Bad effect of the coronavirus, I almost lost my job, it is due to a misinterpretation, luckily the misinterpretation has been fixed and now I manage to keep my job, I am not here to talk about what such misinterpretations are but wanted to make him talk about my replacement plan in case I lose my
When I got the message that I was going to lose my job, the first thing that came to my mind was how to keep my bills, daily payments, home loans, insurance, etc. Save some money for backup purposes. I have calculated that I can live without work for at least 6 months. That made me a little easier. Aside from some money in my savings account, I have some money in the stock market and a mutual fund.
I also have some money in my home loan account. My home loan account is the flexible loan disbursement option for you. Every time I pay more, the extra money is used to reduce the balance on my loan. This will lower the interest on the loan. But I can still withdraw the extra money anytime I need it. I think that’s a very good feature. Months I will add extra money to the loan account. My goal is to liquidate the house in less than five years. So far I have a decent amount of money in my account. It can be used as my crisis backup fund. at the same time, it helps lower the interest on my home loan.
Back to the main topic, I firmly believe that we should have some alternative funds in case of emergencies. Currently, the financial situation of most people does not even allow them to live a single month if they lose their job. You may think this is not necessary, but wait for them to meet you. Then you know how hard it is. I would say we should have an emergency / alternative fund that will allow us to live at least six months if we lose our income/job.