How is a household's precautionary savings likely to be affected by the following events?

(Hint: precautionary savings reflects how much ahouseholdSHOULD save because of uncertainty, not how much they can save.)

1) The main wage earner in the house switches from a career in management at a large corporation to starting a small consulting business.

2) The household is given $5 million from a wealthy relative's estate.

c) A couple's last child graduates from college