share money??????

[deadman]

Does anyone know what "share money" is? I get the impression it's a popular phenomenon in LOS. My TGF has tried to explain it to me more than once, but I still don't get it (I'm not so good with numbers nor money). It's some form of unsecured loan whereby one person gets a higher dividend than the other contributers via some kind of 'lottery' set up.

cheers

dm

[Guest]

Thats when they share your money with thier Boyfriend and girlfriends!

Feeling cynical today.

[Guest]

Example only: 10 people put in B100 each into the “bank” for a total of B1000 The “bank” is person that is trusted and normally has some money because if someone doesn’t pay, the “bank “ is held accountable. Every month (or week) you can borrow this “Shared money” by bidding on how much interest you are will to pay. Now if you don’t need the money that moth, you just put in 0 baht (the amount of interest you pay for 1 month.) Now if you need money, you would bid high. I’ve seen people bid B25 (that’s 25% a month!!) because they really needed the money. Now the person who wins the bid gets the money. At next month’s bidding time, the person who won the bid last month put B100 back in the pot plus interest on the total (B1000X25%=B250). So that person would put in a total of B350 instead of just B100. Normally you can only get the “shared money” once only but I’ve seen some strange exceptions. But this bidding continues each month until everyone has received the “shared money.” So what it boils down to is this….If you have the money and you know you won’t need it. You wait until the last month (10th month) to collect all the money plus interest. Since you are last, you don’t have to bid to get the “shared money.” I’ve don’t this before when I was in LOS over 20 years ago. Average 10% per month return rate on my investment. Most of the time I was the “bank.”

Note: This is a simple version on how this works.

This should be the way it still works. I haven’t been to LOS in over 20 years.

NOTE:NOTE:NOTE

If you plan on doing this, go for small amounts. I’ve seen many bad things happened. Most Thais do not fear Farangs so they have no problem ripping you off. Cause they know you won’t/can’t do anything. Now, me being Thai (raised in Cali…but they didn’t know that) with good connections, people fear/respected me enough that they didn’t cause any trouble. Had 1 or people late in paying but I had some army people (with weapons and all) go knock on there door and they paid up quickly.

Can’t wait for my 1st trip to LOS in over 20 years…I’ll be there Jan 31-Feb 27. Anyone wants to show me how Thailand has changed?