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Covid 19: Got a job with Corona .. but these financial plans are a must

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Always take out a health insurance policy on your own. Do not rely on insurance provided by the company.

Ravi .. An average software employee. Normal life. Wife, happily spending time with two kids. One day his goals are to buy a house and a car. He has been working for a multinational company in Bangalore for the last 12 years and is earning a good salary. In addition, in terms of financial security, long-term investments, investing in stocks, mutual funds, fixed deposits .. Raised awareness in all. It is already understood that he is going with the foresight to reach his goals. He also recently bought a house. According to his financial situation, he is willing to pay an EMI of Rs 40,000 per month with a down payment of Rs 30 lakh. In this context, the rent for the house has to be paid till 2022. Until then the house was not his own. Ravi’s financial plans are good .. Do you think he is well settled. But here came a turning point. The same Kovid-19.

The pandemic came like a tsunami ..

Ravi received an e-mail in late April this year. His eyes returned to the gist of it. The company e-mailed him with a financial burden due to the Kovid-19 effect. Suddenly he did not know what to do. He was shocked to know that the house expenses and EMIs all together were Rs 1.5 lakh per month. He took a deep breath and tried to find another job as soon as possible.

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However, if one of us thinks that God thinks .. He got corona while trying to find a job. Another sad news is that he has learned that medical insurance does not apply to him for losing his job. Kovid had to spend Rs 12 lakh for treatment as he was not covered by any other medical insurance. Suddenly his world was turned upside down. Had to spend the maximum amount of his savings. Ravi has not had any financial problems in the past. Life is favorable with mud investments. But now it has suddenly fallen into a deep crisis.

Ways to Get Out of Financial Crisis ..
– Take Other Health Insurance ..

Always take out a health insurance policy on your own. Do not rely on insurance provided by the company. There are two reasons for this.1. There may be a situation where the job is blown away. Or you can relax for a while.

2. Getting a new insurance policy when you retire is not that easy. Because insurance companies always want a healthier life. Retirement can lead to many health problems with age. So it is difficult to take out health insurance policies at that age.

-Emergency Fund should be set up.

1. Ravi was able to recover from the corona within a month due to having a healthy lifestyle and good immunity. However, he withdrew all his fixed deposits. Sold all stocks and mutual funds. He also decided to sell the house. However selling has become a challenge. Buyers did not come forward during the financial crisis.

2. Now Ravi has enough money for home expenses for two months. Is making all efforts for the job. Now even more frustrated. Luckily he got a good job. He worked hard to re-create financial resources.




3. Revealed about his situation with his friend Ajay in the background. Ajay, a financial adviser, told him about the Emergency Fund. Ravi has no real understanding of this treasure. Ajay told Ravi all the details about it.

What is an Emergency Fund?
This fund should be set aside to set aside some amount for emergencies or unplanned expenses.

How much money to put?
There is no right answer to this question. Because they can set up this fund according to their financial situation. Generally 6 to 12 months expenses should be credited to the Emergency Fund. For example, if Ravi spends Rs 1.5 lakh per month, he has to set aside Rs 15 lakh for a period of ten months.

Where to put the Emergency Fund?
Think about where to put this treasure first. Do not keep them in your savings account at all. Because the savings are spent on unnecessary things that are in the account. Must invest in fixed deposits in liquid funds.

Ravi O prepared a list with the Emergency Fund based on the friend’s recommendations ..
-Home expenses can be useful in case of job loss.

-Tax savings should be invested. (Amount invested every year to save tax is Rs. 1.5 lakhs)
-Tax should be paid at the time of filing income tax returns.

-Pay insurance premiums including life, health, auto.

-Possibility to invest in sample stock market in March, April 2020.

-Useed for unplanned luxury expenses such as holidays, furniture, remodeling, electronic accessories

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