DailyDirt: Saving For A Rainy Day

from the urls-we-dig-up dept

Physical cash seems to be a bit less popular than it once was. Some European countries are even contemplating completely digital currencies to combat the potential side effects of negative interest rates (i.e. people taking out all of their savings as cash). At the same time, Bitcoin and other cryptocurrencies could provide other means of payments without dealing with physical cash. So are we ready for a cashless society? (No, probably not for some time.) However, digital currencies could take away the importance of centralized banking, bit by bit. Perhaps some older forms of savings will make a comeback. Hold on. If you're still reading this, head over to our Daily Deals to save an additional 10% on any item in our Black Friday collection -- using the code: 'EARLY10' -- just through this Sunday, November 22nd.
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Filed Under: alternative banking, annuity, banking, bitcoin, cash, chit fund, credit history, cryptocurrency, financing schemes, huay, investing, lending circle, p2p lending, retirement fund, rosca, rotating savings and credit associations, savings club, sou-sou, tan


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  • identicon
    Anonymous Coward, 18 Nov 2015 @ 7:16pm

    know your customer! Anti money laundering!

    link to this | view in chronology ]

    • identicon
      Anonymous Coward, 20 Nov 2015 @ 11:09am

      What a quaint article.

      know your customer! Anti money laundering!

      Yeah, these kinds of things have pretty much been outlawed these days.

      link to this | view in chronology ]

      • identicon
        Anonymous Coward, 20 Nov 2015 @ 7:35pm

        Re: What a quaint article.

        Yup, laundering money for the drug cartels is illegal but if you are a huge bank then it is A-OK and the DOJ will look the other way.

        But yeah, it's "illegal".

        link to this | view in chronology ]

  • identicon
    cpt kangarooski, 18 Nov 2015 @ 8:47pm

    Historically most tontines were just clever scams, and in some cases were banned because it provides the members with a strong -- in practice, too strong -- desire to see the other members die before you do.

    Even The Simpsons got in on this: the episode "Raging Abe Simpson and His Grumbling Grandson in 'The Curse of the Flying Hellfish'" from season 7 featured a tontine in which Abe Simpson and Mr. Burns were the last two surviving members. Naturally Burns sent an assassin after Abe.

    link to this | view in chronology ]

  • identicon
    Anonymous Coward, 19 Nov 2015 @ 1:07am

    or you can make an offshore foundation with the mission:

    "to secure continuous improvement, development, expansion well being of the YOURSURNAME family concept"

    like everybody else does:
    https://en.wikipedia.org/wiki/List_of_wealthiest_charitable_foundations

    link to this | view in chronology ]

  • identicon
    Anonymous Coward, 19 Nov 2015 @ 5:52am

    When a majority of people do not earn enough to live above poverty, one might assume they are not saving much.

    link to this | view in chronology ]


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