One of the wonderful “fringe benefits” of being a missionary is seeing things in a new way. As you live cross-culturally, you gain the eyes and hearts of others as you look at an issue.
How Everybody in Asia Saves Money.
I guarantee that if you are a Westerner, when you learn about the Asian money club, and you will give a laundry list of why they wouldn’t work and why people should never be part of them.
Asian money clubs:
- Mix money with friends and family.
- Do not earn interest on the savings.
- Do not legally guarantee the money.
Are Asian money clubs sharks feeding on desperate people? No, not at all. As chronicled in The Immigrant Advantage: What We can Learn from Newcomers about Health, Happiness, and Hope, Asian money clubs have lifted the poor out of the slums, and they have also been utilized by the wealthiest of Asians.<Not an affiliate link.>
As a Westerner who has lived in Asia, I immediately recognized the Asian money club. The name and exact details are different. One detail remains the same: interdependence is the key, and that is why it has worked for so many. (It’s probably why so many Westerners find it abhorrent, too!)
I heartily recommend Kolker’s book about the good practices that other cultures have brought to America. In addition to money clubs, you can see how others have lived intergenerationally – which has many financial benefits.
Still interested in a different perspective on money? The classic is African Friends and Money Matters.<Not an affiliate link.>
Have you learned any new perspectives on money as a missionary?