FRESNO, Calif. (KFSN) — From market volatility to inflation, risk management is critical to financial wellness.<\/p>\n
“We always think about emergency savings and investing for retirement and the future, but it’s important that we also protect our money,” CEO of the Academy of Financial Education.<\/p>\n
In addition to reducing spending and assessing wants versus needs, identifying potential losses can help protect your assets.<\/p>\n
Molina says homeowners, renters and car insurance are common but life insurance can help you prepare for the unforeseen.<\/p>\n
“All too often in the Central Valley, we’ll see people doing car washes because they lost someone that they love or put up a GoFundMe account,” Molina said. “When the breadwinner or partner loses their life that can devastate the family and the community.”<\/p>\n
Premiums vary based on gender, age, health and provider.<\/p>\n
“You can talk about a half a million to a million dollar policy for a 20-year-old, for maybe $25 – $30 a month, but that same policy on someone in their 40’s is probably going to be about $100 a month,” Molina said.<\/p>\n
An estate or trust is also a critical component of financial risk management.<\/p>\n
These tools manage, preserve and transfer assets while avoiding probate and mitigating excessive taxes.<\/p>\n
“If you don’t have a trust set up as a single person, your family is going to have to go to court and fight over that stuff. It becomes very public information so anyone whose watching can come in and join in on the fight in the court battle over your assets,” Molina said.<\/p>\n
Visit the Academy of Financial Education website<\/a> for information on financial classes and resources.<\/p>\n For news updates, follow Vanessa Vasconcelos on Facebook<\/a>, X<\/a> and Instagram<\/a>.<\/p>\n Copyright \u00a9 2026 KFSN-TV. All Rights Reserved.<\/p>\n