Stella Dimoko Korkus.com: CHRONICLE OF A MARRIED MAN

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Friday, September 06, 2024

CHRONICLE OF A MARRIED MAN

 When I was working in a private company, there were many beneficial things that I didn't know. These things are what the artisans and small business owners know and do to build their own houses, expand their businesses, send their kids to school abroad, etc.

When you calculate their monthly earnings, it may be smaller than what you earn in the corporate world in a month and you wonder how they do it.

One very important one is Cooperative Society.
I never really knew much about this except that it was a borrowed course when I was in school and I have even forgotten what I read about it back then. I also used to hear people say they got loans from cooperative society but I didn't really have interest in how they operate.
As I left the corporate world, I met people who encouraged me to join one as it is very beneficial to them. After much pressure, I decided to join one through one of my friends and as I type this, I still regret why I did not join years ago.
There are many benefits in cooperative society. Just look for a registered one that has been in existence for long and has a good structure and many members.

The one I belong to, here are some of the things they do for members. Just be responsible as a member, you know what I mean. Attend meetings, at least once in a month (they hold weekly meetings), pay your dues, pay back any loan you took as at when due, have something doing that generates money, don't stand as guarantor for an irresponsible member, they can stain your white.

1: It helps one to save. You have a savings plan where you save a certain amount every week, you can collect it when you have a need or you can take a loan.
You can borrow a short term loan called carpet loan which doesn't exceed 500k. You can also borrow a long term loan in millions , depending on how much savings you have. This long term loan is triple of your savings. So if you have 300k in savings, you can borrow 900k, if you pay back at the right time, you can borrow more and if your savings increase to 1m, you can borrow 3m, etc. These loans come at very low interest rate , as low as 2% and you pay back weekly over several months. Some people took out loans to relocate out of Nigeria.

2: Another benefit is that they encourage members to have landed properties. The cooperative society buys a large expanse of land and share to members per plot. You pay for the land weekly over several months. After payment, you can take loans to develop the land.
They also do this for cars and houses. They even do it for commercial vehicles, tricycles and motorcycles, thereby providing means of livelihood for members who lost their jobs and those who want to add to their incomes.

3: They buy foodstuff in bulk directly from the manufacturers or suppliers and share to members, you also pay for this weekly like loan. They do this every month. As I type, I have rice, vegetable oil and beans in bulk in my kitchen which I'm paying for weekly. I collected it early this month. Others collected beverages like Milo, milk, cornflakes, semovita, yam flour, onions, palm oil, etc.

4: Members give contracts and jobs to one another. The cooperative body also gives contracts and jobs to members in different fields.

5: It is helpful when one is celebrating and needs people to grace the occasion. They come in their numbers in aso ebi and make your party colourful.

6: They contribute money for any member that is celebrating or hosting any party e.g weddings,
naming ceremony, burial party, retirement party, etc
They contribute for anyone that lost a relative too.

These are just the benfits that I remember.
Look for one today and join.
I heard government workers have theirs too.

28 comments:

  1. Some are very good. It pays when you are able to safe something . No dey take ten fingers dey shop.

    ReplyDelete
    Replies
    1. Save not safe .

      Delete
    2. Chop not shop.

      Delete
    3. English inspector hope u don chop and you saved for this correction.

      Delete
  2. My mum is an ‘ajo’ addict and has totally initiated my dad. I don’t bother cos I’m very good with saving my money at the bank so I’ve never felt the need.

    I have a friend in the Uk that still does this.

    ReplyDelete
  3. Wow! I never knew that. Really incisive post.

    ReplyDelete
  4. Look for one and join got me 😂😂😂😂😂

    Was thinking you will itemize or possibly list the one you are doing.

    DOZZYBEST.

    ReplyDelete
    Replies
    1. Are you in the same location with the poster?
      Ask around your location for a good one and join.

      Delete
  5. One of my friends explained everything to me and I picked interest.
    I have been looking for one to join since I relocated to this state but haven't seen yet.
    And now this post don remind me again!
    Very educative

    ReplyDelete
  6. You cant SAVE your way out of poverty.

    You need to upskill and move up the earning bracket.

    ReplyDelete
    Replies
    1. You can save and use the money to get more certification or skills to move up the earning bracket. So everything still boils down to availability of money

      Delete
    2. Have you read "the richest man in Babylon"? Of course, being a good saver teaches you prudence, self control, dignity and diligence. And organizations like he mentioned teaches profitable and safe investments that helps you stay far from poverty. No matter how much you earn, if you lack these qualities, you are just on hiccup way from poverty.

      Delete
    3. The post was not about saving or even poverty. It was about using the power of community to achieve financial goals and experience a better quality of life, while making friends and being part of a lifelong community that participates in mutual aid. These ppl are not lonely, they know they have a place to turn to that is supportive and helpful. This is what real and true wealth is, the power of community to overcome challenges and obstacles.

      Delete
    4. 14:36 always yarning dust while forming ITK
      You can't save your way out of poverty indeed!
      Is it only savings that they benefit from it, according to what you read above?
      Mtcheeeeeew!

      Delete
    5. Thank you Anon 19:24, the writeup simply emphasize the gains of communal financial power..

      Delete
  7. Very educating and explanatory
    Thanks

    ReplyDelete
  8. Get Nigerian Foodstuffs Abroad6 September 2024 at 16:20

    Quite educative.

    ReplyDelete
  9. This is Niceee...


    Hello iya Boys

    ReplyDelete
  10. What a lovely post. Thanks for sharing this.

    There are ways to survive no matter what is happening in the world. I always talk about mutual aid and ppl finding like minded folks to work with. Even villages could do something like this to move themselves ahead collectively. Way back when communities used to work together, everybody would go build or repair someone's house and they all took turns to help each other out. Farmers would all take turns to go work one each other's farms when heavy work was required. And cooperatives have always been an alternative to big banks.

    ReplyDelete
  11. This concept have been a life safer for years.
    Thanks for this. One of the many real life posts, on this blog. I look forward to it every week, even if I don't comment.

    ReplyDelete
  12. I belong to the one in my hustle place & maybe talking a loan for a project very soon

    ReplyDelete
  13. I belong to the one in my hustle place & maybe talking a loan for a project very soon

    ReplyDelete
  14. Wow..very nice. I will look into it

    ReplyDelete

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