What is huay?

When my old lady says: 'see bay bia huay', what is she going to do? Every Sunday she dissapears across town to do SOMETHING. I picked her up the other week, and she and her mates looked like they were staging a raffle. Someone was pulling out numbers folded in sheets of folded paper. I just had a Aunty approach me and asked if I was interested in taking over her friends place. Her friend can no longer afford to play. The price is $800/month. Once commited, aren't you obliged to see out the remainder of the term? (Who knows how long that is?)
Is there any real money to be made from this? Is it really worth ANYBODY'S time (and money)? Or is it a scam?

Admin' should know. You can act as my financial advisor on this one, mate. :)

"Huay" is legitimate, it's like an investment.

It depends on "trust" to participate. Everyone must trust each other to pay on time.

You have to see out the remainder of the term, in other words, you must keep paying each month.

Some friends also asked me to take part, but I'm not interested because I don't want to turn friends into enemies. Sometimes "Huay" can cause arguments.

Admin Saovaluck wrote on 10^th Apr, 2011 at 4:19am:

"Huay" is legitimate, it's like an investment. It depends on "trust" to participate. Everyone must trust each other to pay on time. You have to see out the remainder of the term, in other words, you must keep paying each month. Some friends also asked me to take part, but I'm not interested because I don't want to turn friends into enemies. Sometimes "Huay" can cause arguments.

You still haven't explained anything I didn't already know. Alright I will ASK the relevant questions then:

1) How long is a term?

2) If everybody is paying the same amount each week, how does one make a profit?

3) How does huay cause arguments?

4) What are your reccomendations?

Answer

1) The term is set by agreement. 6 months, or 1 year seems to be the norm. It usually doesn't go for longer than a year.

2) Everybody pays a different amount for the interest. You make the most profit if you collect the lump sum money at the end, or closer to the end of the term. If you are the first person to collect the lump sum money, then you pay the most interest and you lose profit because you have to keep paying until the term ends. Some people don't mind, because they need the money quickly.

3) Conflicts can occur when people don't pay on the due date. Lack of money can be the reason.

4) I don't have any recommendations. It's up to you if you want to play, but it's not a scam.

Admin Saovaluck wrote on 10^th Apr, 2011 at 5:02am:

Answer 1) The term is set by agreement. 6 months, or 1 year seems to be the norm. It usually doesn't go for longer than a year. 2) Everybody pays a different amount for the interest. You make the most profit if you collect the lump sum money at the end, or closer to the end of the term. If you are the first person to collect the lump sum money, then you pay the most interest and you lose profit because you have to keep paying until the term ends. Some people don't mind, because they need the money quickly. 3) Conflicts can occur when people don't pay on the due date. Lack of money can be the reason. 4) I don't have any recommendations. It's up to you if you want to play, but it's not a scam.

Thanks for all the inside info', seaw.

You are worth your weight in gold. (You still haven't told me how much you weigh yet. You can still, if you want). ;D

You really are as good as you look. :-*

hey guys,

In Malaysia we have this thing going on too but I dun participate though.

What's the difference between 'huay' and an informal village bank which takes in monthly payments from members, lends out money to borrowers and pays interest to its members?

Or is it the same?

Could you explain in a little more detail about how this works?

Thanks.

In America we call Huay, "Pyramid scheme." Bernard Madoff was jail for life for scamming investors $65 billion.
:o

llX wrote on 10^th Apr, 2011 at 5:25pm:

In America we call Huay, "Pyramid scheme." Bernard Madoff was jail for life for scamming investors $65 billion. :o

Are you sure?  Administrator said huay is not a scam.

A pyramid scheme is a scam since only the initial investors make money.  Those who come into the game near and at the end lose everything.

wrote on 10^th Apr, 2011 at 5:55pm:

llX wrote on 10th Apr, 2011 at 5:25pm: In America we call Huay, "Pyramid scheme." Bernard Madoff was jail for life for scamming investors $65 billion. :o Are you sure?  Administrator said huay is not a scam. A pyramid scheme is a scam since only the initial investors make money.  Those who come into the game near and at the end lose everything.

Hauy sound like Pyramid scheme. Where member pay every month and take turn taking the lum sum of money. Might not be illegal in Laos, but its in the U.S.
8-)

wrote on 10^th Apr, 2011 at 5:23pm:

What's the difference between 'huay' and an informal village bank which takes in monthly payments from members, lends out money to borrowers and pays interest to its members? Or is it the same?

I think it's the same.

Hey admin', here's more relevant questions:

5) Who or what determines the interest?

6) How long does one have to keep paying the interest? Is it only for a month or until the end of the term or other?

7) How is the pecking order determined in regards to who collects first or last etc?

8) You also said you make the most money if you are last to cash in your chips. Why is this?

Do they have Lotto in Laos?

Yes, they have lotto in Laos.

I've never participated in "huay", but I know you have to keep paying the interest until the game ends. You receive the most interest if you are the last person to cash out.

Admin Saovaluck wrote on 15^th May, 2011 at 4:42am:

Yes, they have lotto in Laos.

Is that sanctioned by the Commies? I suppose it's state owned too, right? They should be making alot of money off Lotto.


Admin Saovaluck wrote on 15^th May, 2011 at 4:42am:

I've never participated in "huay", but I know you have to keep paying the interest until the game ends. You receive the most interest if you are the last person to cash out.

Suppose you keep all your hard earned in a bank account then, right, seaw?

Power ball in America is a quick money making for the states. Good way to generated revenue. They taxes you about 40%. So if hit $100 million you get $60 million.
;)

llX wrote on 15^th May, 2011 at 4:42pm:

Power ball in America is a quick money making for the states. Good way to generated revenue. They taxes you about 40%. So if hit $100 million you get $60 million. ;)

Why is it taxed?

The lottery over here isn't taxed! However, the prize pool NEVER jackpots to $100 million. ;D The highest ever won was $36 miliion. Tax free. That's still alot of money. :)

Lot and lot of taxes here. Power ball can go up to $300 million and only cost $1 to buy.
:o


Larb Dip wrote on 15^th May, 2011 at 11:48pm:

llX wrote on 15th May, 2011 at 4:42pm: Power ball in America is a quick money making for the states. Good way to generated revenue. They taxes you about 40%. So if hit $100 million you get $60 million. ;) Why is it taxed? The lottery over here isn't taxed! However, the prize pool NEVER jackpots to $100 million. ;D The highest ever won was $36 miliion. Tax free. That's still alot of money. :)

If you win $100 million, the first tax is 44% and you got $56 million left, then you are hit with a second tax which is 35% and your final take home is ~$36.4 million.

llX wrote on 15^th May, 2011 at 4:42pm:

Power ball in America is a quick money making for the states. Good way to generated revenue. They taxes you about 40%. So if hit $100 million you get $60 million. ;)

After 44% taxes. You'll get less if taking lum sum instead of 30 year payment.

I like Spain lottery. If the pot is $300 million they'll draw 300 wining ticket $1 million each. Instead of one winner take all.

:)

PEACE wrote on 16^th May, 2011 at 8:51pm:

If you win $100 million, the first tax is 44% and you got $56 million left, then you are hit with a second tax which is 35% and your final take home is ~$36.4 million.

It doesn't sound like much after that does it? :D

I'll take $36.4 million any day 8-).


Larb Dip wrote on 16^th May, 2011 at 11:47pm:

PEACE wrote on 16th May, 2011 at 8:51pm: If you win $100 million, the first tax is 44% and you got $56 million left, then you are hit with a second tax which is 35% and your final take home is ~$36.4 million. It doesn't sound like much after that does it? :D

That's probably why they make first prize in America is so high, because they've taken into consideration that the winner will be taxed heavily.

There is a 1:25,000,000 odds (or something like that) of winning the jackpot.  These taxed money supposively goes to education as they say and you have to think it like that.  I only play lotto if the jackpot gets to $25,000,000 and above and $2 is enough for me (not a gambler)  or once in awhile just for fun.  I had 4/6 numbers drawn and won $125 about 10 years ago and so far my lotto gambling money is at the positive end til this day 8-).  

How much is tax in the USA?

Larb Dip wrote on 18^th May, 2011 at 12:22am:

How much is tax in the USA?

Overall I think around 35-40%. There's taxes on everything. Every single dollars you earn Uncle Sam want a piece if it.

:D

After all said and done, you'd get ~36% of the total jackpot.


Larb Dip wrote on 18^th May, 2011 at 12:22am:

How much is tax in the USA?

36% equates to 64% TAX!!!

That's rat sht, isn't it? ;D

Lot of taxes but it's still free money if you win. They say about 1/2 of the people go broke in couple of year after winning a power-ball. You have more, spend more.
:o


Admin Saovaluck wrote on 17^th May, 2011 at 2:14am:

That's probably why they make first prize in America is so high, because they've taken into consideration that the winner will be taxed heavily.

Money management problem.  If I have so many millions, I would invest in land because land gurantees to increase in value every year.  Laos would be a perfect place to put your money on ;).

Research needs to be done in advance about the area you would like to invest in too, because the Lao Government may seize your land to build a road, factory, school or other purposes.

Many people in Laos and overseas have complained of their land been taken away from them.

You are talking about the Lao Govt' buying the land from them from a fair market value and in an ethical procedure?  


Admin Saovaluck wrote on 21^st May, 2011 at 2:01am:

Research needs to be done in advance about the area you would like to invest in too, because the Lao Government may seize your land to build a road, factory, school or other purposes. Many people in Laos and overseas have complained of their land been taken away from them.

Some people are compensated on fair market value for their land, and others may not be too happy about it.

But they all are compensated and not just literally 'taken away'?


Admin Saovaluck wrote on 21^st May, 2011 at 7:52am:

Some people are compensated on fair market value for their land, and others may not be too happy about it.

They do the same in America, but land owner are compensated according to the market value.
;)


Admin Saovaluck wrote on 21^st May, 2011 at 2:01am:

Research needs to be done in advance about the area you would like to invest in too, because the Lao Government may seize your land to build a road, factory, school or other purposes. Many people in Laos and overseas have complained of their land been taken away from them.

Yes, land owners are compensated in Laos.

Whether or not they're happy with the outcome is another matter.

They won't be happy if the land is worth $10,000 but only get $2,500 for example. In America you can speak out, protest or sued the states, county for any injustices. Can people do that in Laos?
;)


Admin Saovaluck wrote on 21^st May, 2011 at 11:57pm:

Yes, land owners are compensated in Laos. Whether or not they're happy with the outcome is another matter.

llX wrote on 22^nd May, 2011 at 12:01am:

They won't be happy if the land is worth $10,000 but only get $2,500 for example. In America you can speak out, protest or sued the states, county for injustices. Can people do that in Laos? ;)

;D ;D ;D ;D ;D

Lao LXE, The Lao government's decision is final, and I don't think you can speak out in Laos unless you know people in high authority. The Lao government always do their best to compensate fairly.

Sad but true. Wrong or right people has no say.
:-[ :'(


Admin Saovaluck wrote on 22^nd May, 2011 at 1:14am:

Lao LXE, The Lao government's decision is final, and I don't think you can speak out in Laos unless you know people in high authority. The Lao government always do their best to compensate fairly.

In the Republic of Texas, the state pays 20% over the market value of the property if the state wants your property to build roads for example.  The reason is that you are forced to move so they give you a little extra compensation for hardship.

20% over the market value is a great deal. I like Texas law. Lao government should have the same law.

That's mean keep invested and buy more land. If you can.
8-)


PEACE wrote on 22^nd May, 2011 at 2:46am:

In the Republic of Texas, the state pays 20% over the market value of the property if the state wants your property to build roads for example.  The reason is that you are forced to move so they give you a little extra compensation for hardship.

I do not know really if it's a law but I know people that had their house bought up so the state can widen the highway using a couple feet of their backyard.



llX wrote on 22^nd May, 2011 at 3:28am:

20% over the market value is a great deal. I like Texas law. Lao government should have the same law. That's mean keep invested and buy more land. If you can. 8-) PEACE wrote on 22nd May, 2011 at 2:46am: In the Republic of Texas, the state pays 20% over the market value of the property if the state wants your property to build roads for example.  The reason is that you are forced to move so they give you a little extra compensation for hardship.

I think they has that law everywhere in the US. It's called Eminent domain is the process in which the state may appropriate property for a public use.
8-)






PEACE wrote on 22^nd May, 2011 at 3:56am:

I do not know really if it's a law but I know people that had their house bought up so the state can widen the highway using a couple feet of their backyard. llX wrote on 22nd May, 2011 at 3:28am: 20% over the market value is a great deal. I like Texas law. Lao government should have the same law. That's mean keep invested and buy more land. If you can. 8-) PEACE wrote on 22nd May, 2011 at 2:46am: In the Republic of Texas, the state pays 20% over the market value of the property if the state wants your property to build roads for example.  The reason is that you are forced to move so they give you a little extra compensation for hardship.