Mood: Calm
Vaping: Vozol 12000 Watermelon Bubblegum
Drinking: Vida Zero Sakura Sparkling Flavoured Drink
Weather: 29°C, Clear
Location: Mont Fleuri, Mahe, Seychelles
Had to go over to my mother’s place because she’s going to submit my condo application form tomorrow so she needed my ID card. I decided to make 2 edits to the form, so my sister and I first went to our store to settle yesterday’s reconciliation as well as to prepare the store for tomorrow. I then took a white correction pen from the store, brought it to my mother’s place to make the correction on the form. I did try to re-print the form but we’re out of printer ink. We’ll have to get some tomorrow though because we are expecting a consignment to clear tomorrow or at least in the earlier part of this week. We need to print prices and whatnot.
The first edit I made was my net income, which I slashed. Initially my sister and put a figure that was slightly below our total monthly earnings. I then told my sister that I would be more comfortable if we slashed that number above 50%, mainly because we own a 50% share each, so it would be more accurate. Also because I’m just not comfortable with hitting a higher number. My sister is still convinced that the higher the better, but I fear it would affect our application (we are applying separately) in that they will not feel we are in need of any kind of government assistance if our net income is well above average. The second edit I made was my monthly commitment figure. I changed it from SCR 5000 ($357.14) to SCR 7000 ($500) per month. My younger brother told me that there were cases where some families struggled to pay their monthly commitments so they requested to defer the payments, and so their application was pushed back to the bottom of the list. I feel comfortable paying this amount each month until I *hopefully* get my keys. I can then increase my monthly payments to SCR 12,000 ($857.14) or slightly more, depending on my financial situation at that time.
That said, assuming I have to pay SCR 7,000 for 3 years, that will equal to SCR 252,000 ($18,000). I will still have SCR 1,248,000 to pay off. If I continue with payments of SCR 12k per month, it will take a little less than 9 years to pay it all off. I’m a little bit confused about the repayments though, because I’ve read and heard varying cases. Some people clear the payment immediately, others take loans to pay it off in one go. But I’ve also heard that monthly payments can be made to them directly? So it wouldn’t make sense to take a bank loan (+interest) if it’s possible to make monthly payments on the condo. Whatever it is, I will figure something out.
As I’ve mentioned on an earlier post, this whole thing is my backup plan. It would be almost impossible for me to live without a pet, especially during my retirement years if I ever do get that far. We’re taking a 2-week vacation at the end of this week to recalibrate, and hopefully we’ll be able to return safe and sound, and come back with a clearer mind and a better plan on the best way forward with our shared business.
I also want to develop my sole trader business. I’ll be billing my clients this coming week. With part of the money that I get from that I want to purchase a few supplies that will be used to market the business. I believe in putting the bulk of the initial capital into marketing a small business, let’s see how that goes!