Somali-Americans Can Buy Homes Without Going To The Bank In Minneapolis Thanks To Collective Investm

[Hiphoplives4eva]

I don't know single Black group that does this. It's just these folks

Nigerians in Houston did this very thing.

My mom and her friends all started businesses using this model.

 

[generic-username]

So how does this whole thing work?

Or how does the whole ‘susu’ thing work?

I been meaning to inquire more about it

Let's say you have ten people. Each person donates $300 and at the end of the week one person get $3000. Next week the same thing and another person in the group get $3000 and so on until all ten people in the group get their share.

This is just the basic idea.

 

[get these nets]

Yankees too Americanized in mindset (too much selfishness). Have to shift mindset and they can do the same and level up.

Imagine if ADOS stopped drinking and smoking cigarettes enmasse. Stopped smoking weed. Your collective situation is dire which is why none of that shyt should even be done ANYWAY. Take that money saved and create a coinjar system. Stop with the excuses besides if you don't do it yall won't make it anyway.

Wrong on both counts.
Comically wrong. Has to be written with the intent to troll and upset people.

 

[im_sleep]

Let's say you have ten people. Each person donates $300 and at the end of the week one person get $3000. Next week the same thing and another person in the group get $3000 and so on until all ten people in the group get their share.

This is just the basic idea.

Good lookin out

You or anybody else have any experiences with people coming up short? If so how does that get handled?

 

[Ghostface Trillah]

Good lookin out

You or anybody else have any experiences with people coming up short? If so how does that get handled?

Biggest issue is people getting their draw and either ghosting or just not putting back in. Those people just get cut off and end up wishing they didn't. There's always going to be another time where you want a lump sum of money.

Money holders have run off on people before but normally money holders are people who are tied down or not likely to disappear. Most that I know are elderly.

 

[Ghostface Trillah]

Ok sir, so if you have an ADOS woman who is making living wage check to check w/ 2 kids, what are you going to tell them to get them up out of poverty?

@HaitianPattyFromNYC
Ok breh, so let’s say that mom w/ 2 kids who’s making living wage does all what you suggested. What can she and many other ADOS people in her position, do to get her family up out of poverty? Keep in mind, that same lady belongs to a group who is first fired/last hired, and is typically denied access to loans.

You nikkas never get tired of making excuses and placing blame on everything but yourselves.

WHat Wud u TElL A sINGel mOm WiTh 2 kidS? SHe KAnt sAVe!

You nikkas will never win because the concept of saving money and not giving away 100% of your check is so unbelievable that you guys make up scenarios like this bullshyt.

Dwight Mann ain't never cutting you nikkas a check so your imaginary single mom is either going to figure out her finances through financial education or sell p*ssy to get ahead. Deal with it.

 

[UberEatsDriver]

I followed the mini conversation between you two this morning. I knew that no matter how many times you answered his questions, that he was going to come up with a " bu-bu-but" .

I guess his advice to the young woman in that scenario would be to give up.

I’m not surprised because many poor people come into our office with the same “I quit” mentality.

 

[newworldafro]

My cousin from Pittsburgh told my Quadrennial African American family about this, a few years ago, explaining that other cultures do this.

This group economics concept has different names depending on culture. Jidenna's new album has a song called "Sou Sou" which is name for it in his Nigerian tribe

 

[Ikwa]

I've done it for 15k

Requires trust though

Every Month someone was getting paid 15k, for the duration of the 15 months

The more people the bigger payout

How many people involved and how long does the last person got to wait for their turn? Decades?

 

[newworldafro]

I've done it for 15k

Requires trust though

Every Month someone was getting paid 15k, for the duration of the 15 months

The more people the bigger payout

Details. How many people involved m, and how much did everyone put in for the duration?

After 15 months a new group partnership is devised for set amount of time again??

 

[Problematic Pat]

Must have been your imagination

Nope she always crying when people mention that Black people need financial literacy and pool their money together. She believes Black people need to ignore everything and focus on reparations only.
Which is why she attacks anyone who advocates for economic solutions.

 

[ThatTruth777]

Nope she always crying when people mention that Black people need financial literacy and pool their money together. She believes Black people need to ignore everything and focus on reparations only.
Which is why she attacks anyone who advocates for economic solutions.

So... she is against her people getting financial education even though she talks about the financial woes of black Americans, highlights them through articles and listens to callers giving her they're situations in addition to a book club that talks about the past where tricks used to steal from us. You make no sense like the rest of the detractors on here.

 

[KingJudah2]

Wrong on both counts.
Comically wrong. Has to be written with the intent to troll and upset people.

So nikkas with no money not spending they last on some weed and drinks to get lit for the weekend?

you lying or blind

 

[analog]

Cot damn y'all still attacking each other thinking this is sou, sou or whatever other name you call it when it clearly isn't.

Let's run some numbers...

For the purchase of a $300,000 house, you would need 30 people people paying $10,000 a month for 30 months. Someone would get the house the first month, the rest would be required to continue contributing that amount, until the last person gets his house 2.5 years later.

Now I know your thinking why the fukk would a person that can afford $10,000 a month need something like this in the first place?

Great point! So let's make this more affordable:

300 people agree to contribute $1000 a month so they can each buy a $300,000 house every month.

Who the fukk is going to accept being person # 300 that has to wait Twenty fukking Five years to get their $300,000 house? And if you include real estate appreciation, that person is going to end up with a shoe box compared to the first guy.

The median wait time is 12.5 YEARS. You are not convincing large amounts of people into this for it work. Especially considering the wait, and paying cash does not offset the interest saved, and missing out the appreciation

Yeah that isn't working is it?

The shyt being proposed in OP is a straight up scam looking to take advantage of poor, gullible folks. Can we focus on that?

 

[SCJoe]

My family does something similar for scholarships.