mercredi 5 septembre 2007

Women are doing it for themselves

Read on the news today:

In the suburbs (which in fact are ghettoes) of the big cities in France, women have found a way to have access to big amounts of money that banks would not lend them.

In France, the system is called "tontine".

Basically: a group of friends chip in every month a certain amount of money (from 50 euros to several hundred). Then they draw by lots who is gonna get the whole kitty (sorry if my English is aproximative, but my vocabulary on money matters is very limited).

This way, every month, one woman can have enough money to pay large things she could not pay if she had to depend on herself alone. Of course she cannot be drawn again until everybody is drawn. And of course the advantages of this system and the fact that it is based on trust but also on luck make it reliable.

I think this is brilliant!!!

La deuxième vie de la tontine

© Le

3 commentaires:

::: sissi ::: a dit…

haha, yea this is how multilevel-structured-things work :) i recently heard about the same kind of happening, though they just do this because they wanna get rich and the amount you had to put in was btw. € 5.000,- and € 10.000,- ...

so depending on how many levels you have and how many ppl put money in ... youll get out quite a nice amount of cash!

Magnolia31 a dit…

You live, you learn.

Guls a dit…

oh this's is such an old tradition in turkey. women go to eacother's houses bring either gold or a certain amount of money so they get a big sum by paying smaller amounts. I wonder why my mom and her friends gave up doing that...