When you happen to sit down with Businessman and Multi-Millionaires, they tend to discuss ideas that seems very workable and yet cannot be work on also due to many reasons.

So what’s the idea. You heard of the MONEY POOLING idea or in MALAY they called it “Senoman” or something.

Basicly this is how you do it. You get a few TRUSTED people, who are willing to fork out a sum of money for a certain period. Each of these people will take turns to get their share and every month they have to contribute back.

So for example, if we pooled 12 guys together. Each of them fork out $100 each month = $1200 each month. That pooled money will then be given out to the person who receives the ballot for that month. Those who have received the money before cannot get it anymore and still have to pay the monthly amounts until everyone gets a share.

It’s a very good way to save for the short term especially when you are not discipline with your money. So its like getting others to manage it for you. 

What is more important is that the pooled money can actually help to stimulate the businesses around us.

What was discussed was not about 12 man but getting 1000 business people who are willing to spare $1000 per month making it a total of $1,000,000 per month.

So for those business people who receives the payout for that particular month, they are suppose to re-invest that money back into their business or create opportunities for others.

This would really help to keep businesses afloat for longer periods especially during times like this.

The bad thing about this is that:

- Do you know how to use the money when you have it. 
- Chances of mismanagement of funds are high especially with the little education about money that we have.
- The Businessman pull out from the initial agreement.. perhaps at that time, their business was affected and they were not able to pay the monthly $1K.
- People may get impatient especially when they are not the one getting it. 

This may sound like a SCAM but if you look at it in theory its very possible and yet I mention its very difficult to implement especially to be done in Singapore where you do require licensing to do this I think.

Anyway I see this being done privately by friends with smaller sums and smaller groups. 

Look at the good side though…

As long as the parties agree to the conditions and pay religiously, i don’t see this practise being wrong because at the end of the day, everyone benefits.

 Do you have such experiences? Good or Bad. Please share!

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