For many people financial problems start with a good intention. Here is a case in point. One person I know has an uncanny ability to get herself into a financial mess. It would be difficult for many people I know to even imagine how ingenious she is in creating trouble for herself.
One example here. She is employed on a princely salary of Rs. 14,000 which she uses to support her widowed mother, pay for sister’s part-time MBA course (for which her mother’s jewelery has been pawned), pay her own educational loan. Needless to say she lives hand to mouth. Of course she has this ability to attract one ‘friend’ who has some financial trouble.
So he approaches her for a loan. It is not that she has a kind heart or a big heart, but she could not say ‘no’ to him. But she had no money to give him.
He suggested a brilliant solution. So she played along. She applied for a ‘personal loan’ from a bank (rate of interest did not matter, after all HE was going to pay the EMI, was he not?). So she took a loan. He played ball – and actually deposited the EMI amount in HER account BEFORE the amount was debited. Vow! However, this happened only for months 1 and 2. Month 3 he paid her 2 days after the debit, and with a lot of apologies. Month 4 he said I will pay you in cash..
That is the last she heard from him. 22 months have passed, and she has been paying the EMI. He is gone, simply gone.
So she did a smart thing, she went to his house and waited. He did not turn up. However the police turned up at HER house.
His wife had lodged a complaint that since the last 2 days AFTER this person visited their house, her husband is missing. She also reported the threats they received. LOL if you can. I DID.
Competence to handle finance is either there, or it is not there, that is all.
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