We as Financial Advisers often talk to our clients about "Rainy Day" funds, the need to have a sum of money put aside for the "God forbid" or "What if" scenarios that may arise. Whilst I fully endorse the need for these Rainy Day / Emergency funds I recently had a different and somewhat enlightening discussion with a client of mine.
My client was in an enviable position in many ways, she had a good level of protection in place (Health Insurance, Serious Illness Cover and Income Continuance through her employer), furthermore she had a significant amount of money on deposit. She had some disposable income on a monthly basis and was enquiring about savings options available to her. As we were discussing these options we began chatting about her favourite hobbies and past times, she listed Travelling, Painting and Golf. I suggested why not save for a "Sunny Day" and build up a fund she can use to enjoy and pursue her hobbies more, she immediately smiled and agreed that was a great idea.
Tony Robbins, the well known motivational speaker, life coach and personal strategist has written two books on finance and investment in recent years, namely "Money : Master the Game" and "Unshakeable". He regularly refers to the need to build up a "freedom fund" and to save regularly to pay for both the necessities and luxuries in life. I always stress the importance of savings to my clients, but in my opinion with the savings you have built up they need to be ear marked for a specific purpose, either as a means of protection (rainy day) or enjoyment (sunny day).
I was fortunate enough to be invited by a friend to play golf in the Old Head of Kinsale recently (pictured above), truly a jewel in Ireland's crown from both a golf and tourism point
of view. Some of my client's goals with her new "Sunny Day" savings fund is to play golf in some of Ireland's top golf courses, like the Old Head, Ballybunion etc and travel more, safe in the knowledge that she has significant provisions in place for the "Rainy Day" and is putting her new "Sunny Day" fund to good use! So if you have some disposable income, have sufficient protection provisions in place why not consider saving for your "Sunny Day", we all have personal interests and goals make sure you get to enjoy and achieve them!
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