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dilemna-please guide
target1360
#1 Posted : Monday, October 24, 2016 7:33:25 AM
Rank: Member


Joined: 5/14/2014
Posts: 257
Location: nairobi
Greetings,

i write to seek your opinion.

my nephew(26years old) is in receipt of kes 100k bonus payment from his employer and has several mutually exclusive options on how to utelise the same.

1.Use the funds for roofing his incompleted house/simba in the village.estimated cost about 110k

2. pay Off and cancel his barclays credit card which has a balance of about 95k and has been charging high interest rates.interest per month is about 4.4% compounded!

3. clear his helb loan of about 97k.this will free up the 10k monthly cashflow that has been gouing towards fast tracking repayment.

4.invest the same in expanding a farming operation in the village.

5.save the money in a money market account at sanlam and forget about it

6.take the money to bank and use it as a security for a overdraft.

please advise.
I find satisfaction in owning great business,not trading them
instinct
#2 Posted : Monday, October 24, 2016 7:41:36 AM
Rank: Member


Joined: 8/17/2007
Posts: 294
target1360 wrote:
Greetings,

i write to seek your opinion.

my nephew(26years old) is in receipt of kes 100k bonus payment from his employer and has several mutually exclusive options on how to utelise the same.

1.Use the funds for roofing his incompleted house/simba in the village.estimated cost about 110k

2. pay Off and cancel his barclays credit card which has a balance of about 95k and has been charging high interest rates.interest per month is about 4.4% compounded!

3. clear his helb loan of about 97k.this will free up the 10k monthly cashflow that has been gouing towards fast tracking repayment.

4.invest the same in expanding a farming operation in the village.

5.save the money in a money market account at sanlam and forget about it

6.take the money to bank and use it as a security for a overdraft.

please advise.


2. he should also return it to the bank
Gatheuzi
#3 Posted : Monday, October 24, 2016 8:02:54 AM
Rank: Veteran


Joined: 8/16/2009
Posts: 921
instinct wrote:
target1360 wrote:
Greetings,

i write to seek your opinion.

my nephew(26years old) is in receipt of kes 100k bonus payment from his employer and has several mutually exclusive options on how to utelise the same.

1.Use the funds for roofing his incompleted house/simba in the village.estimated cost about 110k

2. pay Off and cancel his barclays credit card which has a balance of about 95k and has been charging high interest rates.interest per month is about 4.4% compounded!

3. clear his helb loan of about 97k.this will free up the 10k monthly cashflow that has been gouing towards fast tracking repayment.

4.invest the same in expanding a farming operation in the village.

5.save the money in a money market account at sanlam and forget about it

6.take the money to bank and use it as a security for a overdraft.

please advise.


2. he should also return it to the bank

Exactly! Pay off the expensive debt first. He can then use the interest savings to accelerate HELB monthy repayments.
"The end of the Republic has never looked better......" Barack Obama, 44th President of the United States
sparkly
#4 Posted : Monday, October 24, 2016 8:51:23 AM
Rank: Elder


Joined: 9/23/2009
Posts: 5,402
Location: Enk are Nyirobi
target1360 wrote:
Greetings,

i write to seek your opinion.

my nephew(26years old) is in receipt of kes 100k bonus payment from his employer and has several mutually exclusive options on how to utelise the same.

1.Use the funds for roofing his incompleted house/simba in the village.estimated cost about 110k

2. pay Off and cancel his barclays credit card which has a balance of about 95k and has been charging high interest rates.interest per month is about 4.4% compounded!

3. clear his helb loan of about 97k.this will free up the 10k monthly cashflow that has been gouing towards fast tracking repayment.

4.invest the same in expanding a farming operation in the village.

5.save the money in a money market account at sanlam and forget about it

6.take the money to bank and use it as a security for a overdraft.

please advise.


The Money cycle is SPEND... SAVE ... INVEST.

Spend

There is no use of making money if you cant buy nice things, enjoy good moments.

For this reason i suggest that he should buy himself some good apparel/ gadget and buy his girl friend some jewelry. Budget 30k.

Save

Always a good idea to keep something aside for future investment and contingencies. The money market is a good idea. Budget 30K.

Investment

Investment is about increasing income, growing the basket. If the basket is leaking, its advisable to plug the leaks first. Therefore, reduce the the credit card debt. Budget 40k.
Life is short. Live passionately.
Angelica _ann
#5 Posted : Monday, October 24, 2016 10:02:30 AM
Rank: Elder


Joined: 12/7/2012
Posts: 6,991
Pay the credit card debt and throw the card away in some dark tunnel and never ever think of taking another!!!!!
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
Metch
#6 Posted : Monday, October 24, 2016 10:15:01 AM
Rank: New-farer


Joined: 12/22/2015
Posts: 55
Location: Mombasa, Kenya
Angelica _ann wrote:
Pay the credit card debt and throw the card away in some dark tunnel and never ever think of taking another!!!!!

100% agree. The road to financial freedom begins with crawling out of crippling debt. The other options are noble but they present a 'one step forward two steps back' scenario as long as he is still servicing debt
Start!
chikonde
#7 Posted : Monday, October 24, 2016 10:29:17 AM
Rank: New-farer


Joined: 1/15/2010
Posts: 76
Metch wrote:
Angelica _ann wrote:
Pay the credit card debt and throw the card away in some dark tunnel and never ever think of taking another!!!!!

100% agree. The road to financial freedom begins with crawling out of crippling debt. The other options are noble but they present a 'one step forward two steps back' scenario as long as he is still servicing NON PRODUCTIVE debt

Gathige
#8 Posted : Monday, October 24, 2016 3:46:26 PM
Rank: Veteran


Joined: 3/29/2011
Posts: 1,371
Angelica _ann wrote:
Pay the credit card debt and throw the card away in some dark tunnel and never ever think of taking another!!!!!



The best way to use a credit card is to pay the monthly balance in full at the due date. They have the worst interest rates.

BTW credit cards are good if you want to manage and track your finances. eg , if your monthly recurrent budget is 50k, and you have issues keeping track of receipts, you swipe the card and use the monthly statements to track your expenses.

"Things that matter most must never be at the mercy of things that matter least." Goethe
bennry
#9 Posted : Friday, November 11, 2016 12:45:21 PM
Rank: New-farer


Joined: 8/12/2016
Posts: 17
sparkly wrote:
target1360 wrote:
Greetings,

i write to seek your opinion.

my nephew(26years old) is in receipt of kes 100k bonus payment from his employer and has several mutually exclusive options on how to utelise the same.

1.Use the funds for roofing his incompleted house/simba in the village.estimated cost about 110k

2. pay Off and cancel his barclays credit card which has a balance of about 95k and has been charging high interest rates.interest per month is about 4.4% compounded!

3. clear his helb loan of about 97k.this will free up the 10k monthly cashflow that has been gouing towards fast tracking repayment.

4.invest the same in expanding a farming operation in the village.

5.save the money in a money market account at sanlam and forget about it

6.take the money to bank and use it as a security for a overdraft.

please advise.


The Money cycle is SPEND... SAVE ... INVEST.

Spend

There is no use of making money if you cant buy nice things, enjoy good moments.

For this reason i suggest that he should buy himself some good apparel/ gadget and buy his girl friend some jewelry. Budget 30k.

Save

Always a good idea to keep something aside for future investment and contingencies. The money market is a good idea. Budget 30K.

Investment

Investment is about increasing income, growing the basket. If the basket is leaking, its advisable to plug the leaks first. Therefore, reduce the the credit card debt. Budget 40k.


Good Advice

tony stark
#10 Posted : Friday, November 11, 2016 7:37:08 PM
Rank: Veteran


Joined: 7/8/2008
Posts: 705
This is a no brainer. Lipa Barclay card debt ASAP.
mkeiy
#11 Posted : Monday, November 14, 2016 10:27:55 AM
Rank: Member


Joined: 1/27/2012
Posts: 759
Location: Nairobi
target1360 wrote:
Greetings,

i write to seek your opinion.

my nephew(26years old) is in receipt of kes 100k bonus payment from his employer and has several mutually exclusive options on how to utelise the same.

1.Use the funds for roofing his incompleted house/simba in the village.estimated cost about 110k

2. pay Off and cancel his barclays credit card which has a balance of about 95k and has been charging high interest rates.interest per month is about 4.4% compounded!

3. clear his helb loan of about 97k.this will free up the 10k monthly cashflow that has been gouing towards fast tracking repayment.

4.invest the same in expanding a farming operation in the village.

5.save the money in a money market account at sanlam and forget about it

6.take the money to bank and use it as a security for a overdraft.

please advise.



Pay off the Barclay Card even before farting.

Now, where is that accountant to explain number 6 for me, AGAIN?
AlphDoti
#12 Posted : Monday, November 14, 2016 12:07:27 PM
Rank: Elder


Joined: 6/20/2008
Posts: 5,019
Location: Kenya
bennry wrote:
sparkly wrote:
target1360 wrote:
Greetings,

i write to seek your opinion.

my nephew(26years old) is in receipt of kes 100k bonus payment from his employer and has several mutually exclusive options on how to utelise the same.

1.Use the funds for roofing his incompleted house/simba in the village.estimated cost about 110k

2. pay Off and cancel his barclays credit card which has a balance of about 95k and has been charging high interest rates.interest per month is about 4.4% compounded!

3. clear his helb loan of about 97k.this will free up the 10k monthly cashflow that has been gouing towards fast tracking repayment.

4.invest the same in expanding a farming operation in the village.

5.save the money in a money market account at sanlam and forget about it

6.take the money to bank and use it as a security for a overdraft.

please advise.


The Money cycle is SPEND... SAVE ... INVEST.

Spend

There is no use of making money if you cant buy nice things, enjoy good moments.

For this reason i suggest that he should buy himself some good apparel/ gadget and buy his girl friend some jewelry. Budget 30k.

Save

Always a good idea to keep something aside for future investment and contingencies. The money market is a good idea. Budget 30K.

Investment

Investment is about increasing income, growing the basket. If the basket is leaking, its advisable to plug the leaks first. Therefore, reduce the the credit card debt. Budget 40k.

Good Advice

@sparkly, interesting advice. Please explain why he should not go for option 2 straight away?
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