so what is a susu
or osusu depending on where you're from
and how can it help you build wealth
i'm gonna go over that in this video
let's get right
into it
typically a susu involves a small group
of people who know each other
and who pull their money together in an
informal savings club
participants agree to contribute a set
amount of money on a weekly or monthly
basis
and then take turns to receive a payout
over here in the united states we have a
group of people called
the amish
the amish a group of traditionalist
christians with swiss german origins
they're known for simple living plain
dress
christian pacifism and are slower to
adopt modern technology
so how do they raise funds
for people who don't believe in
technology
they don't believe in credit cards or
things like that
well they have this tradition
called bond raising whenever they need
to
build a barn they all pull together
and they all volunteer to help the one
person build his burn
so when it comes time for another member
of the group to need help
in building his burn then the person who
already received
help will now reciprocate
with his help by being a volunteer
so what is the main thing that we can
learn from the way the amish pull
together
to help each other you got it
pulling together to save money is
probably
one of the best ways and one of the
oldest ways
of raising funds
so one of the benefits of being part of
a susu
is the fact that you have access to
pretty much an
interest-free loan most of us will need
to raise a large sum of money for a
particular purchase or to deal with a
situation or whatever the case may be
being part of a susu that say pays out
once every five
months is definitely one way to ensure
that periodically through a period of
time
you'll always have access to a large sum
of money
a susu can actually help you
save now statistic has it here in the
united states
that the average family or the average
person can't come up with 400 dollars
for a sudden expense
that's not good
but equally we know many a times it's
hard to save money because there seems
to be
more outgoings more expenses
more days in the month than the actual
income
but with a susu you can come up with a
certain amount in dollars
it could be twenty five dollars fifty
dollars
a hundred dollars five hundred dollars
a thousand dollars pretty much whatever
makes you comfortable where you can
comfortably put aside
money regularly
i know a certain group of people who
contribute ten
thousand dollars now that's a one-time
contribution
over a three year period and that comes
with a whopping
50 interest at the end of the period
if you'd like to know a little more
about that type of susu
let me know in the comment box below and
that
could be a topic for another video
the next advantage of a susu is
the fact that you can do it with anybody
anywhere within your
country within your area for me
i live in the northern part of the
united states
my sister lives in the southern part of
the united states
so both of us can do a susu together
we are not constrained by location in
any way
shape or size now this
would be using technology to our
advantage
we can paypal we can sell we can
venmo cash app and so many other ways
of transferring funds so let's take
advantage of this technology
to build wealth now we've gone over
the three advantages of having a susu
there's gotta be a disadvantage
yes there is one and that is
if you have one or two members who are
not
trustworthy who are not regular with
their contributions that can pretty much
mess things up
so the onus is on you to ensure that you
select
your members carefully make sure they're
people that you know
you know know their habits they're
trustworthy
they will be able to come up with the
contributions
as regularly as is necessary and really
that is the only disadvantage
so if you're not already in a susu i
would
strongly suggest that you get into one
if you're one of those people
who find it difficult to save money even
though you know you
can save money then get into a susu
set one up with a trusted friend or two
a trusted colleague or two a trusted
family member
or two and watch your savings grow
well that's all from me for this video
if you have any comments i really want
to hear from you
i want to hear your experiences with the
susu
so drop your comments in the comment box
below
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in the next video
