What this article to focus is to study and redefine what ‘afford’ means, i.e., when we say we can afford it, what actually does it means?
Now, let us study the following news article below briefly without judging her action nor her intention as a case study.
Elite’s Hana sues group member for failing to pay damages
KUALA LUMPUR: Hana, a former member of the singing group “Elite”, has filed another suit against group member Watie to get the RM707,351.83 payment in damages from the part-time model as ordered by the Selayang Sessions Court two years ago.
Hana, whose real name is Norhanasafiza Mat Adnan, 39, filed the judgment debtor summons against Wati, whose real name is Norwati Sadali, 41, on May 18 after the latter failed to make the payment as ordered by the Sessions Court on March 10, 2015.
In the suit, Norhanasafiza is seeking the court to issue a warrant of arrest against Norwati if she fails to show up in court to explain the reason for failing to pay the damages.
Meanwhile, Norwati, who was accompanied by her husband, actor and comedian Zulkifli Daud, also known as Joey, told reporters she was at the court today after a notice was served on her to attend a court proceeding to settle the case.
When asked her reason for not attending the proceeding that was fixed for last June, she claimed she did not receive any letter informing her of the proceeding.
The proceeding today was held in chambers before judge Rasyihah Ghazali.
Norwati, who was unrepresented, said she intended to pay the damages, but hoped she would be allowed to make the payment in instalments as she could not afford to pay it in one large sum.
“The court has ordered my husband and I to submit our salary statements for the purpose,” she said.
Meanwhile, lawyer Tengku Nadiatul Hanim Tengku Mohamad Nasser, representing Norhanasafiza, said the court set Oct 11 to hear the judgment debtor summons.
On March 10, 2015, the Selayang Sessions Court allowed a summons suit by Norhanasafiza against Norwati and ordered the later to pay damages of RM707,351.83.
Norhanasafiza filed the suit after Norwati failed to settle a bank loan, which used her (Norhanasafiza) name for the purchase of a Toyota Wish.
In the statement of claim, Norhanasafiza stated that she had obtained a loan of RM150,000 for the purchase of the car in September 2005 on behalf of Norwati because the later was not eligible to apply for the loan.
However, she said, after getting the car, Norwati failed to comply with the stipulated conditions, including paying the loan instalment as well as the car’s road tax.
As a result, Norhanasafiza said she was declared a bankrupt on April 1, 2013. She also said her bankrupt status was widely spread on the Internet and the print media, causing her stress, and it negatively affected her career.
The main take away from this is NEVER BUY SOMETHING YOU CANNOT AFFORD!!!
But as per my introductory remark, what does you can or cannot afford refers to?
DON’T BUY YOU CAN’T AFFORD WITH MONEY YOU DON’T HAVE TO IMPRESS PEOPLE YOU DON’T LIKE
-DAVE RAMSEY, AUTHOR OF TOTAL MONEY MAKEOVER-
As per Dave Ramsey definition, if you cannot afford to pay cash for something, it means that you cannot afford it ! Maybe to give a clearer perspective on that, Dave Ramsey promote DEBT-FREE lifestyle.
And personally, i support his view on this because being in debt sucks and i believe debt is modern day slavery. What this means is you are in debt or enslaved to your debt owner, it means that your days of sweat and blood and hard-work is for your debt-owner because you pay proportionately larger amount for long period of time for thing that you finance to ‘afford’.
Hence, next time you want to buy something, think long term and buy cash. It might take you longer to afford it, so be it, it is better than to bear a worrisome amount of stupid debt just to have that shiny new car which lost half of it value the minute you drive it away from the showroom.
In conclusion, let us all change our definition of affordability, let redefine it as something that we can pay cash for instead of something that we believe we can make the monthly commitment.
YOUR MONTHLY LOAN REPAYMENT COMMITMENT IS YOUR MODERN SLAVE-CHAIN !!!