How Does A Sou Sou Work

The designated holder of the money also known as the treasurer is responsible for keeping a record of payments and creating a schedule of payouts agreed upon by every member of. This universal social system provides a unique savings opportunity for its members.

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How does a sou sou work. A sou-sou is a group of people who come together and make regular weekly biweekly or monthly monetary contributions to a common fund which is then disbursed as a lump sum to one member in each cycle. A group of people regularly pay a fixed amount into a pool cash pool held by a susu collector. REVIEW DO THE MATH.

Typically a sou-sou involves a small group of people who all know each other or members of a family who pool their money in an informal savings club. Every sou-sou needs an organizer someone who keeps track of whos paid and who hasnt whos owed and how much. Because if earnings go above 1500 then the group is required to pay taxes anything below 1500 is known as a gift.

All the monies collected will be given to one person in the group on selected dates and it rotates that way until each person has received what they call a hand. The name is used in Africa and the Caribbean. To better understand this you need 15 people to complete the perpetual cycle of gifting 3500 a month.

OUR SOU SOU PROCESS. A sou sou is structured where one person will be in charge of collecting monies from a group of people. For the uninitiated a sou-sou is a money leading group in which participants contribute a set amount each time period and one person receives the full pot each time.

For example say 10 people join and each puts in 100 a week. What is Sou Sou. Share on Facebook Share on LinkedIn Share on Instagram.

You cannot join the group unless you have two people ready to join beforehand money in the hand. Then each period the total contributions are. A sou-sou is a group of people who pool their savings by making regular contributions weekly biweekly monthly to a fund which is then paid.

Education Sharing my thoughts on how to grow your money with Real Estate Investing Entrepreneurship and budget saving tactics to use. A sou-sou also spelled sou sou su-su or susu is an informal rotating savings club where a group of people get together and contribute an equal amount of money into a fund weekly bi-weekly or. A sou-sou is a simple savings plan.

All that administrative work takes time and the organizer is. RECAP ASK QUESTIONS. A susu or sou-sou or asue is a form of rotating savings and credit association a type of informal savings club arrangement between a small group of people who take turns by throwing hand as the partners call it.

Whats a Sou-Sou. Su-Su or Sou-Sou is a money-saving scheme and has been on the rise in recent days because it usually takes turns by throwing hand as partners call it. Lets say there are six people in the sou-sou and everyone puts in 100 each month.

The basic principle is that each member of the group makes a standard contribution to a common fund once per some time period. YOUR ENTRY as FIRE YOUR TWO FIRES ENTRY. How to know the Sou-Sou is real.

THE FOUR WEEK CYCLE. Sou Sous are jointly-owned savings plans with its beginnings in Africa dating back centuries. How the SuSu Sou-Sou Split Works.

Participants may agree to contribute a set. In January Mary puts in her 100 with everyone else and gets the 600 pot. One Team One Community United We Will All Prosper Utilizing Sou-Sou Leverage.

A true Sou-sou and legal Sou-sou consists of 15 people friends and family. Powered by Bluelion 360 Digital. 15 people are needed in order to secure a flower the perpetual cycle includes your birth original flower and securing your two EARTHS flowers.

It facilitates the pooling of resources amongst family or friends towards a common goal. Social Leverage Site Login. GO COVID-19 LIVE UPDATES.

The West African tradition which is also popular in the Caribbean requires a group of people to contribute a fixed amount of money either weekly bi-weekly or monthly to a group account with one member responsible for collecting the cash. Normally a sou sou consisting of 10 people contributing 100 weekly or biweekly could go on for two or four months.

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