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Frequent Mover: Where's the Safest Place for Valuables?

Ramalingam

Ramalingam Kalirajan  |7922 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jan 16, 2025

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
BravePrem Question by BravePrem on Dec 31, 2024Hindi
Money

i am in a transferable job moving every 2-3 years. Where should i keep my valuables like gold and property documents safely as it is riskier to travel with them on postings.

Ans: Having a transferable job can indeed create challenges in safeguarding your important valuables and documents. When you have to move every few years, it’s crucial to ensure that your gold, property documents, and other valuables are protected, yet easily accessible in case of need. Here are some solutions to help you manage this risk:

1. Safe Deposit Boxes in Banks
One of the safest ways to store valuables is in a bank’s safe deposit box.
Banks offer different box sizes, which can store documents and jewellery securely.
These boxes are usually located in the vaults of the bank and can only be accessed by you.
While this method provides excellent security, it comes with an annual fee.
The key advantage is that the security systems in place at banks are robust and highly trusted.
2. Digital Storage for Documents
Storing property documents and other important records digitally is a great option.
You can scan your documents and keep them in an encrypted cloud storage service.
Ensure that only you or trusted individuals have access to these documents.
Many cloud services offer strong encryption methods to protect your data.
You can access these documents from anywhere, ensuring that you are never without crucial information, regardless of your location.
Digital storage ensures that even in the worst-case scenario, your documents remain safe.
3. Insurance for Valuables
If you're storing gold or other valuables, getting them insured can provide additional security.
Insurance can help recover the value of your gold or jewellery in case of theft, damage, or loss.
Many insurance companies offer specific policies that cover household contents, including valuables like gold.
It’s advisable to ensure that the items are valued correctly and are insured for their full worth.
4. Non-Banking Safe Deposit Providers
In some cities, there are companies offering safe deposit boxes outside of banks.
These may offer more flexibility than bank-based options, such as 24/7 access and larger box sizes.
However, it's essential to do proper due diligence when choosing such services.
Look for companies that have a strong reputation for security and trustworthiness.
5. Family or Trusted Friend’s House
Another option could be storing your valuables with a trusted family member or friend.
Ensure that they live in a safe area and have proper security systems.
Make sure that they understand the importance of the items they are safeguarding.
This solution is less formal than a bank safe deposit but can work well if you trust the individual.
6. Avoid Storing Valuables in the House During Relocations
Whenever possible, try to avoid storing gold, documents, or important items in the house while you are away.
If you're renting a place for a short period, consider using storage options like lockers or cabinets in secure locations.
If you have to store them at home temporarily, make sure they are in a well-secured place, like a locked drawer or safe.
Avoid sharing details about your valuables with anyone in your temporary location.
7. Self-Storage Units
Renting a self-storage unit in a secured facility is another option.
These units provide a more flexible storage solution, and many offer high-security features.
Ensure that the storage facility has 24/7 security, video surveillance, and proper fire and water protection.
You can store your documents and valuables here and access them when needed.
8. Home Safe for Immediate Access
A home safe can be an alternative if you're staying in one place for a while and need quick access.
Make sure to choose a fireproof and waterproof safe with a good lock system.
Install it in a secure, hidden location, and ensure that only trusted people have access.
This can be an easy and cost-effective solution but may not be ideal for long-term, mobile needs.
9. Professional Security Services
You can also consider engaging professional services for securely moving or storing valuables.
Some services specialize in handling and transporting valuable goods and documents.
These services provide specialized protection during the moving process and can give you peace of mind.
Final Insights
When managing valuables during frequent transfers, the key is to balance security with accessibility. Here are the most important points to remember:

Use bank safe deposit boxes or reliable, high-security alternatives.
Digitally store documents for easy access and security.
Insure your valuables to mitigate risks.
Store items with trusted friends or family only when absolutely necessary.
Consider professional security services or self-storage units for larger collections.
Each of these options offers a different level of convenience, cost, and security. It’s important to assess your needs and decide what works best for you based on how frequently you relocate and how valuable your items are.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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My mother have 10 laks. Currently in FD so whatever interst she got she manage home on that interst. She is living alone so need to ask what is the better way to keep her money safe but interst she got higher than current interst value. Is SWP is good option for her ?
Ans: Considering your mother's situation, using a Systematic Withdrawal Plan (SWP) can be a good option to potentially earn higher returns while maintaining liquidity and safety for her funds. Here's why SWP could be beneficial:

Potential for Higher Returns:
By investing the funds from the FD into a suitable mutual fund or conservative investment option, your mother may earn higher returns compared to the current FD interest rate.
With SWP, she can periodically withdraw a fixed amount, which may include both the returns generated by the investment and a portion of the principal amount, depending on her withdrawal needs.
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SWP provides flexibility, allowing your mother to withdraw a fixed amount at regular intervals to meet her living expenses.
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Hi I am 43 years old working in corporate sector in Bangalore for last 20 years. I got impacted by job loss due to the economic scenario and I am finding it difficult to get a job now for almost last 1 year. I am living off my savings. My investments are 1.5 Cr in FD, 2.75 Cr direct investment in equity, 80 Lakh in MF, 35 Lakh in PF, 1 Cr in NPS/Pension fund and 50 Lakhs in Gold. I live in the house I own and I have no loan. I also own a piece of Land worth 60 lakhs. I dont have any debts now. I dont have term life insurance, I have health insurance cover of 2 CR for family. My son is in 10th standard and wants to study abroad which will be a major expense in future. My monthly expenditure including school fees is 1.75 lakhs. Please advise me on how to manage the assets and how to move around the investments as getting a job seems to be more difficult.
Ans: Hello;

Following is the sum of investments you currently hold:

1. FDs: 1.5 Cr
2. Direct stocks: 2.75 Cr
3. MF corpus: 0.8 Cr
4. Land property: 0.6 Cr
5. PF corpus: 0.35 Cr
6. NPS corpus: 0.2 Cr
Grand TOTAL: 6.20 Cr

You should apply for premature withdrawal of NPS. Since this being premature withdrawal your corpus of 1 Cr will get divided into two components 0.8 Cr worth annuity you will have to buy while rest 0.2 Cr comes to you which is indicated above.

The gold asset worth 50 L is purposely not considered here. It may be used as a emergency safe reserve.

You may invest 6.2 Cr corpus in ICICI Pru equity savings fund (low to moderate risk) and do an SWP at 3% which may yield you a monthly income of ~1.4 L (post tax).

The 0.8 Cr of NPS used to buy annuity will yield you a monthly income of around 40 K (6% annuity rate considered), therefore your total monthly income will be 1.4+0.4=1.8 L.

The average returns of ICICI Pru equity savings fund are 8-9% but it is relatively less risky and this is more important.

To fund overseas education of your son, you may have to partially deplete the corpus apart from emergency gold reserves.

Hence it makes sound practical sense to have term life cover of ~ 2 Cr with riders for critical care and accident benefit for 15-20 years, apart from the health care cover which you have already.

This will ensure son's education and income for regular household expenses remain more or less unaffected in the unfortunate situation of your demise.

Also please keep searching for assignments, if not possible full time, maybe part time or on consultation basis.

This will keep you focused and busy.

Feel free to revert.

Happy Investing;

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I am 51 single, divorced and have one little sister who is 32. Recently I lost my job, and I am not in the mood to search for a new one. I am in the process of making arrangement to fulfill my monthly needs. I am holding the NPS which has a small corpus of 5 lacs in tier 1 and 45k in tier 2. Now I want to completely exit from the NPS. Now I must compulsorily accept the 20% withdrawal and 80% annuity. I have a few queries below. 1. Should I consider buying 100% annuity. 20% withdrawal does not make sense 2. Should I consider putting 1.5 lacs more to enhance the annuity (The corpus will become 7 lacs approx.). 3. Should I consider taking out the annuity on a yearly basis (Please explain Its pros and cons), since it offers more benefit. 4. Should I consider the Shriram life insurance. 5. Will it be safe to consider Shriram life insurance for life long future annuity. It offers the highest annuity. 6. Should I consider Annuity for Life with ROP - Subscriber will get annuity for lifetime and on death of the Subscriber, payment of annuity ceases & 100% of the purchase price will be returned to the nominee(s). The annual offer is 49,063.00 (7.01%) 7. Should I consider Annuity for Life without ROP - Subscriber will get annuity for lifetime and on death of the Subscriber, payment of annuity ceases, and no further amount will be payable. The annual offer is 58,112.00 (8.30%)
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Point wise answers to your queries as given below:

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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