They legit if its a bunch of older people. Or the person runnin it been doing it for years.
Younger folk get the payout then act like they dont want to continue to pay
Have yall heard of a Susu/Savings Club before?
- Thread starter tjax03
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They legit if its a bunch of older people. Or the person runnin it been doing it for years.
Younger folk get the payout then act like they dont want to continue to pay
Black Nate Grey
The God Emperor of Mankind
I did it when I was working with my Mom and her friends and ended up with 12,000+.
You have to do it with people you trust. Like the guy above said, people your age is probably suspect. Probably do it with older people.
I would never do it with people my age.
You have to do it with people you trust. Like the guy above said, people your age is probably suspect. Probably do it with older people.
I would never do it with people my age.
So how does it work exactly?
Do you pay into a pot and wait for your payout? Do you ever get more paid out than what you paid in? If you wait until everyone has been paid out do you come out ahead or just break even?
Black Nate Grey
The God Emperor of Mankind
Kind of. It's sort of a delayed savings thing. It's likely you would make that money eventually if you are a disciplined person. So you're probably breaking even unless you have those one or two people who put in more for whatever reason.
Let's say you have 12 people in your group. And everyone more or less gives agrees to give $500. (In my Mom's group there were instances, were one person would put in 1000 in the pot for whatever reason.) That's $6000. Every month, that $6000 is given to a new person on a list or something and this cycle continues.
So in month 1, Person A gets $6000, in month 2 person B gets $6000, and it goes on.
It's a good way to save money, not a good way to make money if that makes sense. Unless you have that one person putting in more for whatever reason.
Again, if you are already a disciplined person with your finances it's more or less useless.
HacksawJimThuggin
All Star
My mom does this with her friends. She's known them all for 25 years or so, which is crucial for this. Her group is on a year-to-year commitment.
I actually asked her yesterday "why wouldn't you just put that $500 a month to the side and after a year, you'd still have the same $6k?"
What she explained to me is that for her, because she's not in a hurry to recoup the $6k that she ultimately puts in over the course of the year, she's actually helping out her friends.
So let's say there's 12 people who all put in $500 a month starting January 1st. Each month, one of the 12 people in her group gets a lump sum of $6k. My mom says she usually waits until like November (her birthday month) or December (when she typically travels for the holidays) to have it be her turn to take the $6k lump sum. Aka she's basically just getting what she's already put in.
However, for others... let's say by March- they may have an unexpected home repair or a funeral to pay for or some other life event/emergency... they can take the $6k in March, after only having put in $1,500 and use the money for whatever they need it for at that particular time.
I actually asked her yesterday "why wouldn't you just put that $500 a month to the side and after a year, you'd still have the same $6k?"
What she explained to me is that for her, because she's not in a hurry to recoup the $6k that she ultimately puts in over the course of the year, she's actually helping out her friends.
So let's say there's 12 people who all put in $500 a month starting January 1st. Each month, one of the 12 people in her group gets a lump sum of $6k. My mom says she usually waits until like November (her birthday month) or December (when she typically travels for the holidays) to have it be her turn to take the $6k lump sum. Aka she's basically just getting what she's already put in.
However, for others... let's say by March- they may have an unexpected home repair or a funeral to pay for or some other life event/emergency... they can take the $6k in March, after only having put in $1,500 and use the money for whatever they need it for at that particular time.
I know what you're talking about and my family actually does this. Or something very similar. But theres no outside of the fam involved so there's obviously a different level of trust. It's essentially us all putting our money together to meet everyone's major goals.
Makes sense if you lack the will power to not fukk that money up when you're in complete control. Two of my cousins have been apart of one for a while and that's the main benefit I see them get out of it.
YaFingerDealMe
All Star
So it’s just sharing savings????
Amerikan Melanin
Veteran
My homegirl tried to get me on a big one of these the other day. They doing this shyt over zoom. Payout is like 50k. I said NO THANKS. I don’t know these people and they doing it over Venmo and cashapp? fukk that. Sounds like a scam.
Ooo hell naw. All the way fukk that.. 50k thats a lot i wouldnt trust it either
Paid 200 a week for almost a year for 12k.
But i was thinking to get back in it and take my hand sooner. I got a month to decide
Steel
Superstar
Its a immigrant thing carribean/africans. I've participated in a couple of them all went smooth. Largest pot was 15k
its an immigrant tribal thing, i noticed it at a nursing home i was working at during my college years. it was mainly Jamaicans and africans
I understand the concept but its primitive af, instead of "waiting your turn" in a merry go round of $100 deposits, you could take that same money and put it in a low cost index fund which would give you a return on your investment
its hustling backwards if you ask me
I understand the concept but its primitive af, instead of "waiting your turn" in a merry go round of $100 deposits, you could take that same money and put it in a low cost index fund which would give you a return on your investment
its hustling backwards if you ask me
ryda518
Randy Orton=Legend Killer
How fukking scary
my mom and I just taking about this because someone is trying to get her into a pyramid scheme
btw a susu is not a pyramid scheme, I have a bunch a family members that have done this already for years
It’s no recruitment. It’s just borrowing and giving back money.
my mom and I just taking about this because someone is trying to get her into a pyramid scheme
btw a susu is not a pyramid scheme, I have a bunch a family members that have done this already for years
It’s no recruitment. It’s just borrowing and giving back money.
