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Seven Streams of Income III

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Written by   177
4 months ago

March 23, 2022 - Wednesday, 01:16 AM

My Seven Streams of Income Series continues for this month of March chill'hustler's and now currently on it's  Part III. If you haven't read any of the first two part's yet, you can check it here:


Continuation...!!!

Third article for the series and I can't wait for y'all to know my personal experience about this type of saving and earning money chill'hustler's. So, we that being said, I won't waste any of your precious time again with a fussing intro, so hop on the train of memories and I will let y'all see what twist did I make to work this thing out chill'hustler's.

This time around, I'll be sharing my sinking fund experiences and how it helps me a lot for the last four years chill'hustler's.

Sinking Fund

Sinking Fund - is a unique and strategic way of saving money. It works like this, every payday you set aside a small amount of your salary for a period of time before saving it. As simple as saving money for your future plans and not set for financial emergencies only.

This sinking fund thing is almost if not always a trend in most companies here in the Philippines. But, sinking fund here in the Philippines has a twist, wherein it has a second phase added to it which is lending money. The concept is still the same but for more than one individual, it's a group of people with the same goal of saving money every year and will withdraw it every year end. This group of people will elect a money custodian, president and collectors. The main purpose of it was for running the sinkings lending branch.

Back in 2018, me and my partner joined our workmates sinking fund with the goal of saving in money for six months that runs from january of a year and will end in the last day of june. Every payday that falls in that period of time, we automatically give and save worth one thousand pesos ($20) each member and it will serve as the main fund for the money lending.

During this first sinking experience of mine, it was a big success and me along with my partner ended up having twelve thousand pesos ($240) each plus an additional of four thousand pesos ($80) from the interest gain from lending the sinking fund money.

As the year 2018 ended, me and my partner had a twenty eight thousand pesos cash on hand and so we decided to run our own money lending business also which is already shared by me on the first part of this series.

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While me and my partner running our own lending business, we still manage to enter two (2) sinking fund groups for the year 2019. Even though these sinking funds are giving me passive income like those farming features of some DeFi.

Up until now chill'hustler's, both of us are still taking part of a sinking fund but for this year, it was with a much bigger capital on the first put-up. The only thing about sinking fund that I'm having regrets now is that we stop having our own sinking fund running and afloat because pandemic lockdowns leaves us with no choice but to stop it because cash borrowers during will find a hard time paying it during those times on a totally lockdowns.

Final Thoughts

Indulging myself with sinking fund concept was an eye opener for me in understanding and knowing how a sinking fund really works and its nature. This sinking fund strategy only gets a three digit return of investment every year end and that's the highest but having 99% assurance to be giving you passive income. So if you have a frozen and sleeping money at home and you don't like the concept of Banks anymore, you can do your own research too about it. Of this one isn't working, I already stop doing this a long time ago.

Note: "This is not a financial advice, just an openbook of my experience in life searching for some small businesses and side hustles that are beneficial to me chill'hustler's."

To be continued...!!!


Hello there Chill'hustlers!! 🙋🏽‍♂️ That's it 
for today and as always, I'm glad you 
reach the end again, thank y'all for 
always sharing your day with me, see you 
on the next one Chill'hustler's. Have a 
chill vibe month of March and stay hopeful 
cause better days are comin', Good vibes 
always, Jah bless and PEACE ✌️!!! 🙏🙇

Adieux..!!!
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Title   : Seven Streams of Income III
Author  : @Carewind - 85th Article 
March  23, 2022 - Wednesday, 01:16 AM

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Written by   177
4 months ago
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Comments

First time ko lang to naencounter kuys. Kakaibang concept pero sure naman na maayos ang balik na pera. Nabasa ko sa mga comment nila na same concept sa paluwagan pero iba ng principle. Nays.

$ 0.02
4 months ago

Oo bro, parang coop lang talaga siya na di regulated at rehistrado lods, tao2 lang. Hehe

$ 0.00
4 months ago

We have also the same concept of savings. A group of people will save 20 pesos weekly and be borrowed by the members. The interests of the loans will be shared at the end of the month.

$ 0.00
4 months ago

That's good to hear friend, even though just for a short period of time, it will surely earned if the loaner will pay on time too.

$ 0.00
4 months ago

It's a failure of the group when much loans will not be paid.

$ 0.00
4 months ago

Yes, you group should do a little background check for those who are about to apply for loans friend.

$ 0.00
4 months ago

I think it is just similar sa paluwagan concept? I remember na ginagawa namin to ng mga friends ko during senior high school para magkaroon ng funds

$ 0.01
4 months ago

Same lang lods, pero yung sinking fund dito sa cebu madalas pinapaikot yung pera. Parang coop kumbaga.

$ 0.00
4 months ago

Ahh, it' s paluwagan. Am I right? Good thing you and youre partner have same outlook when in came in saving money. Hehe

$ 0.01
4 months ago

Same idea to paluwagan lods, bat paluwagan is only for short term while sinking mostly yearly talaga.

$ 0.00
4 months ago

Ah okay, now ko lng naheard may ganyan boss

$ 0.00
4 months ago

Ahh, usong-uso yan dito sa cebu lods, lalo na sa mga malalaking companies. Malaking tulong din kasi yung iba pag na short sa pera at member pwede lang makahir din ura mismo. Parang maliliit lang na cooperatiba ang style lods.

$ 0.00
4 months ago

Ahah wala kasi ganyan sa mga napuntahan ko na company😂 Parang cooperative pala, kaso not registered lng

$ 0.00
4 months ago

Oo lods, not registered only those that work on the same company can borrow its funds also. Hehe

Hula ko tagay lang meron lods no? Haha

$ 0.00
4 months ago

Haha hindi din naman, paluwagan uso dito sa work kasi may Coop kami😂

$ 0.00
4 months ago

Haha, aie ayus yan coop, mas malaki ang interest friend. Haha

$ 0.00
4 months ago

I also fand of investing in cooperatives hehe. I joined a coop which was my previous job place as a supervisor and tried to bank some that also grows with interest. It feels like a lifetime savings investment for my future one lol, but this is new to me. I must also look and research for something like this lods.

$ 0.00
4 months ago

It has the same concept of coop lods for, the only good about it is that it could gain interest higher than saving it in banks. For as long as it is runs smoothly and wisely.

$ 0.00
4 months ago

Your ideas are all brilliant lods and your a ideal type of person ganyan dapat mag isip ang isang padre de pamilya. Pero I also feel your bit pressure lods and it's alright because you can handle it very well and God bless po

$ 0.00
4 months ago

Yes lods, sometimes the pressure is really on, especially when it runs out of fund hehe but the pressure is kaya lang naman e handle. Hehe

$ 0.00
4 months ago

Yan ba yung parang paluwagan?

$ 0.01
4 months ago

Same concept but paluwagan are only short term lods!

$ 0.00
4 months ago

Ah okay. Di pa ako nakakasali sa mga ganiyan.

$ 0.00
4 months ago

Okay lods, subukan mo parang cooperative lang.

$ 0.00
4 months ago

The lending business is a really good one but how do you trace those that take credits from you in a case where they decide to run off with the money borrowed.

And I'd like to know- are you still into this lending business or you stopped it for something better, as you didn't mention this in the story.

$ 0.02
4 months ago

You didn't read fully the story friend, but I'll still answer your question. Or you'll find the answers to in the beginning part of this series.

Most sinking fund here is formed in a company or a group of friends, we don't let someone borrowed without a cosigner and not a regular worker. That's just how it goes,

$ 0.00
4 months ago

I actually read the part of not allowing anyone borrow without a guarantor. But what I'm wondering is.. in the case where they both choose to run away, what would be the best way to track them?

$ 0.00
4 months ago

Ahh, every employee or employed full-time always has a cashback when they resign or AWOL, and that's where we get the fund to pay his/her credited money.

But luckily, we haven't had a single experience in that regard friend.

$ 0.00
4 months ago

Ay hala story bato lods o life story? Dikopa nabasa mga previous part nua

$ 0.02
4 months ago

Another personal life story ko yan lods, basahin mu nalang lag may free time ka.! Hehe ngayon na flight mo lods diba, excited much ako for you lods. Take care ka sa byahe!

$ 0.00
4 months ago