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Stokvel
#1
Anyone joined this in the past? Any experience?

Seems to me the binding factor is that its a small group of people and they would confront you if you missed a contribution.

Just an interesting concept for me.


#2
If I recall correctly a stokvel is normally when a community or neighborhood save together with equal amounts towards a common goal ie a new well or a new city hall door or churge renovation or something like that.
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#3
Yes, it can get complicated...
https://en.wikipedia.org/wiki/Stokvel

Contribution StokvelsTraditional savings scheme in which members contribute a fixed amount of money to a common pool weekly, fortnightly or monthly. Members would receive the lump sum on a rotational basis, and they are free to use the money for any purpose.

Basic StokvelsDiffer from the contributions stokvel in that it functions as a savings scheme that pays out for specific events, such as for a death, or at Christmas.

Grocery StokvelsCollects the grocery or cash coupons that members receive from supermarket chains when they buy provisions for the stokvel parties throughout the year, and distributed these coupons at the end of the saving period.

Purchasing StokvelsCollects pool money on a regular basis and uses it to purchase big items that can be used by the group to generate an income for example, a marquee that could be rented out to the community for use on special occasions.

Family StokvelsInvest the pooled money in formal bank accounts or financial services. The money is paid out according to the needs of the family, but generally the funds are used for buying land or cars, for business investments, or for deposits on bank loans.

Investment GroupInvests money in order to benefit from the interest. When an investment pays out, the money is split but, in some cases, part of it will be kept back for reinvestment.

Party StokvelsArranges street or jazz parties, often with live entertainment. An entrance fee is charged, and food and drink is sold. Members then share in the profits. Some of these stokvels have grown into sophisticated businesses

Borrowing StokvelsWhich loans money at high monthly interest rates (between 20% and 50%) to members and sub-members from its regular pool money.


#4
Did it at work once. Basically 11 out of 12 of us just all put money in each month and gave it to the 12th person on a rotational basis.

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#5
(06-29-2016, 08:43 PM)AstroTurf Wrote: Did it at work once. Basically 11 out of 12 of us just all put money in each month and gave it to the 12th person on a rotational basis.

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Okay, cool.

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#6
(06-29-2016, 09:30 PM)padjakkels Wrote:
(06-29-2016, 08:43 PM)AstroTurf Wrote: Did it at work once. Basically 11 out of 12 of us just all put money in each month and gave it to the 12th person on a rotational basis.

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Okay, cool.

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Nobody but the person who's turn it is gets money. No interest, just once every cycle is your turn and you get all the cash.

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#7
Like a savings. And the members motivate each other.

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