Unable to get a bank loan and fed up with the red tape for a G.I. loan, Doug invested his $20,000 Army savings in two communal savings pools. At each monthly meeting of the communal savings pool, members contribute whatever they can afford, usually $400 to $500. One person draws the pot, based on a list made up at the start of the communal pool and on how much the recipient has contributed. There is no interest on the loan, but whoever collects that night buys dinner for the 20 to 30 members.
Cooperative – an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.
The above example is used by the Koreans to open up corner stores, laundromats, cleaners in your neighborhood. This is all done without going to the SBA, without writing up a business plan and without signing their life and their kids into slavery. Without as much as SSN# and a credit check they are able to pool their money in small amounts to help one member every six months to open up a business. Now if you do the math they have 30 members who contribute 500 bucks a month which totals 15K. So in a matter of months they are buying up and opening businesses left and right. They know full well no bank is going to give them enough money to set up shop so they have found a way around it.
Once again here is a SOLUTION to our problems of trying to qualify for loans. I know you think you won’t be able to find enough people to donate 500 bucks a month nor will the last person be willing to wait to get his/her payoff for their business. I know you personally believe Slavery still effects us today and as a result we don’t trust each other. I know you think the collective will fall apart so you might want to get paid out first. I know you think this is some kind of hybrid ponzi pyramid scheme that you have to go out and con two more people so you can make usary money off of them. Well you’re wrong!
Business is one thing but lets take that example and go a bit smaller. If we got 1000 people to give 10 dollars a month we would have 10K dollars a month to help our community. Most people are down for donating 10 bucks a month if they see a community center go up, or kids being fed, or the elderly being aided. The 10 bucks a month is less than most people spend on any utility and barely more than a hamburger special. The good thing about it being 10 bucks is barely anyone will have any say on how it’s spent because 10 dollars alone doesn’t buy you to much of SHIT!
Solution: It doesn’t take much to change things. Everyone is always looking for some SBA loan, or some rich person to walk out and build a community center, or maybe some corporation to sponsor your kids trip to Six Flags. We have the power ourselves to do this without ever worrying about the government intruding, some outside group offering thier advice and even your local do nothing know nothing politician trying to take credit for it. We have a lot more power than you think, just stop thinking about changing the world and just change yourself.
u are so right, and i pray that we get to the point of other cultures
This is some really good information. I need to find some friends who wouldn’t mind doing something like this. In the meanwhile, I need to find a way to start saving my own money again.
OK. Concur with the concept. In my opinion, the challenge is getting others to adopt in a “Joint Vision” of becoming financiers/independent owners/producers vs. industry slaves/shift workers/consumers. Horizontal Steps have to be taken amongst all of us to reach your concept — and you’re right – it starts with SELF. You have once again placed real values on the forefront (”Lets build from within!!!”), whereas a lot of us are still in favor of fictitious values (Where is the next sale? 60% off – YES!!!). Per financial success, there is a distinct fundamental difference that you have captured well — DONT TRY TO “make money,” BUT “get money.”
Another way to build your money up more rapidly is to have family tithes 2 weeks a month. Pick a day for family to simply discuss a projected goal (College $$ for those graduating HS next year, Family Reunion Picnic, New Business Idea, Wedding Planning, etc). Collect a tithe and deposit into an account(ING, ROTH, Bonds, etc). Establish roles and responsibilities for specific individuals. Formulate a plan as to how the money will be used. Continue the process as a reoccuring event. Pending on the size of your family, you will see an exponential increase in financial gain.
-SAK
@Raw – its always something simple that will solve our problems.Smart people just don’t want you to know anyone can think of it.
@Keish – I think you should see if you can join another. We have a problem trusting each other so find another or start one and don tell other people you started it.
@SKing – everyone likes a winner so we just have to start it and let the sheep graze.
@Freeman…I also think that some loans that many people have as you mentioned have them enslaved thus even $10 a month is stretch, if they are living way below the poverty level. I am a advocate of paying your bills/debts don’t get me wrong, but many of us have over extented ourselves so much that now do you take that “bill money” and build up yourself or keep paying a loan that the interest rate alone eats up everything and nothing is really going towards the principal. Thus the person have signed their named to giving away their money for a quick fix that did more harm than good for them.
What say you?
@Freedom – Well I am not talking about fixing your credit I am just saying 10 dollars a month is enough for the majority of people to pay. So it’s a small enough donation that we can get the maximum amount of participation.
You know me I think if you are an adult you have to figure out how to get out of your situation by yourself. There are plenty of places that will help most adults with anything from bad credit to suicide. My goal is that we focus on stabilizing our kids so they don’t grow up to be poor managers like their parents. So to me once you pass 25 you are able bodied if you fuck up you fuck up and I am not going to waste now one red cent or any of my time trying to help a grown man.
This concept works. We did this at a bar that I once worked. People could catch up on bills, make a nice down on a new car, pay off student loans, … whatever. The problem is getting people together, whom you trust, to keep paying after they’ve been paid.