When you save money, make investments or otherwise scheme, plan and dream things for your money – you are making a backup plan. You are planning for the “what if’s” and unknown elements of life. You are making an allowance in your life and finances for all the things that we can’t predict.
Good or bad, all financial plans are preparations for the “what ifs” of life. That’s what financial plans are – a backup plan for life’s inevitable changes, curveballs and surprises. One of the only things that can help you feel less scared of those eventualities is having a great financial support system to fall back on.
If you know you have money in place when something unpredictable happens, that is one large worry off of your mind. Some life changes might bring emotional distress, sadness, joy, excitement or other strong feelings. They might bring endless complications and other upsets to your life but at least you can rest assured knowing that money won’t be one of the problem points.
Preparing for the Unknown
Having money in savings, investments, offshore jurisdictions or however you prefer to save allows you to feel more comfortable facing whatever comes your way.
Situations such as:
What if I want to stop working? What if I can’t work? What if I have children? What if my child gets sick? What if my child gets into Harvard and I need to foot the bill? What if my aging parents get sick and I need to help them financially? What if my house burns down? What if I want to change careers and become a barista or a landscape painter?
Most of us worry about one or more of these things from time to time – maybe far more often than we’d like to admit. If you remove the monetary worry from the equation, these situations may still be distressing but far less so.
Why We Save and What For
We save to prepare for these situations and others just like them that we likely never could have predicted. We also save for the things that will happen, no matter how much we wish they wouldn’t. We save for the time when we can’t work to support ourselves, we save for our eventual passing on and so that we can leave something to our children to be sure that they are financially cared for.
“We save because we have absolutely no idea what’s going to happen,” said Richard Cayne.
Richard Cayne has spent his entire life saving, investing and financially preparing for the unknown. But, he says, “Aside from putting something away for my kids, if I knew exactly when I was going to die – I’d be tempted to spend all of my money.”
Unfortunately, we can never know that. That’s why we keep saving.
For further information about savings and other investment topics, Richard Cayne and Meyer International can be reached at (+66) 02 611 2561
