…paluwagan

Pooling money is what "paluwagan" exactly means. Money pooling works same as networking but you can decide what minimum amount you want to contribute which also same amount for anyone in it. Cash-out can be weekly or monthly basis or it depends. The advantages of money pooling are: Low investment, easy to join, and a good sum of money. The disadvantages are: Can turn to scam, Slow income depending on the member cycle. So if you want to join in money pooling I suggest you should think twice.

I became exposed to this while still working when an office mate initiated having one in our office. Each member contributes a fixed amount every payday and all member will take turns in getting the total contributions until everyone has received. It is a sort of force savings for a member. Our style however is, everybody will receive their share on the last payday of the year. That is our collections every payday starting January is used as a lending fund exclusive for members only with a very minimal interest. Loan and interest is payable within two months and this is outside of your share which you have to pay every payday. The total interests earned for the whole year is thus shared equally by all the members and distributed to them together with their total contributions for the whole year.

In grade school... my classmates and i used to do this paluwagan... we use our baon and we would draw numbers as to who will receive the pool money first, second, and so on... i always prefer to be the last one because it was like me saving and at the end of the whole process... i am the last one to get the money without having to give to another round... It has been a long time since i joined this... i think i might again when i start working next year...

I have heard about this and had been a member of this some time ago. It is safe if you know who will collect and handle the money and if you know the members. If you know the members, they will definitely pay weekly even though they had received their "salary".

i have joined "paluwagan" a few times before already. but i join this with people that i really know, mostly very close friends and relatives. basically, what you will do is you all decide how much you will contribute, say weekly or monthly, and you will decide who will receive money first, usually we do draw lots to be fair, then the cycle will start. for example, you decide to receive money monthly, so every month, one member will receive money, then the next in line will receive his money the following month. the return of the investments depend on how many members joined the "paluwagan". sometimes it's okay to join this kind of money making because you get to save money, other times it's hard because once you receive your money and they're still other members who hasn't, of course you will need to continue giving your share of contribution. well, in anything, there's really pros and cons. just make sure that if you join this, you know the people you're joining with very well, so as to avoid scam. :-)

i know this money scheme, we did this when I was still in high school. now we have "paluwagan" here and my mom is the collector and treasurer. Its not an investment scheme rather its just like a savings bank. for example a group of people will be recruited, say 30 people, after this the people involve will have to decide how long will it take. A week is the most popular, say everyone will pay 300 pesos every week. these group of 10 will have to draw lots or decided for a number in which he or she will get the money, say my mom is number 1 and she will collect all 300 from this 9 remaining people. why 9? because my mom will not pay anymore since she will be the one to get the collected money. since it is by weekly, each week a person from the 10 will have a schedule in getting the collected money. this is how to calculate it: 1 person will pay 300 each week 10 people x P300 per week = P3000 collected money first week will be number 1 second week will be number 2 and so on until number 10 will finished.