I think my system is better as people can get £5k now or later, depending on their needs.
Sound like it might catch on?
Surely the only way to make this worthwhile would be to make it unfair. So each time there is a winner and you are gambling an amount you can afford to throw away in the hope that it is you.
exactly.
all the stupid people at my previous work did this and called it a "manoj". basically every payday 12 people get together and stick £100 in an envelope, then whoever's turn it is gets to keep the envelope. so rather than sticking £100 in a savings account and getting interest, etc. they just pay £100 into an envelope every month.
they ran 2 side by side. one was for £50 a month and some people were in both. so paying £150 a month. £100 into 1 envelope and £50 into the other.
it's basically for stupid people who are bad at saving.
it was great when 1 guy involved in it basically quit work after he got paid out. they were all up in arms.
It's called a menage in scots. the wife does one in work. each month everyone puts in a tenner and each month one person gets the pot of money.
Sounds like it could be open to all kinds of abuse, like selling the interest block on to another lender at a cheaper rate. That could then in turn be sold on, propped up against an asset.
Who's to say that then won't be sold on again, and grouped together with other blocks of interest and assets at an ever cheaper rate. Sounds like it could get really messy.
slightly confused attempt to describe MBSs
you're missing the synthetic CDOs though - MBSs alone weren't going to do too much damage
Is the winner assigned randomly? Are winners allowed to win again or do they have to wait until everyone has been paid out before they are eligible again?It's called a menage in scots. the wife does one in work. each month everyone puts in a tenner and each month one person gets the pot of money.
Is the winner assigned randomly? Are winners allowed to win again or do they have to wait until everyone has been paid out before they are eligible again?
At the very start everyone draws a month out of the hat. Once everyone has won it once then it starts again.
It's confusing by design, and yes I have watched the movie the big short Nobody understands it, that's the point
not really, no
This is the worst yet. Sheer lunacyThis kind of scheme is very common in the South Asian community - my parents refer to it as a "kameti"
I think I'm one of the few members of family that doesn't partake in one of these. I remember drawing up a spreadsheet for my dad, though, so he could keep track of payments that he had made into one.
The way it worked, as I recall it, is that x number of people each put in y amount of money every z weeks/months. Each week/month the total amount of money divided by two and each half is given to a certain member of the group. The scheme goes on like this until all members have received one payment of half of the total amount, and then resumes in reverse order. So whoever recieved their first "half-payment" last, recieves their second payment first (if that makes sense).
Need to have a very trustworthy person looking after the money, as well as being able to ensure that everyone contributes when they should.
Need to have a very trustworthy person looking after the money, as well as being able to ensure that everyone contributes when they should.
yeah thats insane and utterly pointless unless you super crap at saving money.
This is the worst yet. Sheer lunacy
We'll agree to disagree then, as even the best financial minds struggle with it (and make of that what you will), but if you wanna send Selena Gomez over to explain it to me, feel free