Why You NEED an Emergency Fund! by Dr Chandrakanth Bhat NRI Money Clinic
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- čas přidán 16. 02. 2020
- #nri #nrimoneyclinic #financialplanning
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Gold is time tested . Our senior generations have always invested in gold. Wear it, Store it. If needed ...
Excellent and a matured presentation in CZcams.... Thanks for the sensible and informative videos...
Very good and common sense information especially for those near retirement.
Brilliant video !! Very thought provoking !!!
Gold can be a very small portion of one's emergency fund (in physical form only). In cases of societal emergencies like power black outs, times of war, cyclonic impacts, etc. As gold is a store of value, it can always be liquidated into cash and come in handy during such times.
You are absolutely correct . Great thoughts. Keep sharing your feedback. Value them most
+1
Other than saving bank accounts of some private banks giving interest @ 6%' what are other options barring debt funds where I hv burnt my fingers. Liquid MF are better option than saving bank accounts.
I don't think gold can work as cash equivalent all the time. Sometime it happens when invested money may get devalued. Still it's a Emergency cash equivalent.
Thanks a lot sir.... Ur vision is based on completely on practicability nd very much use full...
👌👌👌👌👌👌
Thanks a lot Sir.... Wonderful input and knowledge sharing. According to me Upto certain extent gold can be considered as emergency fund but as per the A+B+C calculation it's not advisable. It's better to invest some in liquid mf, dmat form, gold by diversification. So that we can create a emergency fund in multiple
You are really knowledgeable Sir and thanks for sharing your thoughts with us...The way how you are explaining shows your expertise in Finance Domain....
Yes sir gold works as an emergency fund. This I got selected in an institute and I had to book a seat as soon as possible with one time full payment of fees. We just went with gold to the bank in the morning and by the same evening I transferred my fees. Plus we still own it, whenever we we get money we can free it.
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Nice information, thought provoking video, really feeling not happy these many years just wasted and lived with all risk
Sage mature advise from a savant. Keep up the good work
Wonderful video, very important subject.
Excellent video, very informative. Thanks.
Thank you ,Sir.very useful.
Very good explanation. Even we know
Listening to you is excellent.
Good insight Mr.Bhat. I watch your videos regularly. Thank you for sharing your knowledge. 💐
You are most welcome. Please subscribe and keep sharing the videos
Wonderful VDO !
very good channel for gaining financial knowledge.
Raw Gold is considered as Emergency Funds. I've experienced and tried at one occasion in my life.
Gold can be considered as an emergency fund (part of) ! Acts as an asset as well as security !
Very well explained ... the topics chosen are so very relevant ...had all these questions in life but no one to answer them .
Thanks a lot .🙏
So nice of you. Please subscribe and keep sharing the videos
Excellent description sir and it very clears that you have in depth analysis of how to start working on this.....thank you ✨
In depth explanation by Dr. I got answers to lot of my questions. It can be helpful for so many out there.
In my opinion, about gold as investment I feel it is good investment but at the same time can’t be considered as emergency fund in the same context as share markets or equity mutual funds. Maybe be the market might not be in the favor when we need the money.
Good Message Sir 👍👍
THANKS FOR THIS ADVICE.emergency funds under one lack can be kept in underground holes of your choice
Yes sir gold is somthing waht we never notices as a liquid money.. but it is the.last source of money in almost every indian family..
Your videos useful every retire person. Thank you
Yes, Physical Gold or in the form of Jewelleries. It can/may/may not depreciate for a certain % of its price at the time requirements. Investing regularly in Gold of a tiny amount from every month's income will be creating a long-term emergency backup!
Thank you sir, for ur valuable information,,
Sir, excellent explanations
Yes, physical gold is good for parking 30-40 % of our total emergency fund
Certain amount of Gold can be emergency fund in physical form coins and bar (to avoid losing unnecessary charges)Can be sold and borrow money any part of the world you live in.
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Some amount can be parked in Gold which has liquidity
Your videos a so informative.Thank you so much
Good insights
Excellent suggestion 👌
Sir,I thank U for your unique subject videos.
Excellent sir. But everyone's sos Target is unique. But your foundation for assessment aces the goal. ❤
U addressed all my queries thanks alot
Excellent explanation sir
Very sensible advice 👌👌👌
Yes gold is part of emergancy, it has workes from years for our elders.
Dear Sir
Gold is a good option for Emergency Fund.
Since
It has no Lock-In.
It has no fluctuations.
It has appreciation
It has ornamental status in Indian Context.
But protect it by keeping in Locker and save it from theft.
If no emergency and retain Gold.
Regards
Major P J Rao
It has fluctuation. But still good for emergency fund
It does fluctuate...but putting entire amount in one type of emergency fund is not such a good idea too. After all, we cannot be sure emergency will last for almost 2 years. The emergency may be just for a month or two, why withdraw or liquidate an asset like gold? Loan on gold, or overdraft limits on bank FD makes more sense because we use only the amount we need, and for the period we need. But the formula is perfect. A+B+C.
Gold in physical form can give you say about 10% less (if in jewellery form)or more if you try to sell it. It can be liquidated easily. But can also be a bit volatile depending on what price you entered. Gold ETF can be illiquid.
Thanks a lot Sir! It was really very helpful for me 👍
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Yes, i think it can be treated as an emergency fund. There are Gold loans that are available in the market, so that way your asset remains and you can give little interest and get it back anytime u want.
Yes, gold can be in part. But certainly not gold jewellery, it can be through other methods.
Yes if you have gold you can pledge it in a nationalised bank and can retrieve it later.
Very very helpful... Thanks to u sir.
Thank you very much for your feedback. Please keep sharing the videos
Thanks Sir....Great clarity
Thank you so much for your kind words. Please subscribe and keep sharing the videos
Yes, in my opinion, gold can act as emergency fund..
Also, if one’s monthly expenses are Rs.50 k /month in normal time, then in emergency (mostly non-health related like job loss) , the expenses can be 50% less than normal time, As we cut most of the expenses.
One portion of emergency funds can be in gold form. Not as armament but keep in coin
My grand father has always advised me to wear at least a small gold ring at any point of time. Keeping the faith, if something happens to us any where any time, some one would at least do a minimum help by taking the ring (be it a rich, beggar or a thief). So I guess, gold is definitely one of the emergency investment. Instant cash is available these days both by selling or mortgaging.
Your grand father wad really wise and gave you precious advice
A wonderful and practical consideration
for life. But it is very similar to olden days savings in kitchen vessels and sure
It was handy for hard times. The value
Of. money changes and yet when need
arise your savings fall short. So the
Emergency fund you plan should be able to support you in time of need.
The topic is so interesting to listen
but this could be possible only If the
Society plans together with all individuals. If I save in 2020 then value
must grow regularly. The govt or banks
Etc to cover such plan then this is feasible. 20 percent of ones need should
Be saved regularly fir such fund and provision must be made to cater availability at time of need. Very vast
Subject indeed Thanks for initiating
Such thought. Wish this becomes
Workable A special subject “ family Saving” be introduced in education from
Middle school standards.
Yes gold can be used as emergency fund during emergency situations
Very interesting and logical sir
Thank you
Gold can be but comes with safety compromise now a days..I believe less in gold liquidity
Gold can be treated as emergency fund but keeping it secure is a hassle
Sir tq. Ur suggestions is very important for us keep uploading ur vedios.
Regards.
It is dificult to get cash in exchange of gold unless heavily discounted .
Jwellary is difficult to part with.
You rarely keep gold in biscuit format.
It is not liquid as it seems.
Gold is a commodity as a output gives you high dynamic returns , less chances for dropping the returns this is 👍 option for parking the emergency funds.
Boss...
Subscribed
Hi, it was good video . I would like to give few points of opinion . Living in dubai the appropriate A plus C shall be 6 months salary . I have difference of opinion on B which arent essential and to be done during emergency situations like covid / job loss/ temporary health issues etc
Gold cannot be treated as emergency fund. The reasons are -
1. Gold is volatile.
2. Cannot be redeemed in full value as in the prevailing market upon sale. Big gold giants like GRT, Kalyan, Joyalukkas won’t allow redeeming cash against gold which is a big minus.
3. If sold to third parties/pawn brokers that will attract STCG/LTCG.
4. Pledging gold is not advisable because one has to repay along with interest to free it.
5. Even while buying there are so many price break ups viz. Wastage, Taxes, Making Charges etc. Purchase Qty not= Purchase Price
You have a point. Thanks for your feed back
Gold is very well part of emergency fund...n has been for past so many decades as well..
Gold is very much liquid & can be considered as an emergency asset....of course the value is slightly volatile but liquidity part attached is very attractive.
Investment In gold is best option I feel. Reason is its easy Liquidity as well value increases as we can seen in the past or to see the history.
Only danger of it is theft. Thanks.
NPS Tier 2 certainly looks a good option...but the taxation on it is not at all clear. Is our income from nps tier 2 is taxed at our Slab rate?...so does it sounds good to put in nps tier 2?
Thumbs up
Nice. Just one suggestion, if I may - the content in this video is enough to be fitted into a maximum of 4 minutes :)
Thorough!
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Have gold for 30 yrs use it sell it when emergency sure receive more money than u purchase best investment for long run. Very thankful for ur advice nice to listen to you 👍
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Yes, technically B should be zero, one shouldn't plan for any such expenses in the lean period, A and C are Fine,
Gold will be emergency fund as it doesn't depreciate and 24x7 it's exchangeable at the current price with nominal deduction of wastage etc. It can be kept at self locker at bank.
Gold of course can consider as emergency fund
24 Carat Gold (in physical form) can qualify this condition but not in any other form. Both 22 Carat Gold or Gold bonds cannot qualify as the return isn't absolute in 22 Carat and Gold bonds aren't liquid in nature unless you hold them for 5 Yrs, when that are converted into Demat form.
Yes gold is part of emergency fund
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not very certain, but can pick it up to a certain extent - at least 20% of our emergency fund can via gold investment
You definitely have a point . Thanks for your feedback
Have not seen gold prices coming down, my first gold investment was in the form of jewelry @ the rate of Rs 530 per 10 grams. My paper money in the form of LIC ect got liquidated in emergency. Once gone it's gone for ever. This didn't happened with gold, some how got managed to rescue my jewelry and it's still with me. And happy when see today's gold rate.
All points ok sir how come holidays come into picture sir in calculating emergency funds
Emergency Funds should be in Liquid Funds, Fixed Deposit or Saving Account.
seafarer nri can invest in bonds.and what is the tax applicable. On maturity whether this money can be credited in Nre account or nro account.
Gold is also be liquify easily. The price may not go too high but can be considered as safe investment to some extent.
Thank you.
Gold is an item,which can be encased immediately. Probably you may get better amount then interest.
We can treat gold as emergency fund... Reason being we can sell it any time... it's liquid asset though prima facie it doesn't fulfill the criteria
Gold can be considered an emergency fund only if you pledge it with a Nationalised Bank. But if you pledge it with private bank or jeweller, in all probablities, you are likely to be conned by undervaluing it or unreasonably high conditions and interest rate.
Yes
I disagree with A+B+C formula... In Emergency fund I am parking only my 12 Month Expenses i.e Home EMI, My Daughter Education, Regular monthly expenses and annual expenses like Medical Insurance, Car Insurance and Term insurance. Rest of this irrelevant for me... When I lost Job where is the question of helping to friends and relatives..?
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There is one error in this video. There is no pension in private sector including IT, Telecom. So don't consider pension for majority as public sector jobs are rare for current generation
Sir,can we choose corporate bond funds for emergency funds?
What about SB flexi account . An amount will be in SB and excess in FD. Wherever SB amount comes down the required amount will be drawn from FD
how about having emergency fund as gold rather than cash ..
Yes gold can be treated as emergency fund because it can be liquidated immediately
Gold is volatile in nature. The form of gold is very important. The best class is only debt funds as mentioned in your video and could be supported by credit card as long as one is highly disciplined and repay in time as the revolving rate of interest is too high.
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Are there any good long term funds; against which we can take loan for any emergencies? This will be a another good option as a emergency fund, as well as good returns.
Gold is partial emergency fund. It gives money but not immediately in situations like lockdown. Secondly making charges etc reduce the valuations.
In my emergency I took loan against gold...it came handy and in installments I cleared off ..and also with appreciation in price the interest amount of loan is covered while renewal
In my view it can construct 40% of emergency fund where I can still retain my asset and use it whenever required
Thank you
You have a point too .
You pay higher interest as well
Thanks for the informative video Dr.Bhat. For an Indian expat in UAE, what is the best way to park emergency funds. Savings/FD rate in UAE is really low. Is remitting to India to invest in FD/liquid mutual funds a better bet given the depreciating rupee? What is your advise?
Thanks for your query . Little difficult to answer this query here in forum . You may send in your query on my whatsapp 00971 50 148 4595.
Broadly speaking you can use NRE FD , FCNR in Indian banks, debt funds of mutual funds etc. However a case study needs to be done before a conclusive recommendation can be made. Parking money in this part of the world is prone to sharia law provisions.
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Yes. Gold is emergency fund. As it is scarce metal value will always increase
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Sir gold can be used as emergecy fund. But your advice is important whether it is correct or not
NPS Tier-II Account and Digital Gold SIP can be used as Emergency Fund. What is your opinion Sir?
Yes you can provided, tier 2 account has 100%debt instruments . Digital Gold is fine
Gold is not an emergency fund because of these points: Purchasing gold itself includes multiple other charges like making and wastage charges. Golds amount keeps varying. Gold can be stolen.
You have a point Praveen kumar. Your response appreciated
But what about gold in dmate form. Like gold bonds??
It make sense praveen it can be stolen or can be lost
Hi sir recently from one week I am looking at your videos in one of the videos regarding emergency money you asked gold helps i in what way during period in each and everyone life according to my thought by liquidating gold and I request you to give your answer
Only physical gold is considered to be an emergency fund.