What the Ryan Tubridy episode can teach us about financial wellbeing

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What the Ryan Tubridy episode can teach us about financial wellbeing

The pay controversy at RTE has confirmed an important lesson when it comes to financial wellbeing. Nothing is more permanent than change!

And change in personal circumstances can come from out of the blue.

The ending of negotiations between RTE and Ryan Tubridy is an important reminder of how quickly a situation can change and a source of income is lost.

This happens families all over Ireland every single day.

Employers make people redundant.

Employment contracts end.

Accidents occur.

People become ill.

The list goes on and people are left to manage on their own.

This is what financial wellbeing is all about.

It’s about building the right amount of financial resilience so that those impacted, and their families can weather the drop in income or other challenges brought about because of change.

Despite Mr. Tubridy’s generous income over the years, it is never a guarantee that there will be sufficient financial resources in place to cope with a period of less income… or no income at all!

This is another important lesson when it comes to money. It is not just a question of how much one earns that will determine their financial wellbeing, it is how they manage that income.

What I have learned over the years is that patience and prudence are key to financial wellbeing. Saving prudently. Investing wisely and being patient can build the amount of financial resilience needed to weather the storm. Plus, financial literacy helps too!

It is important to be able to converse in the language of money when shopping for financial products or discussing them with financial advisers. And above all, it is important to be able to assert your rights when something goes wrong.

Frank Conway is Founder of MoneyWhizz, a Qualified Financial Adviser and author of Ireland’s Essential Guide to Personal Finance.

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