No one can tell you what to do with your money but people can suggest to you. We are going to suggest to you how you can spend the amount drawn from the gold loan. Our suggestions can help you earn more money, guaranteed. Afterall, Lakshmiji is happy when she has more friends to hang out with! The only clause is that you consider them just simple suggestions, not financial advice.
This entire blog is going to revolve around those things that your dad has been forcing you to learn. So free advice, you could sit in the hall and read it aloud or share it on the family WhatsApp group! (thank us for sure in the comments).
Make a list of immediate expenses: Gold loan isn’t disbursed in small amounts, it disbursed in big amounts. If you have taken the loan to pay off debts then do that first. After you’re done paying off the debts then you can use the money for personal use. In case, f you’ve taken the money for wedding, then there won’t be anything more important, but pay half of the amount to vendors so later you won’t have a huge burden.
Save as much as you can: This might sound bizarre, but you should keep some amount aside. Either give it to your wife or your mother. Ask them to keep it aside just in case, especially in this pandemic. You never know when you’d need cash and how much, so don’t forget to save a generous amount of money.
Don’t spend vaguely: Please don’t spend the money to buy more liabilities. It is a very stupid decision and a regrettable one too. Your gold loan interest rate are already going, you are spending a significant amount monthly. Along with so many expenses, why would you want to create more? Spend your liquified money carefully and only where it is needed!
Invest! Invest! Invest: Shares are a great way to invest money in. Pandemic has reduced every commodities price, even shares. Analyze the market and by the stocks of the companies who are doing bad right now. Then when the market stabilizes, see your bulls raging and giving you double than what you invested. There are a lot of companies that these shareholders rely on, consult a few and you’d be happy that you invested in it! Other than shares, you could invest in government bonds, sovereign bonds, and what, not.
These were a few suggestions not advice that we gave you on how you could spend your gold loan. Other than these there could be more, go ask your dad. We hope you liked our suggestions. Let us know in the comments below too. If you need more assistance, do give us a ring. We would cater to your doubts in a jiffy.
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