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Financial Emergencies

WHAT YOU NEED TO KNOW ABOUT FINANCIAL EMERGENCIES ARE YOU PREPARED FOR A FINANCIAL EMERGENCY? 62% of Americans can't cover unexpected expenses. Conversely, in a recent Bankrate survey, just 38% of Americans said they could cover an unexpected emergency room visit or even a $500 car repair with cash on hand in a checking or savings account. 38% 55% of respondents in a Pew 55% survey say they break even or spend more than they make each month. 1/3 of the 7,845 households polled by Pew have zero savings. PLANNING FOR A FINANCIAL EMERGENCY WHAT IS ENOUGH FOR YOUR EMERGENCY SAVINGS? YEAR'S SALARY? There is no consensus on how much emergency savings is enough. Some say you need to save a year's salary. Others believe $1,000 is sufficient. Most advice tends to fall someplace in the middle. $1,000? The Teachers Insurance and Annuity Association of Americans recommends setting aside 3 to 6 months' worth of living 3-6 MONTHS WORTH expenses in an account where your money will be safe and easy OF LIVING to access. AMERICAN MEN AND WOMEN CAN SELL STRUCTURED SETTLEMENTS OR ANNUITIES AND RECEIVE LARGE AMOUNTS OF CASH UPFRONT WITHIN 30 TO 40 DAYS, OR SOMETIMES LESS. PAY OFF THE HIGHEST INTEREST RATE BILL FIRST Don't forget to prioritize your debts. While a $50,000 hospital bill might weigh heavily on your mind, you always want to pay off your debts with the highest interest rates first. SOURCES: getrichslowly.org/blog/2006/09/08/how-to-start-an-emergency-fund cnbc.com/2015/01/07/60-percent-of-americans-cant-cover-unexpected-expenses.html pewtrusts.org/~/media/Assets/2015/02/FSM-Poll-Results-Issue-Brief_ARTFINAL v3.pdf tiaa-cref.org/public/advice-guidance/education/financial-ed/protecting/preparing-for-a-financial-emergency jgwentworthcashnow.com/cash-now-faq money.cnn.com/2005/01/31/pf/saving/willis_tips Brought to you by: ─░SETTLEMENTS.COM www.isettlements.com

Financial Emergencies

shared by isettlements on Sep 11
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These are the "do's and don'ts" of planning for a financial emergency.

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iSettlements

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Economy
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