Why You NEED an Emergency Fund! by Dr Chandrakanth Bhat NRI Money Clinic

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Why You NEED an Emergency Fund! by Dr Chandrakanth Bhat NRI Money Clinic

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Күн бұрын

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Пікірлер: 223

@rajmenon7322 3 жыл бұрын

Gold is time tested . Our senior generations have always invested in gold. Wear it, Store it. If needed ...

@ravitejapabbisetty397 4 жыл бұрын

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.

@NRIMoneyClinic 4 жыл бұрын

You are absolutely correct . Great thoughts. Keep sharing your feedback. Value them most

@rakeshsachdeva1521 3 жыл бұрын

@guptasa9875 3 жыл бұрын

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.

@subhasishdas4726 2 жыл бұрын

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.

@kaustubhpatil5018 4 жыл бұрын

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.

@NRIMoneyClinic 4 жыл бұрын

You are right . Good to hear your views . Please subscribe and share videos with your friends

@prakashkk2771 4 жыл бұрын

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.

@NRIMoneyClinic 4 жыл бұрын

You are absolutely right. Please subscribe and share videos with your friends .

@narasingaraoungarala5227 2 жыл бұрын

Some amount can be parked in Gold which has liquidity

@paramitaghosh4048 3 жыл бұрын

Thanks a lot sir.... Ur vision is based on completely on practicability nd very much use full... 👌👌👌👌👌👌

@ravijoshua5176 3 жыл бұрын

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

@Honesty9 3 жыл бұрын

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

@greencosmos4427 3 жыл бұрын

It has fluctuation. But still good for emergency fund

@vandanaraoyalamanchi9813 Жыл бұрын

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.

@natesasarmagopalakrishnan912 3 жыл бұрын

Gold can be considered as an emergency fund (part of) ! Acts as an asset as well as security !

@pardhualways4U 4 жыл бұрын

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

@NRIMoneyClinic 4 жыл бұрын

You have a point. Thanks for your feed back

@NathanEstateBySNath 3 жыл бұрын

Excellent and a matured presentation in KZfaq.... Thanks for the sensible and informative videos...

@ramanagowdahullur3668 3 жыл бұрын

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!

@96055587 3 жыл бұрын

Raw Gold is considered as Emergency Funds. I've experienced and tried at one occasion in my life.

@ronkappa 3 жыл бұрын

Very good and common sense information especially for those near retirement.

@vssharath 3 жыл бұрын

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..

@rakerrrrr 3 жыл бұрын

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.

@NRIMoneyClinic 3 жыл бұрын

Your grand father wad really wise and gave you precious advice

@praveenkp2006 4 жыл бұрын

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.

@NRIMoneyClinic 4 жыл бұрын

You have a point Praveen kumar. Your response appreciated

@akshaypandare1109 3 жыл бұрын

But what about gold in dmate form. Like gold bonds??

@vishalmalewadkar7863 3 жыл бұрын

It make sense praveen it can be stolen or can be lost

@mallesh7157 3 жыл бұрын

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..?

@NRIMoneyClinic 3 жыл бұрын

Thanks for your views. Please subscribe and keep sharing the videos

@rajtango4401 2 жыл бұрын

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

@hrg3483 3 жыл бұрын

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.

@kguruprasanna7768 3 жыл бұрын

Good insight Mr.Bhat. I watch your videos regularly. Thank you for sharing your knowledge. 💐

@NRIMoneyClinic 3 жыл бұрын

You are most welcome. Please subscribe and keep sharing the videos

@swarnayn6398 3 жыл бұрын

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 .🙏

@NRIMoneyClinic 3 жыл бұрын

So nice of you. Please subscribe and keep sharing the videos

@praveenmeher87 3 жыл бұрын

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.

@shagunarya5595 2 жыл бұрын

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.

@Venkatesaiyengar 3 жыл бұрын

Yes, physical gold is good for parking 30-40 % of our total emergency fund

@rajeshsrathore9944 3 жыл бұрын

Gold can be treated as emergency fund but keeping it secure is a hassle

@suhridghosh5852 3 жыл бұрын

Yes, gold can be in part. But certainly not gold jewellery, it can be through other methods.

@backtofront003 3 жыл бұрын

not very certain, but can pick it up to a certain extent - at least 20% of our emergency fund can via gold investment

@NRIMoneyClinic 3 жыл бұрын

You definitely have a point . Thanks for your feedback

@kapilsaxena9479 3 жыл бұрын

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.

@kashyapchavda5690 3 жыл бұрын

Yes gold is part of emergancy, it has workes from years for our elders.

@amitagarwal2243 2 жыл бұрын

Gold is very well part of emergency fund...n has been for past so many decades as well..

@ShlokMalkauns 3 жыл бұрын

Yes, technically B should be zero, one shouldn't plan for any such expenses in the lean period, A and C are Fine,

@Dollyb792 2 жыл бұрын

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.

@shreedivya8490 3 жыл бұрын

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

@NRIMoneyClinic 3 жыл бұрын

You have a point too .

@kguruprasanna7768 3 жыл бұрын

You pay higher interest as well

@matiaspinto1825 3 жыл бұрын

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 👍

@NRIMoneyClinic 3 жыл бұрын

Thanks for the info. Please subscribe and keep sharing the videos

@ilachauhan7492 2 жыл бұрын

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.

@hemantdesai5910 2 жыл бұрын

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.

@prashrag 3 жыл бұрын

Yes gold is part of emergency fund

@NRIMoneyClinic 3 жыл бұрын

You are right. Please subscribe and keep sharing the videos

@believerone2001 Жыл бұрын

THANKS FOR THIS ADVICE.emergency funds under one lack can be kept in underground holes of your choice

@drbharathishdeshi2477 2 жыл бұрын

Nice information, thought provoking video, really feeling not happy these many years just wasted and lived with all risk

@kmohankulkarni1970 3 жыл бұрын

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.

@Pratt_MusicRoom 2 жыл бұрын

very good channel for gaining financial knowledge.

@srinivasv531 6 ай бұрын

Excellent video, very informative. Thanks.

@muralikrishnanayyappan6513 3 жыл бұрын

Brilliant video !! Very thought provoking !!!

@rajeshkumar-cx1tn 3 жыл бұрын

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....

@OishikSarkargplus 3 жыл бұрын

Best way to make Emergency Fund is Post Office Savings Bank Account. Thus the liquidity stays very high, you can withdrawn money whenever you need it. Also Post Office offers 4% Interest unlike Banks offering only 2.7% in savings account. Another thing to keep in mind is put to 3 times of your Monthly expenses in your Emergency Fund, more than that is a waste. Suppose your Home Monthly Expense is Rs.15000, so don't keep more than Rs.45000. If you have completed the goal then diversify the excess emergency fund amount to Mutual Fund. I personally avoid any ATM, Debit Card, Cheque linked to the Emergency Fund as it helps to keep me away from unnecessary expenses.

@NRIMoneyClinic 3 жыл бұрын

You have a good suggestion and a point to make . Please subscribe and keep sharing the videos

@princcenaahar 3 жыл бұрын

How u withdraw fund in case of emergency. I think ATM is required.

@revathiramesh880 3 жыл бұрын

Yes if you have gold you can pledge it in a nationalised bank and can retrieve it later.

@praveenstomp2471 4 жыл бұрын

Gold (non-jewellery) can be treated as an Emergency fund. Because, gold is not volatile like other instruments, and especially in times of crisis, I feel gold has more stabler value than any other asset.

@NRIMoneyClinic 4 жыл бұрын

Gold too can be volatile. Yes, a small proportion of gold can be kept as emergency fund

@ShivaPrasad-nm7zp 3 жыл бұрын

Sage mature advise from a savant. Keep up the good work

@rohanrajah8839 Жыл бұрын

Excellent sir. But everyone's sos Target is unique. But your foundation for assessment aces the goal. ❤

@manisshthakur621 3 жыл бұрын

Emergency Funds should be in Liquid Funds, Fixed Deposit or Saving Account.

@alokpathak1413 3 жыл бұрын

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.

@dhanwantsinghbala7463 3 жыл бұрын

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.

@ramanm2777 2 жыл бұрын

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.

@NaNa-lt1po 2 жыл бұрын

For emergency fund: Hard cash.. adjusted for inflation.. Period.. end of story.. When it's an emergency there sure no vacations and giving money to family and friends.. and no one time house work... 2 years is too much..

@eventhorizon1 3 жыл бұрын

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.

@aksket2000 3 жыл бұрын

Gold is partial emergency fund. It gives money but not immediately in situations like lockdown. Secondly making charges etc reduce the valuations.

@suhridghosh5852 3 жыл бұрын

Wonderful video, very important subject.

@ganeshnetreya6855 3 жыл бұрын

Gold is considered as emergency fund, but we need to ensure that the gold that is procured more than 5 years or above will give a better benefit than the one that was bought just 1 year back. There are making charges and taxes that adds upto the gold purchase

@kavankal 3 жыл бұрын

Yes gold can be used as emergency fund during emergency situations

@ritikasinghal431 3 жыл бұрын

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.

@Venkatesaiyengar 3 жыл бұрын

One portion of emergency funds can be in gold form. Not as armament but keep in coin

@vijayakumarg9763 3 жыл бұрын

Very good explanation. Even we know Listening to you is excellent.

@phugoid Жыл бұрын

Nice. Just one suggestion, if I may - the content in this video is enough to be fitted into a maximum of 4 minutes :)

@sukhdevsingh-hn9hl 3 жыл бұрын

Yes gold can be treated as emergency fund because it can be liquidated immediately

@paneerselvamstock8215 3 жыл бұрын

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

@margaretjohn5590 11 ай бұрын

Thank you ,Sir.very useful.

@pawan8154 Жыл бұрын

Excellent description sir and it very clears that you have in depth analysis of how to start working on this.....thank you ✨

@mansursatani7294 3 жыл бұрын

Your videos useful every retire person. Thank you

@swarnayn6398 3 жыл бұрын

Gold can be a part of overall emergency fund ...it should not be the only source ...

@NRIMoneyClinic 3 жыл бұрын

You have a point . Please subscribe and keep sharing the videos

@renjudas5482 3 жыл бұрын

Gold of course can consider as emergency fund

@anant-saini 3 жыл бұрын

Thanks a lot Sir! It was really very helpful for me 👍

@NRIMoneyClinic 3 жыл бұрын

You are welcome. Please subscribe and keep sharing the videos

@tincyannehot 3 жыл бұрын

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.

@nishithjain4330 3 жыл бұрын

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.

@NRIMoneyClinic 3 жыл бұрын

Very valid points . Thanks for your views . Please subscribe and keep sharing the videos

@atulshah1959 3 жыл бұрын

Gold is an item,which can be encased immediately. Probably you may get better amount then interest.

@simplelifewithmamta3611 3 жыл бұрын

U addressed all my queries thanks alot

@mgowdamysore3888 2 жыл бұрын

Thank you sir, for ur valuable information,,

@vandanaraoyalamanchi9813 3 жыл бұрын

I do not consider gold as part of the emergency fund. I feel it is also volatile. It is also something that is risky to keep at home. Paper gold makes sense. But returns are low. Overdraft on bank FD makes more sense to me.

@Ashok.Aggarwal 4 жыл бұрын

Gold is not an emergency fund, you can not get money at the same time

@NRIMoneyClinic 4 жыл бұрын

Thank you very much for your thoughts. We shall discuss this issue in a video in future when we discuss gold as an investment

@nalinia2015 3 жыл бұрын

Yes. Gold is emergency fund. As it is scarce metal value will always increase

@NRIMoneyClinic 3 жыл бұрын

You have a point . Please subscribe and keep sharing the videos

@mohammadtawfiq79 3 жыл бұрын

Wonderful VDO !

@sagarjain4946 3 жыл бұрын

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

@emmanuelraj... 3 жыл бұрын

how can "Amount needed for on a vacation" relevant to "Emergency fund"? Annual School fees, Annual Health insurance premium etc.. can be good examples of your "cat-B" Shoudn't it be that the first investment one should make towards dealing emergency is "Health insurance" even if you go by the introductory example you gave ?

@kundusayan1 2 жыл бұрын

Vacation is not... But today we shall keep some provisions to but some things we need and need urgently at sometimes. Consider your mobile/laptop got stolen/broke down for certain reason.. And your daily work can't be done without these. So you need to buy a laptop/mobile on a urgent basis. So that much amount is required to be kept as emergency fund(beside the cost of regular update of your devices... Say 5-6year for Laptop, 2-3 years for Mobile etc)

@sujittamang1802 3 жыл бұрын

Very very helpful... Thanks to u sir.

@NRIMoneyClinic 3 жыл бұрын

Thank you very much for your feedback. Please keep sharing the videos

@MizMundoAdventures 3 жыл бұрын

Very sensible advice 👌👌👌

@nityasrivalli2176 3 жыл бұрын

Gold can be considered as emergency fund. As gold can be easily liquid and price of gold is not very volatile.

@NRIMoneyClinic 3 жыл бұрын

Yes. You are right. Please subscribe and keep sharing the videos

@subratakoley5384 3 жыл бұрын

Excellent suggestion 👌

@neelamnagvekar575 3 жыл бұрын

Gold can be emergency fund because it’s bit inflation.

@NRIMoneyClinic 3 жыл бұрын

Yes , That is definitely a point of view . Please subscribe and keep sharing the videos

@parameswaranlalitha4561 3 жыл бұрын

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

@kiranprakashpolinati9349 Жыл бұрын

Gold is good as it can be easily liquidated and voltality is less

@manikandann6035 4 жыл бұрын

Another best source of parking Emergency Fund could be NRI FD . I believe this is also Tax free if you an active NRI.

@NRIMoneyClinic 4 жыл бұрын

Yes it is . Thank you very much for your comments

@tusharmehrotra2419 3 жыл бұрын

But how I can apply for nri fd

@pechukutti 2 жыл бұрын

Excellent explanation sir

@charanjeevsingh1324 3 жыл бұрын

Gold should not be considered as emergency fund but better to keep for long term perspective.

@videosalolickal7750 3 жыл бұрын

Gold cannot be considered as emergency fund as buying and selling is involved and there is fluctuation in rates as well.

@NRIMoneyClinic 3 жыл бұрын

You have a point to consider . Thanks for sharing your views ... Please keep sharing the videos

@ravinderbisht190 3 жыл бұрын

Thanks Sir....Great clarity

@NRIMoneyClinic 3 жыл бұрын

Thank you so much for your kind words. Please subscribe and keep sharing the videos

@satya14 3 жыл бұрын

Sir,I thank U for your unique subject videos.

@guttasriganesh7871 4 жыл бұрын

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?

@chandrantn6434 2 жыл бұрын

Thumbs up

@abdulwajid4731 2 жыл бұрын

Gold is an emergency fund. Because we need money we can sell it or get loan from bank

@venkateshkc7894 3 жыл бұрын

Very interesting and logical sir Thank you

@venkateshkc7894 3 жыл бұрын

Gold can be but comes with safety compromise now a days..I believe less in gold liquidity

@pulakito1962 3 жыл бұрын

Sir, excellent explanations

@vipinun 3 жыл бұрын

Your videos a so informative.Thank you so much

@SSV60 3 жыл бұрын

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.