Amejaribu, nimkulima mdogo, if he needs that money, he can easily withdraw if he doesn’t have a loan and sell the standing shares deposit over the counter
Amejaribu ndugu yangu
Never join a sacco on the promise of higher dividends. Sacco exists yo offervyou an opportunity to save and borrow at relatively cheaper rates. Secondly, distinguish between dividends and interest on savings. Sacco’s advertise higher dividends as their share capital is generally low compared to the deposits they hold. Interest on deposits ndio kuna kizungumkuti. Ask around
a credible sacco should give you a min of 10% int on member deposits. And it should be stable.
[SIZE=1]I have only 100k. He is doing much better than I[/SIZE]
On paper not in practice. Sacco’s have a very fickle business model partly due to the enabling statutes. Wondered what would happen were people not to borrow as they borrowed in the previous year?
They are different but joint. You save in the Sacco and your savings earn interest and you have the option of buying shares that will earn you dividends annually. The last time I checked, all new Sacco members had to buy some shares from the SIC as a prerequisite for joining.
Kimisitu sacco has a 30% on share capital and 10%on deposits
Mimi nilipata 56k na niko na more than what your assumption is.Wanatumia ka formula fulani bwana @Abba.
I really don’t understand how Stima SACCO calculate their dividend. I approached one guy for explanation. He took A4 paper, started doing calculations, akajaza page And turned the other side, nikaanza kulala! At the end of that year I had saved some meagre 70k, nikapata 6k dividend. Nikafanya hesabu, that was like 9%. Sijawahi uliza hiyo swali tena.
One thing I like about Stima SACCO is how they calculate their interest on loans. I needed a quick 50k siku moja. I filled the forms, ran around for signatures and everything in a day. The following day loan ikaingia. As usual nikapitia nikaitisha tabulation and calculations on how I will be paying. Yaani in 6 months the interest was around 1k or so. Deal can’t get better!
Its interesting how they do it.I just take what they give too.
As for loan currently one need upto 4 guarantors to get good loan.
But if you save enough you can always guarantee yourself coz getting guarantors is nowadays becoming difficult.Watu hawaaminiki.I had a close relative run with my 200K that i had guaranteed him.He took loan na hakulipa ata kidogo and run off to coast.Never heard of him anymore.Guarantor walilipa 1.5m hivyo tu
Actually that’s the biggest challenge. I have like 4 friends and we guarantee for each other. So far so good. Kuwapata ni rahisi. But as you have said, the best thing is to save enough and guarantee yourself.