Dealing With Financial Imbroglio
Outlook Money|April 2019

Being financially prepared for emergencies is highly essential

Anagh Pal
Dealing With Financial Imbroglio

When we think of an emergency the first thing that often comes to our mind is the sound of a siren as an ambulance speeds through the streets and then a patient being moved on a stretcher though sanitised hospital corridors, a team of doctors in white coats all hurrying together.

But even as we are aware that emergencies can strike us any moment we somewhere wish that it will not happen to us. But life often throws up shocks that we are least prepared to deal with. Even as we have no choice but to tackle the emotional consequences, the financial impact is often too severe to bear. For this reason it is very important to be financially ready for any sort of emergency and plan in advance.

“Financial risk management is an essential part of financial planning; different financial emergencies are managed differently,” said Renu Maheswari, Co-Founder and principal advisor, Finscholarz Wealth Managers.

This is why it is very crucial to create an emergency fund. “An emergency fund is a corpus, which can be used to meet expenses related to unforeseen events of life. The aim to have emergency money is to avoid financial hassles which may deviate you from saving for your longterm goals” says Hemant Beniwal, Director, Ark Financial Planners. An exigency fund is to be utilised in uncalled for situations like medical emergencies where health insurance is not adequate or leads to income emergencies like a job loss.

Diese Geschichte stammt aus der April 2019-Ausgabe von Outlook Money.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der April 2019-Ausgabe von Outlook Money.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS OUTLOOK MONEYAlle anzeigen
THREE STOCKS MFs WENT BANANAS OVER
Outlook Money

THREE STOCKS MFs WENT BANANAS OVER

When you invest in mutual funds, you are indirectly investing in stocks. So, we decided to find out which are the stocks most mutual funds in the equitylinked savings scheme, flexi-cap, multi-cap and large-and-mid-cap categories invest in. We analysed 149 funds that have a broad mandate to invest in a wide array of stocks and came up with the three stocks that most mutual funds invest in

time-read
5 Minuten  |
June 2024
5 Tricky Travel Questions, And 1 Foolproof Travel Plan
Outlook Money

5 Tricky Travel Questions, And 1 Foolproof Travel Plan

Now that you have finally bid goodbye to your worklife, you have all the available time at your disposal to satiate your travel bug. But before you set sail on your wanderlust, here are a few things you should keep in mind

time-read
8 Minuten  |
June 2024
Save As Per The Corpus You Need
Outlook Money

Save As Per The Corpus You Need

I am 29. I started investing in mutual funds (MFS) two years ago. I invest ₹2,000 each in three equity funds-multicap, focused equity and multi asset allocation-every month.

time-read
1 min  |
June 2024
Short Selling
Outlook Money

Short Selling

The capital markets regulator, the Securities and Exchange Board of India (Sebi), recently issued a new circular which said that while placing orders, institutional investors will have to inform in advance whether the transaction is short selling or not. The order also said that retail investors would be allowed to make similar disclosures till the end of trading hours on the day of the transaction.

time-read
1 min  |
June 2024
Mind Exclusions Before Buying Policy
Outlook Money

Mind Exclusions Before Buying Policy

I am a 29-year-old software engineer. I got married a year and a half ago and currently reside with my parents.

time-read
2 Minuten  |
June 2024
HOW AVERAGES CAN RUIN THE MATH
Outlook Money

HOW AVERAGES CAN RUIN THE MATH

Calculating a retirement corpus on the basis of average returns can have disastrous consequences as different sequence of returns can lead to different outcomes

time-read
4 Minuten  |
June 2024
Calls For Urgent Action As India Braces For Dementia Crisis
Outlook Money

Calls For Urgent Action As India Braces For Dementia Crisis

As the ageing population grows, the threat of Alzheimer's disease has also spiked, drawing attention to whether India is prepared to provide the medical support it calls for.

time-read
2 Minuten  |
June 2024
ANNUAL REPORT CARD
Outlook Money

ANNUAL REPORT CARD

The Indian equity market is in an upbeat mood, and almost all the funds in the OLM 50 list are among the top five funds in their respective categories in terms of performance.

time-read
4 Minuten  |
June 2024
Don't Just Blindly Follow Maxims
Outlook Money

Don't Just Blindly Follow Maxims

The given investment maxims have proven relevant most of the time, but they are not carved in stone. Investment strategies should be tailored to individual situations

time-read
4 Minuten  |
June 2024
IS YOUR fund FARING WELL?
Outlook Money

IS YOUR fund FARING WELL?

Outlook Money's India's Best Funds 2024 issue aims to empower you with valuable insights and analysis, to help you make informed decisions on the funds you already own or the ones you plan to invest in

time-read
4 Minuten  |
June 2024