Here’s how I started a sou-sou to help me make enough money to get my cake-decorating business off the ground.
- Determine How Much Cash You Need to Start Your Business.
- Find Cash in Your Budget and Earn Extra Money.
- Form a Group.
- Choose a Cash Collector.
- Decide on a Reasonable Contribution.
- Propose Accountability.
Is Susu a pyramid scheme?
Investor beware: Traditional African ‘sou-sou’ savings clubs have become the latest pyramid scheme. Money savings clubs called “sou-sou” boards that originated in West Africa and the Caribbean have since transformed into the latest pyramid scheme to hit the region.
Is a sou sou legal in the US?
There are no laws against sou-sous as long as every member gets exactly what they put into it. However, there is little legal recourse in the event someone is taken advantage of.
Are Sou Sou legit?
Although there are legitimate sou-sous, there are also scams parading as sou-sous that are illegal pyramid schemes. Consumers should beware of illegal scams that may appear to be legitimate sou-sous.
Is there a sou sou app?
Now you can use this app to track your sou sou at the touch of your phone. Sou Sou Savvy us quick and transparent where all the person in your sou sou are known to you and you trust them well before the sou sou begins.
How does a sou sou savings club work?
A sou-sou (also spelled sou sou, su-su or susu) is an informal rotating savings club, where a group of people get together and contribute an equal amount of money into a fund weekly, bi-weekly or monthly. The total pool, also known as a hand, is then paid to one member of the club on a previously agreed-on schedule.
How is the Sousou savings scheme set up?
It uses a cloud-based application which is licensed through white-labeled API. SouSou savings scheme is a kind of rotating gifting process, where all the participants go through 4 different positions of the scheme and each member needs to make another two members join the scheme.
How much money do you get from sou sou?
The person who reaches the water position will gain $4000 from 8 fire members of each $500. The person who reaches the water position would have joined this model 4 weeks before and would have started from a fire position by making two other members join this scheme with their gift money of $500 each.
How does the sou sou flower money scheme work?
The two members can be either from family or friends circle. These two members, in turn, can ask their friends or family members to join with $500 each. This continues and the next week the person who joined in the fire position will move to Air position and then the next week the member will be moved to Earth position and then to Water position.
