padjakkels

My skype name: sarel.wessels Sent from my SM-A700F using Tapatalk

Skype? Sent from my SM-A700F using Tapatalk

Sunday 15:00 sounds right Sent from my SM-A700F using Tapatalk

Saturday night is my drinking time, and Sunday afternoon is nap time... lol just kidding. I will fall in with the majority.

Yay! Sent from my SM-A700F using Tapatalk

That we can decide on...what is our goal/target we first have to meet...think that will be decided at the first meeting also.

So basically we will have to decide now on a date for our first meeting also. No need to give notice as per the partnership agreement as it doesn't exist yet.

Not in SA! Client struggle with ABSA for over a month to open bank account... their requirements get more and more everyday. Think we may also battle a bit to get everything in place in Nedbank. Remember our first meeting must also take place before we can open a bank account - so that the officers are in place. The bank will require the minutes to determine who will sign, etc. when we open the bank account. How are we going to overcome the signature problem? Normally the 2 that have to sign, have to go to the bank at the same time...

Sounds good! So payment of initial amount by 15th or as soon as account is opened, and then monthly contribution from 1st July. Sent from my SM-A700F using Tapatalk

I feel obliged to tell you what I changed in the partnership agreement. Remember we used the example from PSG and changed it. This changes are open for discussion, I will mention my reason behind the changes (PW = Platinum Wealth): Point 4. Purpose PSG: Purpose: The purpose of the partnership is to invest the funds of the partnership solely in shares, for the education and benefit of the partners. PW: Purpose: Purpose: The purpose of the partnership is to invest the funds of the partnership in different investment vehicles, for the education and benefit of the partners. My reason: Don't want to limit us just to shares... Point 5. Membership PSG: Membership: Members of the investment club will be referred to as ‘partners’. The investment club will at all times consist of between 2 and 50 partners. PW: Membership: Members of the investment club will be referred to as ‘partners’. The investment club will at all times consist of between 3 and 20 partners. Reason: 2 people can also be a club. We put in a limit of 50. We can always change it later. Point 12. Meetings PSG: Partners must attend the minimum number of meetings required (normally 75%+). PW: Partners must attend the minimum number of meetings required (normally 50%+). Added: Meetings can also be held online. Reason: We are all busy and 75% is high for me. Online=Skype Point 13. Research PSG: Research: All partners are expected to research at least one company per month, using a recommended system of company evaluation. PW: Research: All partners are expected to research at least one company or investment vehicle every 6 months, using a recommended system of company evaluation. Reason: Felt that every month was to much, we all have a family and full time work... And that if we need to do research, everyone will go out of their way to do the research at that time. Point 15. Choose officers PSG: Two internal auditors (who are not office bearers) can be appointed to audit the investment club accounts. PW: N/A Reason: Auditors are REALLY expensive, and I feel if we are transparent with everything, then this will not be necessary.

Haha cheater! Sent from my SM-A700F using Tapatalk

Suggest spreadsheet for the start, once we have it running, then we have the specs also and can then decide if its worthwhile writing the software? Sent from my SM-A700F using Tapatalk

Might be expensive to buy it out? But find out ans consider it then? Sent from my SM-A700F using Tapatalk

Also cancelled my mtn beginning of year. And bought a new phone cash. Ported my number over to afrihost mobile. Pay R99 per month now. Get 2gb data, and 40 minutes talk time. Have wifi at work and at home, and make phone calls usually fron landline at work. So this works nice for me. Sent from my SM-A700F using Tapatalk

One of the ideas of estate planning is to limit estate duty, which is 20% on the balance above R3,5 million. A vehicle to use is a Discretionary Inter Vivos Trust, meaning you create the trust when you are still alive, and the trustees decide who of the beneficiaries can get distributions. Do you think it is a good idea to join the Investment Club in the name of the Trust, and not in your own name? One of the down sides of a trust is it you should not manage it as if it was your own, so there must be an independent trustee and proper meetings with minutes should be kept. Any input or ideas?

Other bank account also at Nedbank not Standard Bank

And we are actually in rescission... if one see what is going on with businesses and people paying back debt....

Sounds good, would like to see what the feeling is what the amount should be. Also suggest a poll for the R1,000 initial subscription...perhaps R500, R750, R1000?

Think Rules of the club.... As it is mentioned there: Initial amount of R1,000, and monthly subscription of R250.

The description of the accounts states NO FEES, if they do charge, then I'm going to toitoi infront of their bank. Sent from my SM-A700F using Tapatalk

Okay, spoken to the lady at Nedbank. Yes, we as a partnership qualify to open a Just Invest account with Nedbank, as we fall under Small Business Services. But we must go into a branch to open the account. (Sometimes what the sales person tells you over the phone, and what happens at a branch, is different, so we will see at that time.) The problem here is the following: * Minimum amount to open bank account -> R5,000 * You can make additional deposits of R500 or more at any time. So we can't use this account from the start, but nothing stops us from opening the Club account, and then transferring from that to the Just Invest account. The Club account: * Minimum amount to open bank account -> R100 * Minimum balance to earn interest R1,000 On both accounts there are not bank costs. Suggest we open a Club account, and once we have a balance of R5,000 then we transfer it to the Just Invest account which we open then. The monthly contributions are still paid into the Club account every month and we just transfer it then. We can't pay the monthly contributions into the Just account, because it is smaller than R500 at this stage. The interest rates compared: Just Invest Balance range Nominal pa < R5 000 0.00% R5 000 - R9 999 5.50% R10 000 - R19 999 6.00% R20 000 - R49 999 6.50% R50 000 - R99 999 6.50% R100 000 - R249 999 6.60% R250 000 - R499 999 6.65% R500 000 + 6.75% Club Account Balance range Nominal pa R1 000 - R4 999 2.80% R5 000 - R9 999 3.05% R10 000 - R14 999 3.30% R15 000 - R24 999 3.40% R25 000 - R39 999 3.40% R40 000 - R49 999 3.50% R50 000 - R74 999 4.20% R75 000 - R99 999 4.45% R100 000+ 5.15%

I will contact nedbank tomorrow and let you know if its possible. Sent from my SM-A700F using Tapatalk

True true!!

haha no! we want more input!

Propose that anyone who propose someone as officers (management) should speak to that person before the meeting to get his/her blessing to propose him/her, and perhaps have a short CV available for the meeting.