The report concludes, “Americans don’t feel prepared.”
Arguably, some preparation would make sense. Although only one in 6,000 people lives to become a centenarian today, the other scenarios on this list are quite common, even normal. “More than 90 percent of people marry by age 50,” reports the American Psychological Association. “However, about 40 to 50 percent of married couples in the United States divorce.”
And the rate goes up further for subsequent marriages.
After analyzing new research, The New York Times concludes that “the negative implications of divorce for life satisfaction were more than three times greater than the positive implications of marrying,” and the damaging effect of divorce on one’s financial situation may have something significant to do with that.
Meanwhile, as of 2010, about 80 percent of women have at least one child over the course of their reproductive years.
Facing these realities, and upping your savings to handle them should they occur, could be one way to fight these fears. Cutting back on voluntary expenditures like takeout and learning to cook helped one 31-year-old, who had been feeling “helpless” about his money situation, save $6,000 in a matter of months.
Changing her attitude towards money altogether enabled another millennial, who had been racked with “anxiety” thanks to her “poor financial choices,” get out of $10,000 in credit card debt before she turned 30 — and feel better, too.
And personal finance guru Ramit Sethi recommends making six tweaks in order to save $700 each month. Accumulating that kind of cash could help you feel readier to handle whatever life throws at you.
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