Girl With a Purpose (GWAP)

Are Investment Schemes Really Credible Investment Alternatives to Banks?

Friends, let's face it...you work hard and smart for your money...so your money should be working hard and smart, for you :).

The reality is that money in the bank is really just a safety net (for emergencies and other necessities),few banks will give you the returns on your money that will even cover inflation (the percentage increase in prices over a month or a year), much less take care of you, during your retirement.

So you have to find other investment instruments that will give you enough returns on your original investment to protect you against inflation, take care of some of your current needs and take care of you while you're aging.

(If you do enough research and/or speak with your certified financial advisor, you will find instruments and pension funds that will do so, while attracting very little or no taxes, on the increases/gains on your original investment.)

Traditional investment instruments include stocks, bonds, mutual funds, Certificates of Deposit(CDs). (CDs are only issued by banks and savings and loans institutions).

But increasingly, Investment "Schemes" are becoming common in Jamaica. Some claim to invest in the traditional instruments mentioned above, some claim to do foreign exchange (forex) trading.

Those that do forex trading claim to be very good at it...so good that they can give their investors returns of up to 18% per month, if "investors" leave their money with them over a certain time period (usually 3-5 years).

I put "investors" in quotes, as these Investment "Schemes" will tell you that they don't offer financial advice, but the money you invest, is really a loan: if you leave the money with them for a certain time period, you'll get phenomenal returns on your investments (e.g. the 18% monthly return,mentioned above).

(NB: that Investment "Schemes" are slightly different from investment clubs. Investment clubs give financial advice and club members are told how their monies are being invested.)

Of course the banks don't even give you 10% annually, so these "Schemes" have become quite attractive to many Jamaicans, wishing to supplement (increase) their incomes.

Since these Investment "Schemes" are not banks, they can't issue money,so they use Commercial Banks to encash cheques drawn on their accounts.(Their customers have to go to these Commercial Banks to get their monthly cheques.)

In Jamaica, over the past two (2) weeks, established banks like the National Commercial Bank (NCB) have been refusing to negotiate cheques drawn on unregistered Investment Schemes like "Cash Plus" (they are either delaying the encashment of Cash Plus customers' cheques, for up to 30 days, or refusing to encash these cheques, altogether)...citing various reasons: from these "Schemes" not disclosing their sources of income, to them not producing audited financial statements - requirements under the "Securities Act" and "Money Laundering Act" that govern Jamaican financial institutions.

There have even been suggestions that some of these 'Schemes" may be fraudulent.

[The Financial Services Commission(FSC), the body that regulates financial intuitions in Jamaica, held a forum, entitled, "The Role of the Investor in Investment Schemes", on Monday, November 26,2007, at the Terra Nova Hotel, in Kingston. They warned Jamaicans to pressure these "schemes" to open their books and produce audited quarterly financial statements.

They advised ordinary Jamaicans to learn how to read these audited statements (balance sheet, profit and loss account, cash flow statement) and to ask questions re how their monies are being invested.

What became clear during the discussions that ensued from this forum, however, is that the FSC is not sure how forex trading operates - they are just learning...they just want these "Schemes" to be transparent with the FSC and investors.]

What is interesting is that these very banks, who conduct foreign exchange (forex) trading, are telling Jamaicans to be wary of forex traders who are unregistered. (Some of the very people who used to trade forex for these banks, have now gone into business themselves, by starting their own Investment "Schemes".)

Why weren't these banks warning Jamaicans five(5) years ago when these "Schemes" came unto the market?

Well, what is being said by people in the "know", is that some of the banks' largest customers are withdrawing their monies and investing them in these "Schemes"...to get the higher returns that ordinary Jamaicans are now making.

The banks' profits are reportedly suffering as a result .

However, for the life of me, I can't see why, if these traders/"Schemes" are transparent, why they haven't applied for registration with the FSC. The cost is USD $71,131.15/JMD $5 million (US $71,131.15/ Jamaican $5 million)...small change for these guys and gals who claim to be making millions daily.

The banks have been warning Jamaicans that these "schemes" have a lifespan of five (5) years...this means they are just at the age when they will crumble.

Well what ordinary Jamaicans are saying, is that the banks have no say in this matter...they never cared about them before (Jamaicans are charged to deposit and withdraw money), so why all of a sudden do they seem to be concerned about their well-being now?

...These Jamaicans can now send their children to university, feed their families, live a decent life, when they couldn't do it before with the poor returns the banks give them.

Jamaicans who are investing in these "Schemes" are telling the banks to "back-off", to stop pressuring these Investment Schemes.

They are telling the banks that since they are so concerned about them, they should be giving them better returns.

They are also saying that they are astute (smart) enough, not to invest all their monies in these "Schemes", but to only invest money they can afford to lose.

Hmmh...

Well, Cash Plus has sued NCB for closing its accounts, and has been making alternative arrangements with overseas banks, to enable Cash Plus clients to get their monthly cheques. (E.g. issuing their clients with credit cards as of December 1, 2007 and wiring the monies from abroad, into their clients' accounts.)

As we speak, ordinary Jamaicans are pooling their monies, to get the required minimum investment amount, needed to enter these "Schemes".

So...are Investment Schemes really credible investment alternatives to banks?

Well, more and more Jamaicans are beginning to think so.

What do you think?

(Please note that the above advice does not substitute for advice from your certified financial advisor.)

Sources Include:

1)  Article, "Cash Plus squeezed - 'Suspicious' label delays bank payouts", by Shelly-Ann Thompson, staff  Reporter, Jamaica Gleaner, November 23, 2007

2) FSC Forum: "The Role of the Investor in Investment Schemes", November 27, 2007,

3) Article, "Bankers deny 'Cash Plus conspiracy"', Jamaica Gleaner, November 28,2007

4) Nationwide Radio, November 14-28, 2007

5) Power 106 Radio, November 14-28, 2007

6) Laws of Jamaica:The Securities Act, Ministry of Justice, Jamaica, website

7) Laws of Jamaica: The Securities Act (Subsidiary Legislation), Ministry of Justice, Jamaica, website

8) Laws of Jamaica: The Money Laundering Act, Ministry of Justice, Jamaica, website

9) Laws of Jamaica: The Money Laundering Act (Subsidiary Legislation), Ministry of Justice, website

Gillian

Jamaica's Reggae Boyz Move Up By Five (5) Places in FIFA World Rankings!

Following Jamaica's FIFA(Fédération Internationale de Football) Friendly International Football Match against Guatemala on Wednesday evening (November 21,2007), we heard yesterday, that Jamaica has moved up by five (5) places in the FIFA World Rankings.

(FIFA is the world's governing football association.)

(The match was played at Jamaica's National Stadium "The Office", a former bastion, where we were never beaten. Jamaica beat Guatemala 2-0 in this match.)

This match follows the other Friendly International Match that Jamaica played against El Salvador (also at "The Office"), on Sunday, November 18, 2007,where we beat El Savador, 3-0.

This means that Jamaica has moved up from no. 103 in October 2007, to no. 98 in November 2007, in the FIFA World Rankings.

I feel so proud of the Reggae Boyz (Jamaica's Football Team)...it's good to see members of the "old guard" back:guys like Ian Goodison, Ricardo Gardner, Ricardo Fuller, Tyrone Marshall (these guys represented Jamaica in the France World Cup of 1998) and to see them playing like lions.

Guys who are playing professional football in Europe and the US, who want to give back to Jamaica, because of what our football, at the International level, has given to them.

(As a result of the quality football, that the then Reggae Boyz played during their qualifying matches for the France 1998 World Cup and the resulting exposure that the Reggae Boyz got from qualifying, these guys were scouted by coaches from Europe and USA.)

It's also good to see Theodore "Tappa" Whitmore,former Jamaican midfielder and captain, as interim coach, supported by his assistant coach and former national women's coach, Bradley Stewart...they coached Jamaica,in both these matches.

"Tappa" has done what Bora Milutinovic (former coach and Technical Director of Jamaica's Football Programme), couldn't do...that is to excite and motivate these guys to play their hearts out.

Yes, it's true that most of the team now consists of Jamaican players who are playing professional football, abroad...but if that's what it takes to show our current, home-based players, that they have to aim higher and change their attitude about discipline and winning, to be included on the team, then that's what it will have to take.

As far as I'm concerned, Bora Milutinovic got US $400,000 (the amount of money, the Jamaica Football Federation had to pay him to terminate his contract) under false pretenses...

He kept saying that he didn't care about winning...well now we see what people who really care about the future of Jamaican football and who really care about winning, have done for Jamaica's Football Programme.

I want to congratulate Captain Horace Burrell, current President of the Jamaica Football Federation(JFF), for having the guts to fire Velibor "Bora" Milutinovic and for bringing back the level of professionalism that we're used to seeing, in Jamaica's Football Programme.

It is my wish that the sponsors will continue to believe in Captain Burrell's leadership and continue to support Jamaican football, at all levels.

(Rene Simoes, the Brazilian coach who got Jamaica to the World Cup in 1998, will be replacing Bora Milutinovic, as Jamaica's permanent coach/(Technical Director).)

I only hope that:

1. Captain Burrell and the JFF learn from this experience and ensure that there are at least two (2) Jamaican coaches who will be seriously understudying Rene Simoes...it is now time for Jamaican coaches to be able to take a Jamaican football team to the World Cup and get us to at least the third round of competition.


2. The JFF acquires the services of an astute and experienced sports lawyer, who will construct Renee Simoes' contract, so that he will be paid, based on results and that he won't be able to hold us at ransom, in the way in which Bora Mulutinovic, was able to.

I've included  the YouTube.com video from, ItsMisterPawToU, above. (I apologize for the low quality of the video...but's it's the only one available via Youtube.com)

It shows the two goals that were scored in the Jamaica-Guatemala match on Wednesday (the first by Ricardo Fuller and the second, by Omar Daley). I want to thank ItsMisterPawToU for the kind use of his video. (You can find his other video on the goals scored in the Jamaica-El Salvaldor match on Sunday, here.)

Sources Include:

1) Article, "Milutinovic sacked by Jamaica", Associated Football Press, November 9, 2007.

2) Article, "'Tappa' to coach Boyz for friendlies", by Robert Bailey (Freelance Writer), Jamaica Gleaner, November 11, 2007

3) Jamaica's FIFA World Rankings, FIFA.com

4) The Reggae Boyz Forum:Post Game Reports/Analysis Jamaica vs Guatemala, November 22,2007
 

Gillian

Happy Thanksgiving!

Girl With a Purpose (GWAP) Blog  wishes all our US-based friends and our friends from US territories, a Happy Thanksgiving!

[In the United States, Thanksgiving Day is celebrated as a day of thanks to God, for what he has given at the end of the harvest season. (This tradition dates back to the formative years of the USA.)

Thanksgiving is usually celebrated on the fourth Thursday in November.]

Yes, friends, we all have a lot to be thankful for...life, a roof over our heads, food, health, family and friends.

To our US-based and US-territory friends:

May your holiday be restful and may you find joy, from the warmth and love of family and friends, at this special time of year!

Gillian

Sources Include:

1) Article, Thanksgiving (United States), Wikipedia.com

Hot Deals Mondays™!!! Gives Way to Hot Thanksgiving & Black Friday Sales!

Tomorrow is being celebrated as Thanksgiving Day in the USA and its territories!

It's the day when Americans thank God for life, family and friends and many travel thousands of miles to be with their loved ones, to celebrate the holiday.

The following day, Black Friday, is the biggest shopping day in the US, as retailers have huge sales on all items that people will give as Christmas gifts, or that they will keep for themselves, at Christmas! Rephrase

We at Girl With a Purpose(GWAP) Blog, want to make it convenient and easy for our GWAP friends in the US, to shop this Thanksgiving...we don't want you to be standing in long lines or be spending your entire day driving from retailer to retailer to get your special gifts!

As such, this week, "Hot Deals Mondays!!!™" has given way to super hot Thanksgiving, Black Friday and Holiday deals, from two of the top US retailers, Circuit City and Buy.com!

With millions of items in stock, these retailers offer one-stop shopping and won't run out of your favorite gift items!

We encourage you to explore the wide range of items (e.g. toys, games, electronics, business gifts) we've made available to you, from these retailers...at the specially discounted prices, we've quoted!

These items be found under the sections, entitled:

1. "Black Friday Sale at Circuit City! (Nov. 23-24)"


2. "Hot New Deals From Circuit City (From Nov. 22-24)!"


3. "Hot Holiday Deals From Buy.com!"

All these sections can be found under our "Hot Thanksgiving, Black Friday and Holiday Sales!" section to the left-hand-side of our posts, just above the section, "Computer Courses for Beginners". (It is the 11th section from the bottom of the blog).

The Circuit City deals will finish on November 24,2007, while the Buy.com deals will expire between November 30,2007 and the end of January 2008!

So get your gifts now, before it's too late!

Gillian

Congratulations to Jamaica's Sunshine Girlz!

jamaica vs south africa shoot
Originally uploaded by dejagib

Congratulations are in order for Jamaica's Female Netball Team (The Sunshine Girlz) who placed 3rd in the World Netball Championships which ended in New Zealand, today.

They beat England by one point. Final score: Jamaica 53 points,  England 52 points.

Congratulations are also in order for the Australian team who beat New Zealand by 4 points, (Australia 42 points, New Zealand 38 points), to win the Championship!

This means that the Sunshine Girlz have retained their 3rd place spot in the World.

The Jamaican girls lost their composure in the 4th quarter of the game and thus the English team was able to gain on them.

This is a very important lesson for the Jamaicans to take under their belts and learn from.

I believe they could have won their match against New Zealand on Friday. (They were leading 30-26 points at the 1st half)...But they panicked (having never been in a winning position against this team). They eventually lost 49-59 to New Zealand.

Our coaches have to continue to work on the mindsets of our Jamaican athletes, so that they don't croak (buckle) under pressure.  This is the only way that we will be no. 1 in the world...

If we lack the self confidence to be no. 1, we will always settle for being no.3!

Pssst...sponsors and potential sponsors, this is also a note to you, as well. Please support our Female Netball Team! :)

They need to play the top teams in the world (New Zealand, Australia, England) in order to build their self confidence, so that they can beat them.

Without your monetary and "in kind" support (e.g. nutritional products and travel to league games in these countries) for the entire Netball Programme, our girls will continue to be no. 3!

Additionally, you are losing money by not getting exposure for your goods and services...because you do not sponsor this team.

Just look at the exposure you could have received in New Zealand, from having the Sunshine Girlz wear your branded clothing,etc. and your being able to showcase your products, there!

...The support for the Jamaican team in New Zealand was tremendous...any souveneirs that they distributed, representing Jamaica, that had your brand name and logo on it...would have been a hit!

....Just look at what you missed out on! :)

Nuff said! (Jamaican meaning, enough has  been said!)

(Inset shows picture of the Sunshine Girlz (in yellow, black and green) against South Africa in the World Netball Championships, held in Kingston, Jamaica, March 2003.)

Gillian

Sources Include:

1) World Netball Championship 2007 Results, World Netball Championships 2007 Home Page, Friday November 16,2007

2) Radio Jamaica News at 12:00 p.m., November 17,2007

3) Article, "Australia beats New Zealand to win the world netball championships", Associated Press, November 17,2007

4) Article, "Jamaica did not stick to plan", Sports Jamaica, November 17,2007

Does Your Career, Reflect Your Calling?

If you should ask a typical 10-year old about what he/she wants to be when he/she grows up, he/she will name at least one of the following professions:- doctor, lawyer, scientist, business person, engineer, police, fireman, computer programmer.

As this pre-teen grows however, and depending on his/her:

a) Level of exposure to people in these professions

b) Level of exposure to people in other professions

c) Family's ability to finance a college education,

his/her choice of career, will change.

As students go through high school, many just want to pursue a career where there's a big pay-day at the end of the week, or month.

What they neglect to do, is to ask people in these professions, what a typical day is like, in order to properly assess, whether or not that they'd like that profession.

With the big pay-day in mind, many are unprepared for the rigours and the taxing nature that some of these professions, have, on their emotions and time.

E.g. doctors work for long, hard hours (and have to face the possible death of some of their patients) and a fireman is constantly exposed to danger and the loss of property and life.

Two very taxing professions on both the mind and body, but two professions that are very much glorified.

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I believe that you are called to do certain things in life (in that God has put that urge in your life to do/accomplish certain things during your lifetime).

I also strongly believe, that your career should reflect your calling.

Let me explain:

A career is described in Farlex's Free dictionary as:

a. A chosen pursuit; a profession or occupation.

b. The general course or progression of one's working life or one's professional achievements.

These definitions demonstrate that a career is more than just going to work. It is something you pursue during your working life, that enables you to succeed at work and in your life outside of work.

While a calling, according to Answers.com, is:

a. An inner urge or a strong impulse, especially one believed to be divinely inspired to accept the Gospels as truth and Jesus as one's personal savior.

b. An occupation, profession, or career.

I'd like to expand on the definition in point, a.,above and further define a calling as a strong inner urge, put in you by God, to do something (useful) with your life. The means your broader life, not just your work life.  This definition also means that the useful thing(s) you do with your life, should honour God and help others.

But since your work life takes up 8-10 hours of your 16-hour waking life (most adults are awake for 16 hours, out of a 24-hour day), I strongly feel that it should be aligned to your calling.

Let me explain further by giving two examples:

1. Do you have a special urge (inner drive) to raise funds to help people and have been doing so on a small scale? Then maybe careers that allow you to raise money for worthwhile causes, are the right jobs for you. These can range from non-profit work, to becoming a venture capitalist who raises money for fledgling companies.

2. Do you like solving problems?...then maybe jobs that enable you to make use of these skills, e.g. being a mathematician, auditor, manager, business owner, consultant, researcher, pathologist, are the right jobs for you.

Your personality determines whether or not you'll succeed at your chosen profession, so too, does your educational background, your ability to focus, teamworking skills and willingness to learn.

But you'll succeed even more, if your career is based on what you've been called to do.

Why?

Because your career will be based on things that you like doing, things that give you deep satisfaction and things from which you will feel fulfilled.

Some of you may be wondering, "how do I figure out what I'm called to do?...I have an inner urge/drive to do so many things!!!"

Well, there are assessment tests that you can take, to determine, what best motivates you, and as such, what your ideal profession should be.

A company that really takes the guess-work out of choosing a career, based on your calling, is: AnalyzeMyCareer.com.

I have included their link, below. (Just click on the image.)

AnalyzeMyCareer.com are leaders in aptitude, personality and occupational assessments.

Their tests are constructed by psychologists, who use pyschology, your skills and aptitude, as this basis for making their assessments.

Please sign up to do their tests. (I highly recommend their combo package:"Expert Opinion Gold". It's a more comprehensive package that allows you to get a broader assessment, for less.)

...These tests also save you from months and years of mental wrangling and anguish over whether or not you're in the right career and help you to pinpoint:

a. The careers that you are best-suited for

And/or

b. Whether or not you'd be better at entrepreneurship.

(You can also click on this link to find out more about them: Find your vocation in life at AnalyzeMyCareer.com.)]

NB: These tests will give you a range of professions.

This is good, as they give you great insights into the many careers that you can have, based on your calling...

Please also note that most people will change careers at least five (5) times during their lifetime, so you need to acquire general skills that will allow you to do this seamlessly.

You should also acquire specialist skills, pertinent to your calling-based career, that are in great demand now and will be so, in the next 5-20 years, so that you can stand out from the crowd, when applying for jobs or starting a business, based on these skills.

When you look at your career in this light, you will see the necessity to be constantly upgrading your skills so that you can pursue excellence in your chosen profession and therefore be in demand by corporations and potential customers, globally.

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When you find your calling, it should make you feel like you're fulfilling your God-given purpose, in life.

When your career is aligned to your calling, you should be feeling more fulfilled, each day.

This fulfillment will also come from a career that pays you for your time, expertise and effort. (You must be able to find ways to make money from your career. It may not be millions of dollars, but it should make you comfortable.)

That's why I encourage everyone pursuing degrees, diplomas, and technical certificates, to do a Marketing course as a part of your Programme...you must know how to market yourself, so that your career will be profitable for you.

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So, does your career, reflect your calling?

It should, if you want to be true to the Person who put that inner urge in you in the first-place - God.

It should, if you want to be true to yourself.

What do you think?

(Inset shows picture of a Physical Therapist at work)

Gillian