My household is one in a constant battle for time. Time to sit down and relax, time to spend together and the last couple of weeks time to cook a plate of food during the week. I am sure that my family is not the only one bogged down by life and its crazy calendar. However this article is not aimed to be about me, just to bring into context the huge enjoyment when I for the first time in ages was able to watch Carte Blanche. What I saw was, in one simple term, WOW?
Story number two was about yet another pyramid scheme, no it was not run from spectacular offices in Sandton, but rather a small Karoo town Grahamstown. When one conjures mental pictures of this little town, or any small town for that matter, the last thing one expects is a master conman that was able to, allegedly, defraud pensioners, the disabled and widows out of R 60 Million. One is more likely to have mental pictures of dorper sheep happily grazing, no traffic jams and banks without long boring ques. But the truth is life has again achieved in giving us a solid jolt in our system.
I recently read an Afrikaans article by a colleague of mine “Spyt kom altyd te laat” (Regret always comes to late), and in viewing this Carte Blanche expose I clearly saw what was meant by this article and our nation’s ability to be gullible on a scale that one expects in fantasy novels. Why is it that we as a people trust glossy brochures, flashy vehicle’s and big houses blindly? Why is it that we are more than happy to part with our hard earned money on a simple meeting with a friendly face? Why do we never conduct due diligence's? Last question: Why are we totally utterly shocked when we lost our money, when our investment strategy characteristics have more in common with a gambling bug than sound investing?
I think it is actually a simple thing that motivates us. We read about people like Bill Gates, The Facebook dude, Steve Jobs (Apple) and our own Mark Shuttleworth. These are all people that have become sinfully rich in what is perceived to be an incredibly short time. What do all of these people have in common? They are innovators! They were 10 steps ahead of the curve and saw a future that most of us did not even imagine, the innovative thinking created them a stupendous amount of wealth. In contrast most of us are not innovators, we are mere mortals. Our desire is merely that life would throw us an opportunity, we merely want in. We would be more than happy to have just put R 10,000 in the initial Microsoft Shares and to just GET IN.
Therefore we get extremely excited when a “clever and passionate” entrepreneur arrives at our normal homes offering us an In. We get blinded by massive profits, success stories and being the envy of our friends earning massive dividends from no work effort at all.
I am not advocating pessimism, please do not misunderstand me, but I am advocating logic. Both in this new scheme and the Sharemax debacle one very logical question was clearly not asked. How can you develop property and afford to make monthly interest payments. How can you build something, expenses only and still have an income to pay investors? Sanity should always prevail.
The other item that was shocking to me was that the simplest of deed searches showed that the brochure lied, the brochure stated that the property was owned by Amatenda, the deed search showed differently. So the second question should be, why do we never ask for external advice. Is it because we fear the result? Is it because we regard the marketer sitting in our lounge as an advisor? For a simple R 2000-00 a decent investigator could have done a deed search and found that the whole Amatenda document was a scam, would you not rather “loose” R 2,000-00 or face financial destruction and emotional epidurals.
In conclusion and the words of Gareth Cliff. “No one wants a job, most people hate their jobs. We just want the money”. We sometimes act like sheep calmly walking to an abattoir of financial slaughter, just because we do not want to insult the promoter of a scheme. No true, honest business man minds having a due diligence done on them, so the one that you insult by asking the questions should be the one you should run from.
Showing posts with label lawyer. Show all posts
Showing posts with label lawyer. Show all posts
Monday, October 31, 2011
Monday, October 24, 2011
How confident are our professionals
PPS, a South African insurer focused on the graduate and post graduate market recently released their confidence survey conducted with about 3000 of their members. This survey is aimed at showing the levels of confidence that graduate professionals, ie. Doctors, Lawyers, Accountants and Engineers have in South Africa and its economy.
84% remain confident about staying/living in South Africa. According to this report the successful hosting of the world cup, the sovereign debt crisis in Europe and the massive skills shortage in SA are the massive contributors.
In contrast 56% of graduate professionals are confident about SA's economic outlook over the next 12months, down from 64%. Also down from 64% to 56% is the confidence in the local equities market. With only 59% believing that the Rand will strengthen over the next 12 months against other major currencies.
There is also a clear indication that professionals do not believe the worst of South Africa's economic times are over with only 45% of respondents believing the worst has hit us and 71% believing a double dip is on the way.
Government's ability to address unemployment is also a major concern with only 29% of professionals believing that it has the capacity to bring change in this important facet of our economy.
The massive hurdles in the SA economy are Crime, Health care and Education, and here professionals are clearly not very confident.On health services sentiment under graduates was low with only 46% believing that health service provision will be better under the NHS system. Only 45% believe crime rates will drop over the next five years and 48% expected better education levels over the next 5 years. The very interesting statistic that came across as that 89% of the top earners in SA are worried about the sharp escalation in costs of education.
In conclusion. One can extract that there is optimism about South Africa, its people and the private sector's ability to grow under tough circumstances, however the ability of government to address critical issues in our economy does not bolster much confidence.
84% remain confident about staying/living in South Africa. According to this report the successful hosting of the world cup, the sovereign debt crisis in Europe and the massive skills shortage in SA are the massive contributors.
In contrast 56% of graduate professionals are confident about SA's economic outlook over the next 12months, down from 64%. Also down from 64% to 56% is the confidence in the local equities market. With only 59% believing that the Rand will strengthen over the next 12 months against other major currencies.
There is also a clear indication that professionals do not believe the worst of South Africa's economic times are over with only 45% of respondents believing the worst has hit us and 71% believing a double dip is on the way.
Government's ability to address unemployment is also a major concern with only 29% of professionals believing that it has the capacity to bring change in this important facet of our economy.
The massive hurdles in the SA economy are Crime, Health care and Education, and here professionals are clearly not very confident.On health services sentiment under graduates was low with only 46% believing that health service provision will be better under the NHS system. Only 45% believe crime rates will drop over the next five years and 48% expected better education levels over the next 5 years. The very interesting statistic that came across as that 89% of the top earners in SA are worried about the sharp escalation in costs of education.
In conclusion. One can extract that there is optimism about South Africa, its people and the private sector's ability to grow under tough circumstances, however the ability of government to address critical issues in our economy does not bolster much confidence.
Friday, January 29, 2010
Using the Small Claims Court
In many cases a lot of us feel like justice is far from reach. It feels like we have no recourse against poor workmanship, friends lending money and even in the case of micro business, defaulting creditors. To prove my point, how many times have you decided not to act on a claim of R 4000-00 or so because the lawyers costs more....?
Little of us know about the cheap, easy and simple process available to all South African citizens needing civil/financial recourse. This prince coming to save us from the evil micro bad guys is found in the form of the small claims court, and as stated it is available to all SA citizens.
So how does it work? Simple the small claims court allows smaller civil disputes to be resolved with out the expensive and slow process of taking normal civil action using the magistrates court. It operates outside of business hours and the "judge"is a practicing attorney. You do not need a lawyer, in fact they are not allowed! You do not need to speak legal! You do not need to file expensive papers in latin of "high" english. All you need is to contact your local small claims court, obtain the relevant notice drafts and wallah you and the person you have a dispute with can slug it out (man-2-man) in the small claims court where an attorney will give a judgement that is just as powerful as that of the magistrates court.
Who can use the small claims court? Any natural person with a claim smaller than R 7,000-00 (this amount is being reviewed) can approach the small claims court for relief.
What can a person sue for?. Any civil dispute, in other words any dispute that has a desired end result of financial relief. Broken equipment, bad workmanship, debt, outstanding invoices (only in the case of Sole Proprietors & Partnerships, no CC's or Companies).
Who cannot sue?. A juridictional entity is not allowed to seek relief from the small claims court. Again in more simple terms no CC's, companies or trusts. That said as an individual you can call your dispute to the small claims court against any legal entity.
What can I not sue for?. As a legal entity (CC, PTY or trust) you cannot approach the small claims court. You cannot approach the small claims court for financial relief higher than R 7,000 and you cannot send your lawyer on your behalf. The aim of the court is to resolve small disputes between individuals to insure justice is accessible to all.
What happens if my claim is more than R 7,000?. In the event that your claim is fractionally higher than the prescribed limit, as stated it us currently under review, you can choose to forfeit your right to the balance. As an example: If your past room mate leaves your house without paying his portion of the rent and the lovely fella also decided to take the washing machine causing you damages of R 8,350-00. You can approach the small claims court and choose to forfeit your right to the balance. If you therefor get a successfull verdict the judgement will only be for R 7,000-00.
Who do you approach to have a dispute settled by the small claims court?. Any good attorney or legal services company will be able to provide you with the contact details of the small claims court in your area. Do not use intermediaries or consultants, it is a total waste of money. However if you want consult with an attorney about the process and facts of your case.
Little of us know about the cheap, easy and simple process available to all South African citizens needing civil/financial recourse. This prince coming to save us from the evil micro bad guys is found in the form of the small claims court, and as stated it is available to all SA citizens.
So how does it work? Simple the small claims court allows smaller civil disputes to be resolved with out the expensive and slow process of taking normal civil action using the magistrates court. It operates outside of business hours and the "judge"is a practicing attorney. You do not need a lawyer, in fact they are not allowed! You do not need to speak legal! You do not need to file expensive papers in latin of "high" english. All you need is to contact your local small claims court, obtain the relevant notice drafts and wallah you and the person you have a dispute with can slug it out (man-2-man) in the small claims court where an attorney will give a judgement that is just as powerful as that of the magistrates court.
Who can use the small claims court? Any natural person with a claim smaller than R 7,000-00 (this amount is being reviewed) can approach the small claims court for relief.
What can a person sue for?. Any civil dispute, in other words any dispute that has a desired end result of financial relief. Broken equipment, bad workmanship, debt, outstanding invoices (only in the case of Sole Proprietors & Partnerships, no CC's or Companies).
Who cannot sue?. A juridictional entity is not allowed to seek relief from the small claims court. Again in more simple terms no CC's, companies or trusts. That said as an individual you can call your dispute to the small claims court against any legal entity.
What can I not sue for?. As a legal entity (CC, PTY or trust) you cannot approach the small claims court. You cannot approach the small claims court for financial relief higher than R 7,000 and you cannot send your lawyer on your behalf. The aim of the court is to resolve small disputes between individuals to insure justice is accessible to all.
What happens if my claim is more than R 7,000?. In the event that your claim is fractionally higher than the prescribed limit, as stated it us currently under review, you can choose to forfeit your right to the balance. As an example: If your past room mate leaves your house without paying his portion of the rent and the lovely fella also decided to take the washing machine causing you damages of R 8,350-00. You can approach the small claims court and choose to forfeit your right to the balance. If you therefor get a successfull verdict the judgement will only be for R 7,000-00.
Who do you approach to have a dispute settled by the small claims court?. Any good attorney or legal services company will be able to provide you with the contact details of the small claims court in your area. Do not use intermediaries or consultants, it is a total waste of money. However if you want consult with an attorney about the process and facts of your case.
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