Where do you save your rainy day fund?

[Ecco]

Hey friends, I am trying to put together my rainy day fund. Something which some financial advisors suggest is 3 times the value of your you monthly net salary.

I believe this should be something quite liquid, easily accessible and earning returns.

Any suggestions on what great out there?

 

[koeksGHT]

Gold/silver

 

[pinball wizard]

In your bond.
When your bond is paid off, use every means necessary to keep your excess funds off-shore.

 

[ThatGuy_ZA]

Offshore.

 

[S.Claus]

Gold/silver

I dare you to walk into an airport with a gold bar

 

[Ninja'd]

Save?

 

[Ecco]

In your bond.
When your bond is paid off, use every means necessary to keep your excess funds off-shore.

Offshore.

So on the point on your bond, the reason i plan to start my rainy day fund is i almost done paying off my bond, i havent yet settled it, I want to keep the access bond available, in a few years my kid goes to school and well you know school fees etc.

Regarding offshore - do share more details? Would offshore not make it difficult to access the funds? Not sure i understand this option

 

[backstreetboy]

Tyme bank Goalsaves

 

[Dairyfarmer]

Stanlib Global Equities (off shore)

 

[Ecco]

Stanlib Global Equities (off shore)

This sound like a unit trust? If save my rainy day fund, and then need to cash out at some point, would this not be subject to Capital gains tax? Is this not too risky for a rainy day fund?

 

[Ecco]

Tyme bank Goalsaves

What kind of interest they giving?

 

[backstreetboy]

What kind of interest they giving?

LMGTFY

For all those people who find it more convenient to bother you with their question rather than search it for themselves.

lmgtfy.com

 

[Ecco]

LMGTFY

For all those people who find it more convenient to bother you with their question rather than search it for themselves.

lmgtfy.com

Dankie

For the other plebs who cannot use google or would rather ask on this forum here are the details:

The longer you save, the higher the rate. We start you off at 4% for the first 30 days, 5% for the next 60 days and then boost you to 6% after 90 days. If you're willing to wait for 10 days to get your money, we will give you a bonus that will take the maximum interest you can earn up to 7%.

 

[MirageF1]

Dankie

For the other plebs who cannot use google or would rather ask on this forum here are the details:

Limited to 100k capital though. Unfortunately.

 

[bwana]

I dare you to walk into an airport with a gold bar

Krugerrands?

 

[callvm]

Bitcoin.

 

[S.Claus]

Krugerrands?

I'm pretty sure they will check his prison wallet I was gonna say buy stock/crypto

 

[Cius]

Also curious about this. Currently have some in a money market account at my bank but interest is not stellar and some of it I am thinking could be invested for a longer period. Just not sure where.

 

[chrisc]

Sygnia

 

[Moto Guzzi]

Hey friends, I am trying to put together my rainy day fund. Something which some financial advisors suggest is 3 times the value of your you monthly net salary.

I believe this should be something quite liquid, easily accessible and earning returns.

Any suggestions on what great out there?

Rainy day is an old concept and was valid long ago, like your cash in hand under bed easily.

Today times has changed, rainy day may look totally different than you expected:
How can a rainy day look-?
1-You loose your job while country is still going, ok here you have options and time to get it.
2-All the power goes off, natural disaster etc, you have no means to access a bank, but needs food, cash not easily available, no cellphone, no internet etc, due to technical issues-You have a problem.

-And so on....This is the type of scenario you plan for, but cannot forsee it in practical terms untill it hits that way, this is when the advising go quiet.