Multiple asset allocation models

My latest thought on asset allocation models is that I need to have at least two, one for my retirement assets, and one for my non-retirement assets. Oddly, my retirement asset decisions can afford to be significantly more risky since I won't need those assets for another 20 years or more, but the bulk of my non-retirement assets are currently dedicated to my rainy-day contingency fund, which is by definition cash-equivalent.

That suggests that I need to consider my rainy-day contingency fund as simply a third asset allocation model and that my non-retirement focus should be on my investment asset allocation model. That seems to make sense. Unfortunately, my current net worth spreadsheet doesn't separate out my rain-day contingency cash from the remainder of my cash. I'll have to do that paper separation and then work on an asset allocation model for it. 

-- Jack Krupansky