Survive<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The scariest horrors in life don\u2019t come in costumes. They slash your wallet, often when you least expect…\n","protected":false},"author":2,"featured_media":240492,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,20351,133,69369,131,132],"class_list":{"0":"post-240491","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-emergency-fund","12":"tag-finance","13":"tag-financial-planner","14":"tag-personal-finance","15":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/240491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=240491"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/240491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/240492"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=240491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=240491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=240491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}