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Almost half of Americans couldn’t come up with $400 to pay for an emergency. Yes, you read that right – half.

Last year, the Federal Reserve published its Survey of Household Economics and Decision making (SHED Report). The Federal Reserve notes, “To determine individuals’ preparedness for a smaller scale financial disruption, respondents are asked how they would pay for a hypothetical emergency expense that would cost $400 … 46% indicate that such an expense would be more challenging to handle and that they either could not pay the expense or would borrow or sell something to do so.”

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