Freeman Cebu Business

Gold as Emergency Funds

INVESTING ON THE GO - Iggy Go - The Freeman

Some time ago we talked about the New Normal Emergency Fund wherein we change the common notion of from saving 3-6 months’ worth of salary (or expenses) to at least 12 months now amid the increasing uncertainty due to the on-going global health crisis affecting the world’s economies.

Now that’s just talking about cash, are there any other options or alternatives? I would say YES and one could find that in GOLD.

Why Gold for emergencies?

I’m not saying you should invest in previous/rare metals trading but rather use it as an alternative emergency fund instead. I’m not saying completely replace an emergency fund with it but rather as a mix.

Additionally, as I’ve observed from those who like buying jewelry, most of them actually have no plans of selling them for profit, especially when gold prices are up.

When you need money, you can pawn your pieces of jewelry to get cash. Here’s a caveat though, Pawnshops will only give you up to 70% of the value of the jewelry as cash. And you need to pay the interest if you want to get it back. So you better think about either pawning or selling it carefully.

So if you find yourself in an financial emergency in the province, you may have to consider alternative emergency fund options such as these.

There’s nothing wrong with buying jewelry. Go ahead and buy them if you’re fond of wearing them, or as a gift for your loved ones. Of course, it has to be a type of jewelry that has value and not the fake ones which may not be useful at all during times of financial emergencies.

Even in emergencies, better diversify your emergency fund sources. Whenever there’s a financial emergency, time is of the essence.

Scam advisory from SSS:

Avoid being the victim of fraudsters who want to hack or access your account and obtain your personal information. In this regard, the following are ways to protect your My.SSS account:

Do not click on suspicious "links" from email or text, or "attachments" attached to the received email if you do not know or do not trust the source.

The legitimate website address of the SSS is: https://www.sss.gov.ph/. This is what you type or put in the "address bar" of your Internet Browser.

Whenever possible, do not use public computers to open your My.SSS account and do not forget to log out.

Change your password regularly and use a strong password by using a mixture of letters (uppercase and lowercase letters) and numbers and do not use your personal information.

Do not just give your personal information to anyone. SSS will not ask you for your user id and password.

Do not transact with "fixers" or people who promise to register or reset your My.SSS account, and charge a fee in exchange for such service. SSS does not ask for payment in exchange for assistance in registering or resetting the password of My.SSS account.

SSS is not responsible for transactions that occur in connection or collusion with "fixers", and the SSS member will pay and be liable for the full amount of the "fraudulent" loan or claim application involved.

If you find unauthorized activities such as suspicious transactions using your My.SSS account, immediately change your password and email to [email protected] and / or [email protected]. ph .

Keep your My.SSS account and online transactions secure!

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Iggy Go creates video content on finance, business, savings, & investments at www.youtube.com/iggygo

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