Lao Pride Forum - Laos' get rich quick schemes

Larb Dip

God Member

Offline

Lao Pride, and No. 1 Lao
Pride Admin' fan from
NZ!

Posts: 1383
Hadxaifong, Vientiane
Gender: male

Age: 37
Awards: 1

Laos' get rich quick schemes
10^th Apr, 2011 at 3:58am

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.

ຂອບໃຈຫຼາຍໆເດີ

IP Logged

Admin Saovaluck

Miss Administrator

Offline

Lao Pride and No. 1 fan
of Judy Garland from
Laos!

Posts: 4694
Vientiane, Laos
Gender: female

Age: 35
Awards: 5

The most beautiful pair of shoes worn by the most beautiful actress in movie history.

Re: Laos' get rich quick schemes
Reply #1 - 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.

IP Logged

Larb Dip

God Member

Offline

Lao Pride, and No. 1 Lao
Pride Admin' fan from
NZ!

Posts: 1383
Hadxaifong, Vientiane
Gender: male

Age: 37
Awards: 1

Re: Laos' get rich quick schemes
Reply #2 - 10^th Apr, 2011 at 4:26am

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

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?

ຂອບໃຈຫຼາຍໆເດີ

IP Logged

Admin Saovaluck

Miss Administrator

Offline

Lao Pride and No. 1 fan
of Judy Garland from
Laos!

Posts: 4694
Vientiane, Laos
Gender: female

Age: 35
Awards: 5

The most beautiful pair of shoes worn by the most beautiful actress in movie history.

Re: Laos' get rich quick schemes
Reply #3 - 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.

IP Logged

Larb Dip

God Member

Offline

Lao Pride, and No. 1 Lao
Pride Admin' fan from
NZ!

Posts: 1383
Hadxaifong, Vientiane
Gender: male

Age: 37
Awards: 1

Re: Laos' get rich quick schemes
Reply #4 - 10^th Apr, 2011 at 6:06am

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

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). Grin

You really are as good as you look. Kiss

ຂອບໃຈຫຼາຍໆເດີ

IP Logged

chuck Junior Member Offline I Love Laos! Posts: 66	Re: Laos' get rich quick schemes Reply #5 - 10^th Apr, 2011 at 2:32pm hey guys, In Malaysia we have this thing going on too but I dun participate though.
Back to top	IP Logged

Old Man Ex Member	Re: Laos' get rich quick schemes Reply #6 - 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? Could you explain in a little more detail about how this works? Thanks.
Back to top	IP Logged

llX God Member Offline "Absolute power corrupt." Posts: 2685 Gender: Age: 36 Awards: 2	Re: Laos' get rich quick schemes Reply #7 - 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.
Back to top	IP Logged

Old Man

Ex Member

Re: Laos' get rich quick schemes
Reply #8 - 10^th Apr, 2011 at 5:55pm

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.
Shocked

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.

IP Logged

llX

God Member

Offline

"Absolute power corrupt."

Posts: 2685
Gender: male

Age: 36
Awards: 2

Re: Laos' get rich quick schemes
Reply #9 - 10^th Apr, 2011 at 6:00pm

Quote:

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.
Shocked

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.
Cool

IP Logged

Larb Dip God Member Offline Lao Pride, and No. 1 Lao Pride Admin' fan from NZ! Posts: 1383 Hadxaifong, Vientiane Gender: Age: 37 Awards: 1	Re: Laos' get rich quick schemes Reply #10 - 10^th Apr, 2011 at 8:47pm Quote: 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.
Back to top	ຂອບໃຈຫຼາຍໆເດີ IP Logged

Larb Dip

God Member

Offline

Lao Pride, and No. 1 Lao
Pride Admin' fan from
NZ!

Posts: 1383
Hadxaifong, Vientiane
Gender: male

Age: 37
Awards: 1

Re: Laos' get rich quick schemes
Reply #11 - 10^th Apr, 2011 at 8:54pm

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?

ຂອບໃຈຫຼາຍໆເດີ

IP Logged

Larb Dip God Member Offline Lao Pride, and No. 1 Lao Pride Admin' fan from NZ! Posts: 1383 Hadxaifong, Vientiane Gender: Age: 37 Awards: 1	Re: Laos' get rich quick schemes Reply #12 - 15^th May, 2011 at 3:09am Do they have Lotto in Laos?
Back to top	ຂອບໃຈຫຼາຍໆເດີ IP Logged

Admin Saovaluck

Miss Administrator

Offline

Lao Pride and No. 1 fan
of Judy Garland from
Laos!

Posts: 4694
Vientiane, Laos
Gender: female

Age: 35
Awards: 5

The most beautiful pair of shoes worn by the most beautiful actress in movie history.

Re: Laos' get rich quick schemes
Reply #13 - 15^th May, 2011 at 4:42am

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.

IP Logged

Larb Dip

God Member

Offline

Lao Pride, and No. 1 Lao
Pride Admin' fan from
NZ!

Posts: 1383
Hadxaifong, Vientiane
Gender: male

Age: 37
Awards: 1

Re: Laos' get rich quick schemes
Reply #14 - 15^th May, 2011 at 2:14pm

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?

ຂອບໃຈຫຼາຍໆເດີ

IP Logged

	Welcome, Guest. Please Login or Register