We all wonder where our tax money goes, so meet the man who knows: Shauket Fakie, the Auditor-General, charged with making sure that whatever we pay is properly spent. He's been disciplined about his own spending ever since he was a child.
How much money do you have in your wallet?
R350. I usually have a bit more, but I seem to have been raided by my kids.
How many credit cards do you use?
Two. One is just a back-up. It was given to me as part of a banking package and I wasn't really planning to keep it. But a while ago I was overseas and I had to pay a hotel bill. I didn't have any cash and for some reason my other card wouldn't go through the machine. I was glad to have the second card to avoid embarrassment. Now I'll keep it.
Have you ever been short of cash?
In the sense that there were things I've wanted and I couldn't afford, yes, when I was young. But I've always been very disciplined about spending. From a young age I learned to spend less than I earned. Even as a kid in primary school when I worked as a supermarket packer and earned R3 a weekend, I'd spend R2 and save R1. All my life I've been like that.
What is the worst investment you have ever made?
Well, it's not really a bad investment, but I do have some unit trusts, as part of a retirement annuity, which haven't been performing well. I have other stock market investments, though, which make up for this. When exchange controls were relaxed two years ago, I put money into international markets. I invested in the Nasdaq when it was at 3200 or 3500 then early last year, when it was at 5100, I had a gut feel that I'd made enough money and I should get out. I'm glad I did, because today it's at 2400.
And your best investment?
I think the best investment I've ever made was my own education. I had to fund it myself and we had to make some difficult choices. I started university study late - I was 25 - and I studied part-time. But I'm reaping the rewards now. The next best investment has been my kids' education.
Do you have a mortgage bond?
Yes, I have small bonds on all my properties.
Do you own any property purely as investment?
We've held on to the first house I bought in Cape Town. Today I couldn't even replace doors and windows with the money I paid for it then. I like to invest in bricks and mortar. In the 1980s I bought a business venture, a baby clothing shop in Mitchell's Plain, and then I bought the building that housed the shop. I still have that property too.
Are you a member of a pension fund?
No, I contribute to a retirement annuity.
What are your hobbies?
Sport - I used to play when I was younger. I still play social tennis and a bit of table tennis with the kids. Swimming too. But nothing competitive. Reading. And do-it-yourself work. I like to fix anything that goes wrong. If there's a tap leaking or a burst water pipe, a door that needs rehanging, a broken electrical appliance - I like to fix it all. Painting too - I love to paint. I'm mechanically minded. As a kid I worked in a cash-and-carry business and I learned to work on cars. I could service a car while I was still at school.
What drew you into accounting as a profession?
Figures have always been my forte. I was good at arithmetic in primary school and good at maths and accounting in secondary school. I always knew I wanted to be an accountant. The rest - the DIY and the practical stuff - is just to release pressure. It's the same with dressing: During the week I like to dress well, in good suits and ties. At weekends I want to break from the routine.
What do you like about your job?
I enjoy the challenge and the demands it makes on me. I also like to feel I'm contributing to our new democracy, promoting accountability, which is the cornerstone of democracy. And I like to pass on the skills I've acquired to younger people in the field.
What don't you like?
Often, because of the nature of the job, I get embroiled in politics and I don't like that. Then common sense doesn't prevail, business acumen doesn't prevail. It's frustrating. It's also frustrating, sometimes, not to be able to take quick decisions. Sometimes it's necessary to go through a long, consultative process and analyse and consider small issues before decisions are made. I like to be more go-getting.
How does your family handle your work pressure?
My wife and kids are very understanding. Zainab and I have been married for 25 years. The kids are big now: Zunaid is 23, Shabnum is 21 and Zeanait is 19. They know that I can't have regular working hours in this job. I can't phone in the evening to say I'll be a little late. They must just accept when I come and go. I live in Johannesburg but have to commute a lot between Cape Town and Pretoria. But I try to spend quality time with the family at weekends.
This article was first published in
the 2nd Quarter 2001 issue of Personal Finance magazine. See what's in our latest issue