We’ve all had a wild night of groove that ends with the bill being scrutinized and divided. A sometimes chaotic experience of trying to identify who had that last tequila shot or plate of hot wings. Imagine if you could harness this power of collectively settling a bill and using it differently? Imagine if you and your friends could come together, to not only settle a tab, but to purchase shares on the Johannesburg stock exchange or invest in property?
There’s a proudly South African way to do this. Our aunties and grannies had the recipe for decades. Stokvels!
A stokvel is an informal financial group of like-minded people who want to save together. Each member would contribute an agreed amount once a month, and receive a lump sum in a rotating fashion during the lifecycle of the Stokvel. Today, Stokvels are not only a way to save but also offer a reliable means for investments.
If you thought that stokvels were played out you will be shocked to know that there are more than 800 000 Stokvels in South Africa with a total membership of 11.4 million people, handling over R44 billion per year. That’s serious money! There are also different types of stokvels. They contribute towards groceries, funerals, savings and investments. These can also act as a great way to combat the ever rising interest rate.
So the next time you go out and split the bill, consider how you can harness the co-operative power of stokvels to build wealth for you, and those closest to you.