One must have multiple lines of defense to call upon in need of any financial situation. I will list this order from the first line of defense to the last:
1. Credit card of self
2. Credit card of spouse (for this you both should have an add on card of each other)
3. Cash from ATMs drawing on your various bank accounts
4. NEFT/ RTGS/ IMPS transactions drawing upon the bank acccount funds
5. Taking short term loan from family and friends
6. Short term Fixed deposits in banks
7. Medium term fixed deposits in banks
8. Mortgage of physical gold to raise funds in emergency
9. Stocks or tax free bonds sold in the market/ Mutual funds
10. Selling physical assets (gold, land, building) though this will take time.
These are as per liquidity provided and the amounts available from the various sources.
These various financial instruments should be used to get the optimum level of returns for the risk and while not compromising liquidity.
1. Credit card of self
2. Credit card of spouse (for this you both should have an add on card of each other)
3. Cash from ATMs drawing on your various bank accounts
4. NEFT/ RTGS/ IMPS transactions drawing upon the bank acccount funds
5. Taking short term loan from family and friends
6. Short term Fixed deposits in banks
7. Medium term fixed deposits in banks
8. Mortgage of physical gold to raise funds in emergency
9. Stocks or tax free bonds sold in the market/ Mutual funds
10. Selling physical assets (gold, land, building) though this will take time.
These are as per liquidity provided and the amounts available from the various sources.
These various financial instruments should be used to get the optimum level of returns for the risk and while not compromising liquidity.
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