And for a Friday, continuing WFH (working from home )….. some thoughts….. some suggestions…..
The new Financial year has started and all Senior Citizens must urgently look at their investments, cash flow and financial planning into the current year amidst the uncertainties of the COVID-19. Keep 45 days of cash requirements at home. Replenish every 15 days as per spend. If any FD in Banks are maturing in the near future, do not renew. Interest rates have been revised downwards to max of 6% in most good Banks. Those offering fancy rates now (be very suspect) are mostly cooperative banks or some very small private banks who need your cash desperately. Instead invest in RBI 7.75% Bonds fully guaranteed by RBI for a tenure of 7 years and interest payable half yearly. PPF and Sr. Citizens Interest rate have also even reduced to 7.1 and 7.4%. Both have upper limits and you can’t invest more. Examine your shares. Encash all Automobiles related, Hotel and Entertainment industry shares, Travel and Tourism shares. Book profits or loss and move to RBI Bonds. Retain all other Mutual funds investments and debt funds. Don’t sell them or churn them. Don’t look for advise from your Relationship managers. Their families have also to survive and they need to reach their targets.
Whilst in lockdown and working from home, kindly get involved in supporting our fellow citizens. The marooned migrant labour in most cities are put up in Govt schools. More than 700 food camps operated by state Govts and NGOs. In addition, depending on which city you are, there are hutment colonies – of course the most dense is Dharavi in Mumbai, but every city has many such colonies – where daily casual daily wage earners, petty traders, temporary drivers, delivery boys, unemployed, etc. etc. stay. Nationally, more than 70 million of them. Kindly check with your local “Mohalla” or ward. Identify NGO operating near your home. Young people should get physically involved in distribution, of course practicing Social distancing and safety measures. Senior citizens locked inside homes must contribute by cash to these local NGOs distributing food stuffs and medicenes to these most vulnerable and suffering citizens.
These are extraordinary times,unknown in History and hopefully never should return. Let’s all rise to the challenge, the empathy way, the caring way, the SEEGOS way.