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Almost 30% of U.S adults would have to borrow or sell something to cover an unexpected expense of just $400, and 12% wouldn't be able to cover the expense at all, according to the Federal Reserve.*
While this may not describe your situation, having safety nets to help ease the burden of unexpected expenses, such as insurance and an emergency fund, is an important part of any financial strategy.
Emergency savings can cover items insurance typically does not such as a major illness, accident or job loss. Insurance can cover items your savings may not be equipped to handle such as lost or stolen property and home or car repairs.
If you don't already have an emergency fund or insurance in place, take these first steps to prepare.
This list is just a starting point. Depending on your age, your list may look considerably different. Your financial advisor can help you put together your to-do-list related to your financial goals and help you calculate how much cash you may need for your next unexpected event.
* Board of Governors of the Federal Reserve System, May 2019: "Report on the Economic Well-Being of U.S. Households in 2019"
Edward Jones is a licensed insurance producer in all states and Washington, D.C., through Edward D. Jones & Co., L.P. and in California, New Mexico, and Massachusetts through Edward Jones Insurance Agency of California, L.L.C.; Edward Jones Insurance Agency of New Mexico, L.L.C.; and Edward Jones Insurance Agency of Massachusetts, L.L.C.