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How does this informal saving system work? I have always been curious. I always heard about it but no one in my family participated in it. I am also thinking of joining or starting one.
Do you know how it works?
Do you know how it works?
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Re: Jamaican 'Pawdnah'
you get a group of TRUSTWORTHY people together say 10 people.
appoint one of them the banker.
Agree on the amount to "throw" monthly/weekly contribution.
for example
10 people throwing 100 a month.
each month one person gets to "draw" meaning they would get a pay out of 10x100 = 1000
hard part is to keep all 10 people contributing after they have gotten their draw
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Re: Jamaican 'Pawdnah'
that trustworthy thing is very important.Comment
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Re: Jamaican 'Pawdnah'
What if you had everyone sign an agreement?
How do they decide who goes first? And the sequence? When all have drawn, then you start over again?Comment
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Re: Jamaican 'Pawdnah'
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: MGee</div><div class="ubbcode-body">that trustworthy thing is very important. </div></div>
Yes dats why if yu inna pawdnah you need fi know how fi trace people fi yu money
Banker can teef everyting
smaddy get dem draw an drop out
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Re: Jamaican 'Pawdnah'
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Peasie</div><div class="ubbcode-body">What if you had everyone sign an agreement?
How do they decide who goes first? And the sequence? When all have drawn, then you start over again?
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a legal agreement would hold up here Cda/USA
don't know about in JA.
Draw for sequence is how we did it (names in a hat kinda thing) or number in a hat
Yes when everyone draws start over giving who ever wants the chance to drop out or have new people join.Comment
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Re: Jamaican 'Pawdnah'
If I was organizing one right now
I would make it weekly and 5-6 people that way it can be quick and painless.
Then at the end see if the group wants to go longer and larger.Comment
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Re: Jamaican 'Pawdnah'
you'd get the $1,000 in 10 months if you put aside $100 in a bank account same way. better yet if you put the $100 into something that will actually make better yields than a bank account and forget about it.
by the way, we got robbed in that pardner thing.
dyam ooman was losing her house and her business and used it for personal gain.
nuff people was looking for her.
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Re: Jamaican 'Pawdnah'
Sometimes someone will tell the banker about a situation they're in and ask for an early draw. It's up to the banker to oblige or run dem...
Nedda ting, when a member gets their draw, dem usually gi de banker a likkle supm...
Dis likkle supm dat de banker get, plus the integrity of how yuh throw, determines if yuh a go get asked back into de nex pardner...Comment
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Re: Jamaican 'Pawdnah'
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Nunya</div><div class="ubbcode-body">Sometimes someone will tell the banker about a situation they're in and ask for an early draw. It's up to the banker to oblige or run dem...
Nedda ting, when a member gets their draw, dem usually gi de banker a likkle supm...
Dis likkle supm dat de banker get, plus the integrity of how yuh throw, determines if yuh a go get asked back into de nex pardner...
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Ohhhhhhh mi neva know seh banker get brawta
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Re: Jamaican 'Pawdnah'
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: SueSumba</div><div class="ubbcode-body">you'd get the $1,000 in 10 months if you put aside $100 in a bank account same way. better yet if you put the $100 into something that will actually make better yields than a bank account and forget about it. </div></div>
This is what I was wondering about. What would the advantage of putting your money in Pawdnah vs the bank?Comment
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Re: Jamaican 'Pawdnah'
Back home, people who didn't trust the banks would do this.
Abroad, I think you'll find that most folk who participate do not meet the requirements for having a bank account.
AND/OR:
They just want the payout faster than it would be available to them if they'd saved in a bank.
Yuh undastan?Comment
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Re: Jamaican 'Pawdnah'
my mother used to dweet.
when uniform fi buy, fridge pop down, shoes have hole - if u lucky fi get one a di early draw it works.
some people actually nuh mind last draw caw what dem want di money fah is round di time fi last draw.
but yeah, if it nuh urgent, just put di money inna di bank pon a regular.Comment
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Re: Jamaican 'Pawdnah'
it works well for people who just can't save, money burn a hole in dem pocket dem kinda people, so pawdnah is more of an enforced savings as you can't withdraw from it till the appointed time.Comment
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Re: Jamaican 'Pawdnah'
If dem have dem kina bad habit deh to begin wid, dem wi bring it to de pardna.
When dem miss de chroa, de banka affi mek it up - afta she cuss nuff [censored] an ting... which is why yuh cyaa have nuh saafas as de banka... ~lol~Comment
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