Thursday, 15 December 2016

How to plan financially for an emergency?

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While often a procrastinated and neglected topic, financial planning is now starting to become a necessary exercise for every individual or family especially in a low risk-free rate environment with street inflation much higher than the headline inflation. While we encourage short term and long-term goal planning, first and foremost, however, one needs to focus on the unexpected. When you plan for short and long term goals these are known events that can be planned for and if needed these goals can be adjusted over time. 

An emergency by definition is a serious and unexpected situation that requires immediate action. Life is never a smooth ride, you never know when you would be thrown a curve-ball in baseball terms or a googly in cricket parlance, which derails your best laid plans – loss of job, health issues, an accident these are all events that are not expected or planned for.

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