POSTED BY April 12, 2011 6:51 pm COMMENTS (3)ON
Hi finacial gurus,
please tell me whether my below financial thinking/plan is correct
Aim : To serve my current financial needs of 1.5 lacs and future financial liability of 2 lacs successfully.
condition 1: I have two lac rupees now .
condition 2: I have immediate financial requirement of 1.5 lacs now for some personal use.
condition 3: I have Future financial liability to buy gold in 2 years time 2014 for sisters wedding
condition 4: I am salaried class , salary gets revised yearly
condition 5: The loan interest would be i guess around 15% of my current income which i can service easily
keeping all these four cases in mind, i am thinking
action 1 ) Purchase Gold worth Rs 2 lacs now.
action 2 ) Purchase a Gold loan against the same, To satisfy the current financial requirement
action 3 ) continue servicing the loan for the loan period.
core logic :
a) The Gold prices are increasing continuously and if the gold price continue to increase in the similar way , May be the rise in the price might offset my interest amount paid.
b) I will have the gold to take care of wedding.
Please let me know if my above planning is correct, is there anything which i am overlooking like what if Gold price crashes then what .
Thanks and Regards