Points You must Consider before lending money to friends or relatives

  1. Legal Document

Don’t lend money without a legal document. Legal document for this type of loans would be loan agreement or promissory note. It should be made legal document and stamped by legal personnel.

  1. Personal Information

The document should clearly capture identity proof such as ID card number of both lender and borrower.

  1. Repayment Schedule & Interest rates

Your document should clearly mention about repayment schedule monthly, yearly or lump sum. Along with periodicity or repayment, It should also mention interest rates applicable on loan amount.

  1. Dispute and Exclusion conditions

The legal document may or may not include a condition in case of dispute or default. One should also mention exclusion condition if any.

  1. Amendment

A loan agreement or promissory note can be modified/amended by mutual agreements between lender and borrower. You can make provision of amendment clause in the agreement.

  1. Witness

There is no legal requirement of a witness in the loan agreement or promissory note. However, as an additional safety get the document signed by a witness. The witness should not be related to any party.

  1. Payment via bank transfer

Make sure to pay money via bank transfer for transparency and reference the amount in the legal document.

  1. Interest on Tax Component

Interest-free loans are non-taxable for both lenders and borrowers. However, if a provision of interest is kept lender have to pay tax on interest earned.

  1. Loan without Interest

Loans without interest from friends and relative are considered as Gift. Gifts from family members are not taxable.

Additional Food for thought before lending money to friends and relatives

  • You should assess the capacity of the borrower to pay loans in the future.
  • You should remember that there are chances that you can lose relationship because of these types of loans.
  • If a relationship is important consider loan as a gift. Assess your capacity and lend the amount which you are capable to write off.
  • You can earn more money if you invest this money in other instruments as mutual funds/equity.
  • Over to You

 

Source: https://moneyexcel.com/18894/lending-money-friends-relative-points-must-consider. (The information in the original article has been updated in line with modern methods of banking)

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Safe, Too safe or Risky

On my way to the training room yesterday. I couldn\’t help but notice how some people held the handrails on the stairs as they climbed up and others didn\’t.  Immediately, I recalled one of the safety procedures in a previous place of work. Everyone had to hold the rails while climbing the stairs and you had the right to challenge anyone that did not, irrespective of who they are in the organisation.  (Being your brother\’s keeper)\"pexels-photo-371243.jpeg\"

I also recalled years ago, as I held the rails in a public place and a friend advised me not to. Her take on the issue being, every Tom, Dick and Harry would have held the same rail and you have no clue what the hands were doing prior to touching the rails.

So, who is right and who is wrong?

Sometimes in a bid to stay safe, we go overboard and avoid every kind of risk. Meanwhile some level of risk taken is necessary if we are to make any difference in life. We can be safe to our own good and also to our own detriment.  Let\’s learn to strike a balance between safety and risky so we can live a more fulfilling life.

Would love to know your views on the above dilemma. In your opinion,  who is right and why?

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It\’s Not Over Until You Win

One of the greatest speakers of our time confirms that truly out of the mouths of babies and sucklings, wisdom does come.

Les Brown was born with his twin brother Wesley on February 17, 1945 in a low-income section of Miami, Florida in an abandoned building. He was subsequently given up for adoption and adopted by Mamie Brown, a then 38-year-old single woman who worked as a cafeteria attendant and domestic assistant. He was declared “educably mentally retarded” while in grade school. Despite the obvious self-esteem issues this created, with the encouragement of his mother and assistance by a helpful teacher in high school, he learned how to reach his full potential, a key point in many motivational speeches he gives now.

Brown speeches focus on the importance of having a strong belief in yourself. And he teaches that you need to be bold and have supreme self-confidence. Brown also believes many people that set goals are setting their bar too low. ” Most people fail in life not because they aim to high and miss. But, because they aim to low and hit,” said Brown.  –

Source: https://motivationgrid.com/top-motivational-speakers/

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Show Up and Serve

Sometimes, you just want to stay home especially after having a long week at work. Your time by yourself becomes so precious. Yet, the invitation to attend an event at a friend\’s place is staring you in the face from the dinning table.  The easiest thing to do is to ignore and chill with you, yourself and your me time.  The hardest is to get yourself in that party mood and go hang out.\"pexels-photo-545058.jpeg\"

However, if you take the few seconds to think of your friend, think of the relationship, think of being there for someone who cares, think of meeting new people, or old acquaintances, think of the cost of getting there, think of the conversation that may be productive or draining.  The wisest choice to make is to show up and serve.

Why do I say this, no  matter how difficult the cost of getting you there physically and emotionally is, you are the winner in the long run.  Every new relationship you make adds to your network and every old relationship rekindled lifts up your networth

So, pull up your pants, tighten your belt and show up and serve.

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My Mistake

Every day I make mistakes. Sometimes in my thoughts, sometimes in my words and speeches and often times in my deeds.

I gave it a long thought and I concluded that as long as I am human, I will make mistake because I am not perfect.

Do I learn from my mistakes? Do I take ownership for my errors? Do I try and improve on my faults?  All these are the more important questions for my self development instead of the finger pointing and judgments with evil eyes that follow people when they fault.  Guess how many mistakes Thomas A Edison made before He succeeded.  In his words “I have not failed. I\’ve just found 10,000 ways that won\’t work.” “Many of life\’s failures are people who did not realize how close they were to success when they gave up.”

Now that is from Thomas Edison an incredibly successful inventor, scientist, and businessman, who accumulated 1,093 patents in his lifetime. I don\’t know about you but I am going about my life doing things as best as I can, loving my mistakes and improving on me.

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Fear

 

 

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Have you ever seen fear? I mean literally seen fear. Somethings can be so intangible yet very tangible. I once saw fear in a friend going through mental torture. It was so real and made me understand what it really means. Fear is so strong yet very baseless. It robs you of your very life through paralysis and inaction. Indeed it is as defined as:

F alse

E vidence

A ppearing

R eal.

Fear really in itself has no foundation and so cannot take root.

What to do when confronted with fear is very simple. Attitude change, become defiant and Do what you have to do. Then wait for what is going to happen and most times, NOTHING. If you don\’t do anything, you will not achieve and if something then happens, you have a situation to ACT upon, not to wonder or worry about.

Basically, be afraid and then do. You hold the key!

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Look At Your Hands …

As I sat across my teenage daughter at the dinning table, having a casual family time. I said \”Please pass me that bottle beside you\”. she did just that and handed me the bottle. I held the bottle in my hand and a minute later and said again \”Please pass me that bottle beside you\”. This time there was no bottle there because it was in my hand.  She looked at me strangely and smiled saying \”Mummy, you already have it\”.  I looked at my hand and said \”I do\”.

That same moment, even though my original intent was to look for trouble, the penny dropped for me. We were all born a total package, unique and different from one another. Equipped with what we need to survive and be successful in life. Gifts and talents in different variations, styles and degrees abound in each one of us.

Why then do we keep going back and praying amiss? God cannot give you anything more than He already packaged in you. You cannot add more water into a full bucket. The bucket is FULL.  .  The widow had a jar of oil in her hands,  she needed INSTRUCTION, FAITH and OBEDIENCE.

So just like my daughter could not give me what she did not have. God cannot give you what He no longer has for you. It is in you. Search yourself for your gifts and talents, that has been deposited in you since your creation and pray instead for wisdom and direction. So I say \”Look at your hands and Pray rightly\”

ThAT’s JuSt THe WaY It iS

Queen B

 

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How well do you know your children?

I take a break from sharing my late friend\’s post to write about something that touches my heart. Something I have found is a lifetime learning course.

As a parent of three lovely teenagers, I find that I often expect them to behave in same manner as children of the same household, raised with same values, certain expectation of variances as a result of individual personalities. However, I recently realize that I have fallen into the same trap as my dad. Something which I vowed to watch out for, never to do to my kids.

I have great desire for them all to be successful, and I am doing my bit as a parent the best way to push them to excel in their academics. I focus on individual strengths and passion. My dad made the mistake of pushing me to be a science student when clearly there was no atom or chemical inclination in my bones or brains, save for whatever was keeping me alive. I rebelled and became my own person, making my choices and vowing to let my children be themselves, working in their own strengths and not my desire of a career path for them.

My emphasis however was the basic education as a starting point. Recently, I find myself at a wall until I had an eye opening session two days ago. My youngest, who I push the most and find a bit more laid back than his siblings, is very artistic.  He came home with an art assignment and I watched him as he was so devoted and focused, listening to his music in the background and working away with such peace and passion, that I was always looking for in his other subjects. I kept cooking as he continued working at the kitchen table.

The next morning, the answer dropped in the shower (where I get most of my revelations). The eldest is a verbal learner, the second a logical learner and the youngest a visual learner.  He is a different person in himself, total and complete.  What he needs to be able to be who he needs to be is fully in him. The patience required in an artist cannot be expected in a media person. Why then have I placed such an expectation and burden in pressuring my child?

Ignorance! Since I realized this, I have taken a back step. I am positively encouraging and avoiding criticism, yet building confidence and a sense of can do in my child. I have done a bit of research as well and found affirmation of my conviction. I include the link to help others who may be in similar shoes, just to create awareness of the importance of knowing our children for who they are and how to be better parents to get them to their place of success. The one thing we do not need is frustrating them which can lead to low moral esteem, frustration, depression and in extreme cases suicide.

Here, also are some questions you can do as a family game to better find out about your children and reverse same for them to find out more about you. A very positive  and memorable family time activity guaranteed to improve communication.

ThAT’s JuSt THe WaY It iS

Queen B

 

 

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Moving on

Having to start all over again may seem not easy, but you must if you don\’t want to remain stagnant and frustrated after a major disappointment in life.

Yes, waiting is taught in Christian doctrine, but there is a point you have to move on with your life. God is the only one worth waiting on, and it is on His words for performance after you have done what is right. Depression and mental illness is not far from those who foolishly wait on man/woman to repent and return in love with them. You must raise your head up in your rejection and tidy up your wounds lest inflammation gets it messy and stinking!

So would I say I have to stand up to fight for what is mine… Having built together through many years… The children…. Oh He or She is mine from heaven… OH SPARE ME THOSE SENTIMENTS! Your wedding rings and vows are not enough price tag on any man or woman for you to say he or she is your property.  Don’t be fooled in vain expectation, waiting through the frustrations of seeing your spouse in love with another man or woman, living together, flaunting it and … raising family.  While you engage in demonic prayers like a witch to break the union!!!

Let me tell you something for nothing. There is time and purpose for everything in life. Time to love and time to hate.  When your spouse or lover starts to hate you and loves someone else, there is nothing you can do till he or she learns his or her lesson, if any. Your partner will not return to you till things fall apart there.  Your witchcraft prayer will be of no effect if your lost love finds the new partner satisfactory in nature and character!  Rather than burn, pick up yourself and return to the Lord for him to mend you up.

It is when you find better things to do with your broken pieces, and spring forth that your head will be proudly lifted in God\’s glory! Reconciliation will be more honourable in God\’s time when you attain a level of restoration.

…and in His own time He makes all things beautiful again. To reconcile your old love or glorify Himself in fresh beginning for you!

Don\’t rant angrily anymore… Pray grace to move on!

Lessons from Late Bimpe Oluwayose Sorinolu

ThAT’s JuSt THe WaY It iS

Queen B

featured image credit: www.wittystory.com

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