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5/14/21

Don't invest all the money in one place in Coronado, if you keep these 7 things in mind you will not have any problem related to money.

Money Management:  Don't invest all the money in one place in Coronado, if you keep these 7 things in mind you will not have any problem related to money.








The country has once again been locked down due to the second wave of Corona. It has affected people's income and people are facing money related problems. This problem may get worse in the coming days. You have to prepare for this trouble in advance. So as to face a shortage of money in the future. We are telling you what you should do to face such a situation.

Preparing an Emergency Fund
If you are facing financial crisis for any reason, you should keep the required amount in an emergency fund for at least 3 months for your home expenses. You can create this fund in your bank's savings account or in a mutual fund's liquid fund. Use this fund only in emergencies.

Life and Health Insurance Required
Medical insurance provides you with adequate help on time. If you or your family face a medical emergency during a financial crisis, you can easily deal with an emergency with the help of a health policy. You can get into trouble if you don't have a health policy. Also, if something happens to you, life insurance will provide financial security to your family.

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To be prepared for this kind of situation in the future in the
Corona Crisis we have to learn to stop unnecessary expenses. For that you can reduce the frequency of eating out and reduce your expenses during the holidays. Other than that watching movies, doing a lot of things like shopping that you used to do in your daily life, avoid it for a while. This can save you money which will help you deal with any such crisis in the future.

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Avoiding Unnecessary Borrowing In
these bad times, taking out a loan without a reason or at a higher interest rate can sink you into debt. Many people in the Corona era have not been able to pay their credit card bills nor have they been able to pay their personal loan installments. It also worsens your credit score and increases interest rates. So avoid taking out useless loans at high interest to avoid financial problems in the future like Corona.

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Do not invest money in one place all the
time should not invest all your money in one place. You should diversify your portfolio, as it does not necessarily give you a return on the money you have invested. Suppose you invest 100-100 rupees in two places. You get a return of 10% from the first place and a loss of 5% from the second place. Then in such a situation you will be at an advantage. As well as you get a 10 percent loss and a 5 percent gain from elsewhere. Then even in such a situation, the benefit from another place will be less to you.

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Prepare a budget for expenses and follow it
Financial discipline is required to face any kind of financial problem. For financial discipline you should prepare a budget for your monthly expenses and compare the budget with the actual expenses at the end of the month. This comparison will make you realize how much you have spent unnecessarily in that month. This will allow you to control your wasteful spending. This will help you save.

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Let your partner know about your investment
wherever and how much you have invested. So that they can use it in bad times. If you do not inform your spouse about your investment or assets and something happens to you, they will not be able to use it and your investment will be of no use.

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