Final answer:
It is true that according to financial advisor Ric Edelman, the two unexpected expenses that you must expect are gifts and repairs. These expenses, though often overlooked, are recurrent and should be included in personal financial planning to avoid financial strain.
Step-by-step explanation:
The statement that the two unexpected expenses that you must expect according to Edelman are gifts and repairs is true. Financial advisor Ric Edelman discusses the importance of planning for unexpected expenses in personal financial management. He emphasizes that while people may not predict the exact nature or timing of such expenses, certain categories are recurrent and predictable, such as gifts and repairs. Despite their inevitability, many individuals fail to account for them in their budgets, which can lead to financial strain.
Gifts, for example, may include not just those for holidays and birthdays, but also for events like weddings or graduations that are not always anticipated at the start of the year. Repairs can relate to a variety of items such as home maintenance, car breakdowns, or even electronics malfunctions. Budgeting for these expenses as part of a monthly or annual financial plan can help individuals avoid debt and maintain financial stability.