emvipi

Need financial advice for a unique situation

1 post in this topic

Hi everyone

I am 28 years old guy with an auto-immune illness (IBD), who lives in a Third World country. I work as an engineer in a factory.

I make about $600 monthly.

I spend about $100 monthly (mainly medication & food). I basically have no life, no going-out, no relationships, no travel, no luxury stuff, no nothing (partly due to illness, partly due to introversion) and I’m fine with that.

I have no debts. I have about $9000 in savings now. I live with my parents, but I also have a house which worth about 30,000$.

The problem is economic conditions & my illness.

*Yearly inflation rate is about 40~50%.

*Interest rate is about 10%.

*Stocks are not very good investments here (on average about 5% annual rise)

*My illness situation is very unpredictable & scary to me. There were times I was unable to work for a whole month. Also, my performance in work has decreased sharply since last year due to my illness getting worse & hindering my abilities.

*I don’t have a plan to leave my country as I have liabilities (my illness, my parents, my family, I’m comfortable here).

By no means I’m a materialistic guy, I’m very much comfortable right now. My main concern is for the future which my illness maybe gets worse & worse, and I’m unable to make this much money or be unable to work at all, and on top of that the cost of my medications can go very high. I want to be prepared for that situation and don’t end up on the streets or worse. Also, I want to be able to help my parents financially when they get older.

My current strategy is to turn all my savings into gold so at least it doesn’t get affected by inflation.

Can you guys help me on where to put my savings, so it gradually increases & I can count on that for future?

Thanks a lot, everybody

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