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10 Things to Consider Before Lending Retirement Income to Family
Most of people are experiencing grave monetary difficulties and it is more troublesome for them to make both ends meet when there is a job loss or incongruous part-time job, a divorce, a repossession of property or meager retirement funds.
Almost 40 percent of individuals are not repaid fully for the huge amount of loan they gave to friends or relatives, and more than 25 percent never retrieve any cash from their big loan.
Here are 10 things to contemplate before lending retirement income to family, because The National Foundation for Credit Counseling advises to ponder whether to lend or not to lend your retirement income to a loved one.
1. There is an impact on relationships among family members. Consider the chance if the borrower fails to repay you. If you are a parent, your other children may dislike it. Bear in mind that it is necessary to keep all loan requests surreptitious.
2. There are other choices also. The borrower may qualify for a bank loan.
The family member may cash in their 401(k). If the borrower is not entitled owing to bad credit, you have to consider before determining to lend.
3. There is an unprecedented condition such as a job loss or the borrower’s habit of monetary problems. If so, you may support with emotions only and assist creating a budget or propose credit counseling for betterment.
4. Try not to take risk of more than you can afford to lose. If you decide to loan money to a friend or family member, consider it as a gift that you will never find back, as no one knows about the future. Hence, do not provide loan more than you have.
5. Do not consent to co-sign a loan. When you co-sign a loan, you are liable to repay the loan even if the lender becomes a defaulter. Due to age and liability of the loaner, there is more likelihood to default. Endeavor to shield your credit rating, and savings – and decline in a polite manner.
6. Do not interfere into your retirement savings, because it is not congruous to help someone by exhausting your hard-earned savings.
7. Consult your spouse or partner in the determination. If you and your spouse are not on the same track about the loan, it could cause enormous tension in your relationship.
8. If you lend the money, write an official contract including the amount of the loan, interest rate and payback period, with a witness of a third person.
9. Understand the tax laws. The IRS works out the least interest rate and requires you to proclaim that interest on your income taxes. If the IRS has a doubt that the loan is a gift, you must file a gift tax form.
10. You’re not compelled to lend money just because a family member demands. If you do not have the liquidity or do not wish to make a personal loan, decline in polite manner.
Top 10 Schools in Karachi
They are a lot of schools that are emerging out and most of them have strives to become exalted at the top. People imagine that it is significant to elevate and ameliorate the school for the learning of their offspring. However, the Department of Education meditates that it is excellent for a progeny to acquire more understanding and procure several items in life for Education.
Here is the list of Top 10 Schools of Karachi which are for ‘O’ levels in 2012.
1.Education Bay (EBAY)
Education Bay is a Montessori School From O Level to A Level is one of the best schools in Karachi in Defense Housing Authority for your loving children.
2. British Over Seas (B.O.S)
British Over Seas School Founded in 1958 as a non-profit organization, the British Overseas School has been successfully providing the rigorous British Curriculum by UK qualified staff. We are now a fully integrated Primary and Secondary School through to GCSE and A level Years 7-13, in the British system.
Official Website: http://www.bos-karachi.com/
3. Karachi Grammar School (K.G.S)
Karachi Grammar School strives to be a center of educational excellence, to confirm and strengthen its high reputation gained through its long history. The School aims to develop the whole person, preparing each student for a successful future life and complementing the positive influences of family and others to achieve this objective.
Official Website: http://kgs.edu.pk/
4. Bay view Academy (B.V.A)
Mrs. Safia Shaikh, one of the leading early childhood educators in Karachi, has been running a nursery school since 1984. Her first school, one of the most highly regarded at the time, was known as Shaikh’s Montessori. In 1990, Shahpur and Doe Jamall, returned to Karachi after working in the Los Angeles Unified School District as teachers. Both these professionals hold Master’s Degrees from the University of California in Los Angeles (UCLA) and Teaching Credentials issued by the state of California.
Official Website: http://bva.edu.pk/user/Content.aspx?pg=History
5. The Indus Academy
The Indus Academy has its roots in the Playschool, a nursery school started in August 1989 by Mrs Masooma Anvarali, Mrs Tayyaba Siddiqui and Mrs Kamila Mazari. All three started teaching careers separately in different nurseries and schools before they set up their own nursery school.