Don`t play with social savings club money. Until your friends give you the money and say, “Do it the way you want,” the money doesn`t belong to you to invest, play with or risk in some way. Membership rights, privileges and obligations begin when the agreement is signed by both parties from [Date of agreement]. Membership. PandaTip: In this section of the model for the membership agreement, the terms and conditions of membership itself as well as the member`s personal information are shown. All the privileges of the members… Select members of your group to form a committee. As many people are involved, there are opportunities for conflict. It is therefore preferable to have a voting system, especially for the determination of the position of president, treasurer, secretary, etc., who are responsible for the work of the social club. These individuals can also benefit from the assistance of other members if necessary. For example, a member who works in a bank can definitely help the treasurer in the formalities of opening a bank account and depositing the amount.
Make sure, however, that the selected commission is honest and trustworthy. You must deposit the money with a bank affiliated with the FDIC by opening a high-rate account. It can be either a personal account or a business account. You can create one or more accounts based on the money you want to save. Members of the commission should have access to money and transaction monitoring. You must also be informed of the interest tax on the savings you must pay. It is best to take the help of a tax advisor to calculate the exact amount. You may have heard of social investment clubs where people pool their money every month to buy stocks and investment funds. But have you heard of social savings associations? The difference between a social savings association and an investment club is that the members of the former plan member pool their monthly contributions to help each other cover larger expenses; In the latter case, members pool their monthly contributions to build asset portfolios. Determine the number of members for the club.
For example, if you select a team of 10 people, managing it is easier. However, if you start with a team of 50 people, it can be difficult for you to manage so many members. Look for people who have common and realistic goals to save, such as those who plan to save for retirement. It will also help them get involved easily. As mentioned above, select the people whose background you know. Since it is a lot of money, it is always better to let only trusted members in. After selecting the members, you must check each member`s financial goals. Determine how much each member can contribute and create a calendar for withdrawals. In deciding the amount, you represent the financial capacity of each person. Make sure the goal of saving a certain amount at the end of the year is clear to members. If you want to save z.B.
$1200 by Christmas, you need to use $100 a month. It is easier if all members enrol a certain monthly amount in the club, as different amounts can be confused. Record all contributions. You can use audiovisual tools to describe where the group should be in the years to come. This will encourage members to save their personal income. Now friends can help each other and make slots. But you need to document carefully when these swaps occur. It is not fair that someone who already has money for the year “swaps” with someone who has not yet received their payment. If they have private debts to settle, these issues should be dealt with outside club meetings.
Step 3: Make your first meeting. Bringing everyone together will be the hardest part of creating your social savings club. You were supposed to have a party and put them on it? Should you have an official meeting? Although I find other opinions on this subject, I think you c