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Please help me calculate the in hand salary.

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Still subject to interest rate risk
Interest rates and bond prices have an inverse relationship to each other.
Interest rates up = bond index prices down
Interest rates down = bond index prices up
SA1 is just saying that bonds, although seen as safe, can still be subjected to external factors, like interest rates, that can affect its value.
If the rainy day fund is your emergency fund, it might be simpler to keep it in a HYSA where it can’t be affected by anything
Yeah...a money market fund is a better idea, esp. in an interest rate environment where eventually rates go up.
https://www.ft.com/content/c8f86c52-9d9f-456a-9192-1e95ada139fe
What about spreading your rainy day fund between a few things, I.e. a portion in HYSA, a portion in treasury bond fund (short and intermediate term) and a tiny bit in investment grade bonds. FWIW, my rainy day fund (all my cash) is actually close to a year of living expenses...I like keeping a lot in cash.