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w w w .insidehalton.com | OAKVILLE BEAVER | Thursday, D ecem ber 2 8 , 2 0 1 7 | 1 2 T M p m a if lL U k r a in ia n f a q f lp f a a nas Be prepared: save for a rainy day ne thing w e do not spend enough time thinking about is putting m oney aside for emergencies. M ost of us think w e are im m une to bad luck. That is part of human nature. Hum an nature or not, it is not very practical. Emergency funds, as part of your hnancial strategy gives you a buffer w hen bad stuff happens. Being prepared for un expected events means you w o n ' t have to panic. Think of situations in your ow n life w hen you m ight suddenly need extra cash. Perhaps the loss of a job, an illness, or unforeseen hom e repairs. The list can be long. There will be times in everyone' s life w hen the unexpected happens. W h y then are there so m any people unprepared? A 2016 poll by Manulife Bank found 4 7 per cent o f those surveyed either didn' t know how m uch was in their emergency fund or had little or no m oney saved for a rainy day. H ow m uch to put aside will vary depending on your circumstances, but the consensus is three to six m onths' salary. The Financial Consumer Agency of Canada (FCAC) acknowledges it can take m onths or years to reach your emergency fund goal, and that is normal. They also caution against becom ing discouraged over the amount needed and suggest to start small and build on it. Planning is part o f being prepared. Having an emergency fund is part of your overall risk man agement. Risk management is som ething world leaders take seriously. O Dollars & Sense Peter Watson Guest Contributor all p re p a re d and easy to w a rm up v O in n c v Terrace Take-away In November, the Financial Stability Board (FSB) added the Royal Bank of Canada to its list of 30 hnancial giants. The FSB is an international board in Switzerland. Its chair is Mark Carney, governor of the Bank of England, a Canadian and previous head of the Bank of Canada. Being on this list requires the RBC to have extra hnancial reserves in case it gets into hnancial trouble. W hy is there an international board set up to monitor and make recommendations about the global hnancial system? Because the shock waves caused by any of the largest hnancial hrms failing w ould be too damaging to global econom ic stability. The world does not suffer if a smaller hrm goes bankrupt. If you get into hnancial trouble it is a very big deal for you and your family. If you are ever suddenly in the need of extra cash, you will be happy you have an emergency fund set aside. World leaders manage risk and prepare for the worst. Individuals should do the same. -- submitted by Peter Watson, of Peter Watson Investments. MBA, CFP®, R.FP, CIM, FCSI Homemade Ukrainian Food 905.337.1400x116 www.terracetakeaway.ca St. J o s e p h 's U kra in ia n C a th o lic C h u rc h 300 River O a ks Blvd. East (a t T ra fa lg a r) O a k v ille O N ftro m tt Proud Nominee of the 2015 Oakville Awards for Business Excellence Custom m ade Kitchen and Bathroom Cabinetry | Closet System s Entertainm ent Units | Basem ent Renovations | Full Renos and M ore! Create Your Dream Look 100% Canadian Made Cabinetry Quality Craftsmanship 20+ Years Experience Visit our 6000 sqft Design Centre Call us for a FREE in Home Consultation Units 2-3 333 W yecroft Rd, O akville T 905.844.3332 F 905.844.3334 w w w .arom akitchens.ca | info@ arom akitchens.ca