August.21.18‪Money Matters‬
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Money Matters with Nimi
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Last weekend i was hosted to a wonderful evening out by Biola Alabi for a special showing of her latest movie “Lara and the Beat,” in the company of some amazing children from “Slum to School” and their Founder, Otto Orondaam.

Embedded in the script are powerful money messages that resonated with me. “Lara and the Beat,” is about the Giwa sisters caught in the center of the collapse of their late parents media empire.

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Following the sudden death of their parents, the sisters are forced out of their life of opulence and privilege and must learn to fend for themselves. Here are some important take aways:

Could your children cope and stand on their own two feet, if you lost everything? Do they have the resilience, independence and confidence to cope without your largesse? Or….have they been over-indulged and developed a sense of entitlement which makes it impossible for them to cope?

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PAY YOUR TAXES

Have you fallen foul of the tax laws in your personal or business capacity? Fix it or it will eventually come back to haunt you.

TIDY UP YOUR AFFAIRS

Have you tidied up your affairs or will you leave chaos, acrimony and suffering in your wake? Their parents died suddenly in an accident and intestate; that is, without a will.

Lara and Dara “assumed” that their “lovely” Uncle Tunde, their father’s business partner, would sort everything out. Having a business partner, particularly a family member, with no estate plan in place was a huge mistake. _
Uncle Tunde totally mismanaged and exploited the company leaving them with staggering tax liabilities. Lara’s parents could have protected their children by placing some personal assets in a Trust.

WHO CAN YOU TRUST?

Who are your true, trusted friends and family? Will they be there for you only in good times and disappear in bad times? In the end, it was their trusted housekeeper “Aunty Patience,” that came through for the homeless girls, and took them in!

TALENT

What is your talent?
What is your passion?
What are you good at?
What would you do for free?
If push comes to shove, can you leverage on it and earn from it? Have you identified, nurtured and invested in your children’s God Given talent? Do something about it.

#estateplanning #trust #family #will #property #familyhome #beneficiaries #heirs

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