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Chewe Helping people live a financially healthy lifestyle, by providing financial literacy on loans. Be loan smart!

11/02/2022

Couples/Married (A must read)

Issue of money if not well handled in a home it can bring about a lot of disputes even as far as dividing a home especially were loans or debts are concerned. I have seen and encountered the following,

(1.) Couples getting loans without understanding the consequences ahead of them later on start blaming each other.
(2.) A partner getting a loan without the other knowing hence creating a war zone in a home.
(3.) Both couples using their salaries or monthly earnings to access loans and when the plans back fire it creates war zones in a home.
(4.) The worst getting loans as a couple and putting the funds in a project that won’t generate any income.

They are many scenarios that I can mention. I know most of the people would relate to these. The problem comes in when you start failing to meet you monthly family obligations such as struggling to settle rental fees, school fees to those with school going children and any other needs/necessities.

As a couple before you engage yourself into a loan or debt. Seek professional guidelines from people who can see the need for a loan in a different prospective. Remember you have dependants or family members that really depend on you and your financial mistakes can mess up a lot of things and probably delay other successful investments or business.

Be “Loan Smart” and borrow money to make tons of money instead of bringing tons of problems.

11/02/2022

As I always say… Financial stability comes in the moment you realize how to manage your resources… It doesn’t matter how much you are earning in a month. However, the moment you know how to manage your income like…, knowing how much to save, live within your income capacity, avoid unnecessary borrowing and see how to multiply your earnings whether through investment or running a business then you are stabilizing your financial position. Indirectly, you are setting up a system to great success.

Financial literacy is a daily thing on this page. So far, the support is overwhelming... Thank you and more knowledgeable tips ahead on how to maximize on borrowed income (Loans or debts)

Be “Loan Smart” and borrow money to make tons of money instead of bringing tons of problems.

10/02/2022

Newly employed (first job) or start up business owner (A MOST read) Part 3

Here are the few things that you should not do once you get your first job or become a business owner. (CONS)

(1.) Don’t rush to get properties that require seriously maintenance without establishing your second source of income unless it’s for business purposes.
(2.) Don’t rush to involve yourself into loans or debts especially salaries ranging between K3,000.00 to K10,000.00
(3.) If you are planning to advance with your education savings is the way to go don’t rush to use a loan for your school advancement for several reasons.
(4.) Don’ rush to buy land using borrowed funds the stress it brings it’s not pleasant yes few people have managed to build after years but what they go through sometime it’s not worth it especially when your monthly earnings are less than K10,000.00. Don’t work for five years in what I call financial enslavement with a land that you have failed to develop or a car that has lost value but costed you a lot in terms of maintenance. Time is money.
(5.) When you decide to access a loan for some reasons don’t go for long tenures especially if the loan is not going into any investment or business. Never should you access 100% loan for a business or investment for a number of reasons.
(6.) One controversial point if not married don’t rush to marry. Marriage comes with its own responsibilities, challenges and maturity as much as it is considered to be a blessing, it has to be timely done. I will go in details when I get to talk about loans or debts with family responsibilities. Otherwise we have a number of divorces due to issues of money (loans and debts)

Be “Loan Smart” and borrow money to make tons of money instead of bringing tons of problems.

09/02/2022

Newly employed (first job) or start up business owner (A MOST read) Part 2

Here are the few things one can consider or do when newly employed (first job) or business. (PROS)

(1.) Rent an apartment /house 30% or less of your total earnings.
(2.) Control your monthly expenses.
(3.) If you are in employment save as much as you can. For a business person re-invest most of the profit back into that business and have a portion of savings too.
(4.) Put a list of things that you cannot live without and list them in order of importance. Give yourself time frame to get those things don’t stress.
(5.) Live within your monthly earnings and ensure you always have something to save.
(6.) With time depending on your savings identify your second source of income it could be investment or business. Remember not everyone can be gifted in running a business. However, anyone can be an investor.
(7.) Work or operate the business for two years plus before you think of a loan for maturity purposes and weigh yourself if a loan will be appropriate or not at that time.
(8.) For some reasons you access a loan ensure it is either for investment or business. This mostly improves your monthly income. However, your investment or business should not be 100% sponsored by borrowed funds take note of this point.
(9.) Seek for profession financial guidelines very important

The next post I will talk about the CONS of a loan, for someone who is newly employed (first job) or doing business. Remember we are dealing with the genesis of bad borrowing habits (Loans or debts) and trying to mend them from the roots. Assuming someone is just starting life.

Be “Loan Smart” and borrow money to make tons of money instead of bringing tons of problems.

08/02/2022

Newly employed or start up business owner (A MUST read) Part 1

With demand am going to re-emphasize on this point.
The issues of over indebtedness, multi-borrowing and borrowing for wrongs reasons have to be dealt with from genesis. These mentioned usually affect someone in a long run.
Meaning people mostly engage themselves to borrow funds when the start earning some income whether from business or employment. To be honest no institution or person would agree to lend money if they don’t determine your source of income.
There is always that excitement when one gets a job for the first time or start running a business. The most common norm it’s this issue of wanting people to know that you are doing well…like, former classmates, friends and family. There is nothing wrong with this however, at some extent that excitement leads to poor financial decisions. In my context am talking about LOANS or DEBTS.

The most common mistakes we make when we are newly employed or new business owners
(1.) Rush to access loans and use the funds to buy or purchase properties that will definitely act like a monthly liability.
(2.) Rent an apartment or house way above our financial means.
(3.) Ignore the fact that there is need to save some money for futuristic investment, business or school advancement.
(4.) Overall, trying to live a life style that depletes your monthly income.

In my next post I will talk about pros and cons when newly employed and new start up business owner to prevent from going into bad borrowing habits that enslaves someone for a long period financially.
Be “Loan Smart” and borrow money to make tons of money instead of bringing tons of problems.

Did you know that if you are honest with yourself in this context living within your financial means you make about 85% ...
04/02/2022

Did you know that if you are honest with yourself in this context living within your financial means you make about 85% to 90% accurate successful financial decisions? Now you know. Fact number one you won’t get a loan to prove a point out there. However, you will get a loan to improve your financial position. Is my voice louder??

Be “Loan Smart” and borrow money to make tons of money instead of bringing tons of problems.

03/02/2022

Loan situation to consider; a must read to avoid this mistakes.

For instant your net salary is K5, 000.00 and you decide to get a loan for a car or plot. For argument seek you apply for K70,000 for 4years and the loan installment is K2, 300.00. Here are things to consider:

(1.) Your monthly income will reduce by K2,300.00 meaning your salary will be K2,700.00 from the usual K5,000.00.
(2.) Remember in a K5,000.00 you were paying assorted bills and probably other needs/ necessities but now down by K2,300.00
(3.) After you get a loan remember prices for a lot of things don’t remain the same. This would later affect your financial position especially that salary increment don’t come easily.
(4.) Let’s say you buy a car not for business this car will need maintenance, fuel and those emergency breakdowns to consider. Trust me a salary of K2,700.00 putting in mind bills to pay and other needs/necessities it can’t manage this. Such situations causes someone to multi-borrow which is a worst position to put yourself into especially if you have a family to look after.
(5.) Let’s say you get a plot which is a good thing however building will be a big issue for an income of K2,700.00 putting in mind bills to pay and other needs/necessities. To be honest, these are plots that forces one to resale.
(6.) There is about 85% to 90% that you will be failing to meet most of your monthly financial responsibilities which causes someone to multi-borrow eventually institution or banks will start declining the loan application due to the net pay on the payslip.

For income or salaries within K3,000.00 to K10,000.00 take calculative moves when getting a loan if not for business or investment go for the shortest period and you will appreciate me later.

Be “Loan Smart” and borrow money to make tons of money instead of bringing tons of problems.

02/02/2022

As always a short tenure for a loan is always the best. Especially if you don’t intend to use the loan for investment or business. For non-productive loans ensure the loan tenure is three (3) to six (6) months. It is proven that within these months if things don’t go your way financially one can endure after that a situation can force someone to involve themselves into multi-borrowing and this is the place you don’t want to be.

Be “Loan Smart” and borrow money to make tons of money instead of bringing tons of problems.

01/02/2022

If your earnings in a month are in these ranges K3, 000.00 to K10, 000.00 net salary whether the salary is for one person or combined salary before you apply for a loan or borrow funds it has to be a well calculated move. The salary range mentioned above, in Zambia you can live or survive only if you are living within your means. However, if you intend to apply for a loan to invest or business purposes it’s a plus as it will improve your income. Food for thoughts … Imagine your current salary without a loan others would live like kings or queens🙂

Be “Loan Smart” and borrow money to make tons of money instead of bringing tons of problems.

28/01/2022

INVESTMENT WITH FAMILY RESPONSIBILITIES

Champion your mind to manage your resources, be futuristic and realistic with your financial decision. If you are married MOST of the financial decision should be centered on your family or people who depend on you. When your financial decision are not futuristic or realistic it messes up your family or people who depend on you. Not everyone can be a business minded person however anyone can be an investor. Example, you are married with dependents and you happen to find an investment opportunity it has to be a calculated risk, well planned and analyzed. Consider how secured your funds are as much as you estimate your returns sometimes things are too good to be true. In my context, if you happen to borrow funds (loan) for any investment plan. Ensure your investment is well secured and don’t invest in a business you don’t understand clearly. Be “Loan Smart” and borrow money to make tons of money.

25/01/2022

SALARY INCREMENT (A must read)

I didn't want to talk about it now. However , with the demand on whatsapp chats am prompt to lighten up a few things.

Whether in government or private sector if you have loans definitely you know the impact of a loans if not well ultilized.

To those receiving increments use them to clear off your outstanding loans. This will improve your income later on after you off set your loans. Don't use your increment to get another loan fix your mess. Here is an example on a process that would work

(1.) With the increment try by all means to reduce all your unnecessary monthly expense.
(2.) Try to live within your current income this means if you are renting a house way above you current salary leave it. Get something cheaper. School fees take your kids where you can afford and there is free education too which you can use for a while as you stabilize your income
(3.) Focus more on needs than necessities this will reduce your monthly expenses and allow you to settle outstanding loans.

This is not as easy as it may sound however, with determination and focus its possible and later on gives a free mind.

To those getting their full pay or salary keep it like that only intend to apply for a loan if you will make tons of money from it.... like when you really have plans for it to multiply

Be "Loan Smart" and borrow money to make tons of it.

24/01/2022

They say, "man made money and money made man mad" The deepth in this needs someoe to be analytical. Any industry you are involve or working for its money you are looking for. However, manage it well simple! Give your resources directions instead of your resources directing you. In my context please when you access a loan whether business or salary loan kindly direct the funds to multiply. A loan its a liability which becomes a big expense so if not well handled it breaks you or enslaves you for a long period of time. Be "Loan Smart" Borrow funds to make tons of it.

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