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

[ahdsend]

 

[315]

Nice work

 

[3rdWorld]

 

[#1 pick]

I think every immigrant group does this lol. My mom does the book keeping for one. Growing up there were some Vietnamese kids in my cousins neighborhood and their families did this type of group savings too.

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

 

[Apollo Creed]

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

gotta speak for yourself/ethnic group on that one.

 

[Ghostface Trillah]

Another reason why we need ADOS

And we really need to start doing shyt like this

The problem is we have lost our sense of community

But the ADOS simpletons told me that you guys didn't need anything from the non-ados and financial education and group economics wouldn't change anything because Dwight Mann already has a head start and more munnies.

Do you think something like this works?

 

[I Really Mean It]

Group economics. Why can’t black people do this?

 

[Brer Dog]

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

Where you live? This is common amongst English Caribbeans. In Jamaica we call it paadna.

 

[Shoog Shatmi]

ADOS downlow hate each other too much. If we tried that, I promise you in the first year the "President" would run off on the investors. The self hate is too indoctrinated.

Breh, you just demonstrated how indoctrinated the self hate is within you with this post.

I know ADOS people who have pooled substantial amounts of money for group investment and no one ran off with the money LOL

 

[Brer Dog]

ADOS downlow hate each other too much. If we tried that, I promise you in the first year the "President" would run off on the investors. The self hate is too indoctrinated.

Speak for yourself

 

[dark_magic]

This could be done on an individual level using life insurance.

Although, it would take some time to capitalize.

The basic idea in any case is to pool or collect funds into a vehicle. Any money sent out via a loan is returned plus some extra (interest).

The inflow of new capital (deposits, contributions) plus the return of investment (interest, yield) will cause the pool to grow over time. Money put in can be reused over and over again.

The above is essentially the essence of banking. Banking, as a function, creates credit.

 

[Copy Ninja]

A lot of Asian communities do this. It's called hui in Chinese, kye in Korean, tanomoshi in Japanese, paluwagan in Filipino.

It's an honor based system. This is how most Asian immigrants who come here start businesses.

 

[ThatTruth777]

But the ADOS simpletons told me that you guys didn't need anything from the non-ados and financial education and group economics wouldn't change anything because Dwight Mann already has a head start and more munnies.

Do you think something like this works?

where you pulling all this from other than your ass?

 

[Ghostface Trillah]

where you pulling all this from other than your ass?

The response posts on the coli when I called out the ADOS lacking basic things like financial education and the will to practice group economics.

 

[Antwon Mitchell]