Yes, I put on Facebook that my family is stupid. I believe that the family is stupid because they don’t understand, or won’t understand what my plan is. So I have written down in point form what my plan is. I cannot understand why this has been so hard for my family to understand. When I explain slowly they say I am patronizing. When I expect understanding they say my plans are crazy. I am in debt on my credit card and overdraft because my income is less than my expenses. My expenses are pretty low but as I am also in debt I am still not managing to make ends meet. I am not asking anyone for money in the family. I do not want or need anyone to pay off my debts. I want to make a living and a future with my own skills and my kids will also be helping. I am in debit because Kids News is a fantastic business but is not as profitable as it once was. This is not because I am a bad person, or lazy. It is because trends change. It is because the world’s economy has effected SA and some of my clients who are mainly small businesses owners (Kids News’ main clients) have stopped trading. Obviously, I still have clients and I still work on Kids News and it will always be my passion. But it is not enough money to live off. My Mom helped me financially over the years. I never asked for this money. I hated receiving the money because I believed it would be a source of conflict within the family. Also, I am a proud person, and I want to feel and need to feel that I am not a waste of skin living off others. I used credit on my card and overdraft to furnish the current business I have started – a B and B at the house. I converted the garage and maid’s room with the money in the trust and also my own money. It is expensive to build and equip a b and b. Here is my plan for all to see. It is not crazy. 1. I need an income which covers my expenses. 2. I do not overspend. 3. I want to start a bed and breakfast. 4. I will approach the bank for a loan to build more self-catering rooms. 5. The conversion I did this year is bringing in R6,000 per month. 6. This amount is the minimum that can be earned per month. 7. So based on the minimum earning, if I build 3 more rooms on the current property that is R18,000 extra income per month. 8. The bank rate for a home loan is 8.50%. 9. If I approach the bank for R300,000 the repayment is R2,603 per month over 20 years. Once the building is finished the repayment will be easy to pay back: 10. Income R18,000, repayment R2,603. 11. The bank needs security in order to grant loans. 12. I don’t have any security now because I don’t have a property, the house is in the family trust (only me and my kids are beneficiarys in this trust). 13. I don’t have a salary because I work for myself. 14. I want my mother to resign from the trust. 15. I will then ask the bank to grant me the loan based on the security of the house in the trust. 16. My mother said she has no use for the house, and it is no longer of any benefit from a tax point of view to maintain the house in a trust. 17. She also said that if we hadn’t put the house in the trust it would have gone into my name. 18. No one else can inherit the house other than the beneficiaries, which are me and my children. 19. I do not know the exact amount I need to borrow from the bank. 20. I will only know that amount once the following has been done: 21. Plans drawn up for the building. 22. Building permission. So tell me, where is the craziness in this plan? And what is driving my mother’s need to keep the house in the trust? By resigning, she would be making it possible for me and my children to have a future. By not resigning, she is doing the opposite. I love my kids they are amazing. Rob and I plan to start the foundations of the b and b and build ourselves. Frances has itemised and priced the clothes she wears on FB photos because my family mistakenly think she wears designer clothes. Yes I am washing my families dirty laundry in public. So what.
Posted on: Thu, 15 Aug 2013 06:39:52 +0000
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