I am happily man and 56 with two sisters and one brother and Maa, some how my mother, brother and sisters are extremely devouted to their respective family and highly gentle and have high family values. Likewise even my wife is extremely hardworking lecturer for 25 years and devouted wife and even my son is very sensible young advocate. We care and respect one another very much.
Now the problem is my younger sister's husband has taken a big loan of Rs. 60 lakh and had a big business loss due to demonitisation followed by extended lockdown, due to which he is unable to pay loan though he has many shared land assets which he is unable to sell. The loan was taken by mortgaging their three bhk flat in which they live. Now, I have around 48 lakhs to help his out of the load default but my wife opposes this because i got this Rs. 48 lakhs by selling our other unoccupied house.
I understand my wife's opinion and also that of my younger sister's condition. Like wise my other siblings have also not been successful money wise in life despite having been very educated. Problem is they all got stuck in life due to high moral values and could not learn ways of the world.
My dilemma is whether to help my younger sister's husband out of his problems or not and also my affection for my siblings annoys my wife though she is also very respectful to them and says, they all need to learn we can not support them in their struggles beyond a limit as we are also going to retire.
How do is sort this out?
Ans: It's understandable that you are facing a difficult situation and feeling torn between helping your younger sister's husband and respecting your wife's opinion. Here are some suggestions that might help you sort this out:
Consider the impact on your own financial future: It's important to consider your own financial situation and retirement plans before deciding to help your sister's husband. You should also consider the impact of selling your property to help someone else, and whether that could affect your own financial stability.
Communicate with your wife: Have an open and honest conversation with your wife about your desire to help your sister's husband and understand her concerns. Try to find a compromise that works for both of you.
Set clear boundaries: It's important to set clear boundaries with your siblings about what kind of financial assistance you are willing and able to provide. You should also be clear about what kind of support you expect from them in return.
Explore other options: Consider whether there are other ways to help your sister's husband without putting your own financial future at risk. This could include helping him find a job, connecting him with resources for financial counseling or debt relief, or exploring other options for selling his assets.
Seek advice from a financial professional: If you're still unsure about what to do, consider seeking advice from a financial professional who can help you assess the risks and benefits of different options.
Ultimately, it's important to make a decision that feels right for you and your family, while also being mindful of the potential consequences.
