If you have ever felt intimidated by approaching the bank, dealership, or capitol investors, know that you are not alone. One approach to addressing this is coming together with your immediate community to finance yourselves. Bringing together your immediate family and using your collective dollars to support each other creates a level of independence that many seek in uncertain times. Work smarter not harder, ultimately many of those reading this know how to work hard but at a certain point there is a diminishing return on your hard work and other parts of your life can start to suffer. By coming together with your own unique community, you can not only support each other but begin to work smarter and not harder multiplying gains through investment, ownership, and relief that can lift you into a retirement you can be proud of.
Create an Entity (savings club, fraternity], sou sou) How you organize the community banking entity ultimately depends on your goals but is totally up to you. It really comes down to who you think will go along this journey with you. Will you gather your family members or look to create a fraternity with strict membership requirements? Once you have an idea of your group do your research in potential structures that would fit your needs. For instance a fraternity raises money through membership dues that are then invested into the fraternities needs and ultimately can lead to impacting those outside of the fraternity.
Make sure to create a communication structure to keep everyone up to date and feeling involved in the process. Early on communication is extremely important. Make sure your community has a similar outlook on money before investing outside of the group. You can take a pro active approach with regular financial education or updates. It’s worth it to communicate with your team on individual goals and if needed educate your community to ensure continuity. Another pitfall to avoid is to bring your community together with the sole purpose to make money, not only will this not be sustainable but it may not be enough to keep the group together in difficult times. That’s why defining your community bank by your location, family relation, or some other goal or hobby will create a more lasting and strengthened effort towards goals.
Whatever you decide or even if you come up with a new approach financing yourself has undeniable benefits for those ambitious enough to take it on. To gain insight and tools to design your own community bank reach out to me at IshmaelStinson.Org.