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Featured in Detroit News: "Insuring yourself against that rainy day"

Published: Nov 20, 2016
The Detroit News

Description

Unemployment was on my mind last week, for no particular reason at all, of course, when I ran across a bit of economic "good news." According to the Department of Labor, the number of initial claims for unemployment benefits for the week ending Nov. 12 was a scant 235,000, a decrease of 19,000 from the previous week.

This is good news, the department noted, because it was the lowest level for initial claims since Nov. 24, 1973.

Unless you're one of those 235,000 suddenly jobless men and women.

The standard personal finance advice is that everyone should maintain an emergency fund that can cover three to eight months' of their expenses. If you earn the median household income of about $50,000 a year, you need to sock away $7,500 in your rainy day fund. But just this past May, the Federal Reserve reported that 46 percent of U.S. households would struggle to meet emergency expenses of just $400.  READ MORE

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