Many times my father becomes subject
to my mother’s annoyance over his out of way help towards unnecessary people.
It is surely a noble thought to help someone out of his problem but at cost of
oneself is not advised. Even when you travel by flight the attendant very
clearly says, “In case of lack of air, first wear your
own oxygen mask and then help others.” Of course it is not to stop
anyone from helping others but always your safety gear on. Even when one
company comes over to takeover another company it comes with an agenda to
ensure its profit and success. Hence, if you are in line of this social service
too then be careful. Hold your horses become you spill over your entire
finances over others. Sometime it is better to tread slowly rather falling over
long run. Today, we would discuss a few pointers so that you can balance your
heart and head well.
a) Block
your funds- it is
best left to earmark a fix amount of funds you want to spend on your public
chivalry. It would help you understand the line to tread further once you reach
the threshold. Also, the limit will give you a head count of your efforts
provided.
b) Donate
only to known- Every
big charitable trust that sponsor the needy people, conduct a primary research
on the people they help. So, when you do so at personal capacity, it becomes
imperative for you to study well the person you trust your money with. So, follow
the simple dictum of helping only your known acquaintances.
c) Prefer
the mortgage route-
Although, you might not really help someone with the intention to get back your
funds, it is always preferred to take a mortgage against the loan. It is not to
pressurize the lender but to ensure that he works in good faith to return the
funds.
d) Form
a public trust – in
case if you want to engage in regular activities of charity and monetary help,
it is better to form a public trust. It would give you an additional leverage
of tax benefits and other savings.
e) Bring
your family in confidence-
never indulge in secret act of funding any individual without making your
family aware about it. If the times change, then this lent money could also
give them some relief for survival.
Just summing up, our discussion we
would just like to say that although unconventional lending is very popular in
India it should not come at the cost of your financial goals.
hanks and Regards
Team
Email: saarthifp@gmail.com
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