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Money Game
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Thread: Money Game

  1. #1
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    so happy! Money Game

    My gf told me that there is a money game that is played by the thai people.

    I do not quite undertstand when she explain to me.

    There is a group of 15 person. Each person pay 1000 bhat every month to a leader in a group. The game last for 1 year. if any person want to take out the money at a particular month, the person has to pay a fee. If 3 person wants to take out the money, the gonna bidded agianst each other till the highest fee is reach inorder to take out the money.

    On the next month, the person has to pay back the money that he or she takes out.

    Do you guys know this game and find it weird and i wonder if they will get back all the money that they have deposit. They seems to earn only fromthe fees when someone wants to take out the money among these group.

    Anyone heard of this game? care to explain?

  2. #2
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    well ,no, it has been explained to me and it just makes no sense, the only one that will get all his money back will be the last guy to draw it as he will pay no fee and he will have collected fees from the others, and the first guy to take the money will be out the fee every month so it costs him more.
    But my wife thinks it is cool, I don't know why,,but she says that folks will have the 1000 baht to put in but could not save that 1000 so with it being in the pot, they will get a one time shot at having 10,000 or what ever baht.

    They do about the same thing in Mexico, all the people in the circle get a number and put in so much each week and one person gets a 1 time pot of the money, that works fine as long as who ever is holding the pot does not abscond with the money. as always happens.

  3. #3
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    This is pretty much common in India where its called 'chitty'. Typically, people who are low, low middle class and short of money choose this method, because banks are not of any use to borrow money for them. Very often we hear stories of the guy/people organising this fund, running away when the payment system goes awry. But then there are many well organised operations too. Sometimes, group of people... like colleagues in a office; or workers in an institution start it.

    When you withdraw your money early you actually loose a lot of money.

    And there is a lot of muscle involved too.

    If the system works till the last point, the last person makes a lot of money.

    Not sure, how it works in Thailand in these aspects.
    Never hit someone below the belt; for you are not the creator.

  4. #4
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    Sounds like a scam to me, better to buy an asset, get your self shares in a bank, if your not willing to deposit money in the bank.

  5. #5
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    Re: Money Game

    I don't know if this is the same game but if it is, this is the way my wife explained it to me. Let's say 12 people give 1,000 baht every month to the share holder. When one of these 12 people want the whole amount (12,000), they bid for it. Let's say 100 baht. Every month from then on that person must pay 1,100 every month for the 12 month period. This 100 baht is called dawk beea (interest). This person will not receive any interest for the year. The next month another person bids anther 100 baht and he receives 12,000 at month number 2. He is elgible for the interest of 100 baht at the end of the year, but also has to pay 1,100 baht for the next 11 months and so on. If the amount of interest stays at 100 baht then the last person will receive 13,100 baht. (naturally he doesn't pay anything for the last month) Did I clear it up, or did I muddy the watert again?

  6. #6
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    Re: Money Game

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  7. #7
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    Re: Money Game

    Think of it as an auctiongame about interest. You do like Andrewson says, you get a bank first then the one who bids (and pay) most interest will get the bank. Next month he must bid (and pay) over any new bid or hand over then bank. If there isnt a higher bid he will continue to pay interest according to his bid.

    There seem to be lots of variants tho

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    Re: Money Game

    As Sved said, there are variations of it. You start with a pot of money that the members put down then the members bid over how much interest they want to pay. The larger the group, the more money it is in the pot. From time to time you will hear of the person who won the bid took the money and disappear. I only heard about this when I was growing up but have never played it myself.
    Last edited by Nu; 18-01-08 at 03:31 AM.

  9. #9
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    Re: Money Game

    My father in law doesnt need to borrow anymore but he still plays the game and gets around 15-30% interest every month, thats 180-360% per year and sometimes its over 30% too....... and hes not paying a single bath in tax

  10. #10
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    Re: Money Game

    Quote Originally Posted by Sved View Post
    My father in law doesnt need to borrow anymore but he still plays the game and gets around 15-30% interest every month, thats 180-360% per year and sometimes its over 30% too....... and hes not paying a single bath in tax
    Quote Originally Posted by Nu View Post
    From time to time you will hear of the person who won the bid took the money and disappear.
    This was very common back in the past and probably some villages still practising it.
    Like Nu mentioned, most stopped because after a while when the money grow bigger and bigger, the one in charge of the money always disappear with the money.

    I think its call "Tontine".

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