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Worked in restaurant industry. Latino workers had a pool of money that the all put into and if I remember correctly they rotated who the paid it out to for big
by AdamM12 8y ago
Worked in restaurant industry. Latino workers had a pool of money that the all put into and if I remember correctly they rotated who the paid it out to for big purchases like this. I think they mainly used it for like cars and homes.
- learc83 8y agoI had an ex-girlfriend whose family did this. I had no idea it was a cultural thing (she was from Mexico). I just just thought it was specific to her family. If I remember correctly though, it caused a far amount of problems because people would often stop paying after their turn.
- AdamM12 8y agoYeah I can imagine. Really has to be close nit so you can put social pressures.
- ofcrpls 8y agoThese are called https://en.wikipedia.org/wiki/Chit_fund https://en.wikipedia.org/wiki/Chit_fund. Pretty common in countries where access to the formal banking sector, especially for women who are home-makers, is complicated.
- AdamM12 8y agoAwesome didn't know what the formal name was.