Everyone knows to have a rainy day fund.
Yet, few people have one, despite the fact that cars break down, roofs leak, and pandemics hit.
Today I listened to this story of a businessman and it reminded me of the responsibility businesses have to build rainy day funds. After 22 years in business, this man was unable to pay his business rent the first month of the pandemic. Since then, he has borrowed $130K to keep his business open and had to scrap his retirement plans.
A personal rainy day fund is a responsibility we have to protect our families. A business rainy day fund is a responsibility we have to protect our employees, suppliers and customers.
If you don’t have one, start one today. If you do have one, make sure it can cover one year of expenses.
It will rain again.
This post was originally published on The Ethical Leader and is reprinted here with permission.
Writing as “The Ethical Leader,” Yan Tougas draws on 15 years of experience as a compliance & ethics officer at a Fortune 500 company, sharing insights, wisdom and lessons learned. This post originally appeared on “The Ethical Leader” and is reprinted here with permission. Views expressed are that of the author. Visit him at YanTougas.com, connect with him on LinkedIn or follow him on Twitter.
Yan Tougas, Global Ethics & Compliance Officer, Raytheon Technologies Corporation
Yan Tougas oversees Raytheon’s global ethics programs, supporting a network of nearly 300 Ethics & Compliance Officers, managing the company’s Ombuds program, and ensuring that best practices are adopted across Raytheon’s business units. Ethical culture and leadership is the focus of all activities under his responsibility.
Yan joined Raytheon in 2000 and held positions of increasing responsibility at several of its business units. He took his current position at the Corporate Office in 2012.
Yan holds a LL.B from the University of Sherbrooke School of Law (Quebec) and a LL.M. from University of Connecticut School of Law. He sits on the Board of the Ethics & Compliance Initiative and on the Advisory Board of the Hoffman Center for Business Ethics at Bentley University. Yan currently lives in Connecticut with his wife and three children.
