A savings arrangement where a group of people each pool an equal amount of money for a period time (month, two weeks, etc) and after that time is up, one person in the group gets all that money. They keep doing this till everyone gets their turn and receives that full lump sum at least once.
It's not a pyramid scheme, no one loses as long as everyone's trustworthy and puts in their share. It's just a way to hang on to money by putting tying it up into something else temporary. This is popular with 1st-gen Carribbeans, South Americans, Africans, and maybe someother people. Just a way to save money up if you can't get a small savings account, aren't in a credit union, or don't want Tha Man all up in your business.
It's not a pyramid scheme, no one loses as long as everyone's trustworthy and puts in their share. It's just a way to hang on to money by putting tying it up into something else temporary. This is popular with 1st-gen Carribbeans, South Americans, Africans, and maybe someother people. Just a way to save money up if you can't get a small savings account, aren't in a credit union, or don't want Tha Man all up in your business.
by deniseo del toro March 24, 2006