You have no control over the volatility in financial markets or the economic tumult caused by President Trump’s tariff policies. But you can prepare for financial potholes by bolstering your rainy-day fund.
“Emergency savings is one of the single best predictors of a person’s financial well-being,” said Stephen Roll, co-director of research and policy innovation at the Center for Social Development at Washington University in St. Louis, where he studies economic security.
Consumers are facing more uncertainty than usual about the economy. While the labor market has held steady, with unemployment at 4.2 percent in April, the Trump administration’s pursuit of tariffs has rekindled worries about both inflation and a possible business slump.
“Nobody can predict what’s going to happen,” said Ramit Sethi, the author of personal finance books, including “Money for Couples.”…
