How to Prepare For These Financial Emergencies | MoneyMindz

By | 08/09/2018
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  You might be in a well paying job, working hard to move forward in your career and meeting all your financial goals regularly. Everything seems to be an open field with flowers when suddenly a storm come from nowhere and you are stuck with an emergency like accident, illness, leaking taps, etc. If caught off guard, there will be a dent in your finances. The last thing you want to do is borrowing money from friends and relatives and the worst case scenario is borrowing from third parties. India’s First Free Online Financial Advisory, Moneymindz

1. Loss of employment

Markets have ups and downs. Company policies can change. If you ever find yourself without a job, how will you manage your bills and other expenses? Your Emergency Fund will come to your rescue at this time. An Emergency Fund has to consist of 6 to 12 months of your income so that you can use it when you are faced with an emergency. Therefore, it is imperative to start a Contingency Fund right away and start putting away money to prepare for emergencies better. With a Rainy Day Fund, you can take care of basic expenses during emergencies like job loss, hospitalization, repairs, etc.

2. Health Emergency

You might be young, hale and hearty. But you never know when you might be in a hospital receiving treatment, battling between life and death. How financially prepared are you to tackle this situation? In this situation, you can keep an Emergency Fund, but that can be used for emergencies like loss of employment, repairs, etc. For dealing with health emergencies, you can buy Health Insurance. Health Insurance will pay for your treatment and care so that you don’t burn a hole in your pockets. Health Insurance is necessary to beat medical inflation. You can deal with Medical Emergencies better if you have Health Insurance. India’s First Free On call Financial Advisory, Moneymindz

3. Death of the breadwinner of the family

In a family, at least one person will be the breadwinner. Such a person is crucial for the family and his death can prove to be stressful to the family. If you are the breadwinner of your family, you have someone who is the breadwinner of your family or know somebody who is a breadwinner of their family, don’t neglect Term Insurance. Man is mortal and the death of a loved one brings grief for months and sometimes years. While Emotional stress would be rampant in the family, at least the financial stress can be taken care of by the Term Insurance Company. It replaces the income of the earning member who is now dead.

4. Natural calamities

Floods, fire, drought, earthquakes and other natural disasters cause a lot of loss of lives and property. You have to shell out a huge sum of money to replace or renovate everything. A Home Insurance will take care of this for you. Smart Financial Advisor, Kuber Mindz

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