Posts tagged Saving & Stokvels

WEALTH CREATION

The simplest creation of wealth is by way of a piggy bank. Setting aside a coin or two for a “rainy day” is fine when you have have a surplus of coins, but not easy when things are tight. All of us do this more easily together than we do singly. Surely, that is how a stokvel came about. Committing to save with others brings about the need to comply, to “not let anyone down”. “Stokvels” (known in the West Indies as “loan clubs”) are a good example of how much easier it is to save “together”.

Story:

In the factory of a large multinational corporationin Harlesden, London, a high percentage of the unskilled workforce were West Indies immigrants. As happens in immigrant situations, a few started out, and over time, pulled more and more of their countrymen and women into the firm. The immigrant population grew. Over years, some married, had children, and found the need to buy houses once they knew they would get permanent residence in England.