Are Somalis bad savers?

[AliUK]

I think we as people need to get better at saving money.I know many Somalis who own great cars, loads of jewellery, send obscene amounts of money back home, to the extent they should tell their family back home to start a business with the money they receive but they rent their house and spend every penny they earn every month.

A few have been made redundant or about to be evicted. They are now relying on family for handouts.

These are couples where both partners worked despite the husbands pulling in 40k and had done so for many years. These are people who should have savings fod the future but also a fund put aside for any situation like this.

Do you think we as people need to become at saving money and investing?

 

[xalimathe6]

Yeah. You know that ayuuto money is done within a couple of weeks.

 

[Mercury]

I think we as people need to get better at saving money.I know many Somalis who own great cars, loads of jewellery, send obscene amounts of money back home, to the extent they should tell their family back home to start a business with the money they receive but they rent their house and spend every penny they earn every month.

A few have been made redundant or about to be evicted. They are now relying on family for handouts.

These are couples where both partners worked despite the husbands pulling in 40k and had done so for many years. These are people who should have savings fod the future but also a fund put aside for any situation like this.

Do you think we as people need to become at saving money and investing?

Somalis are great savers you see all the hagbads and ayuuto money people collect?

But spending it ....

 

[lone]

Great change is coming. Most of my colleagues would never send a dollar to those starving Africans. Many geeljires will cut off relatives and focus on their nuclear families issues.

 

[Yaquub]

I think we as people need to get better at saving money.I know many Somalis who own great cars, loads of jewellery, send obscene amounts of money back home, to the extent they should tell their family back home to start a business with the money they receive but they rent their house and spend every penny they earn every month.

A few have been made redundant or about to be evicted. They are now relying on family for handouts.

These are couples where both partners worked despite the husbands pulling in 40k and had done so for many years. These are people who should have savings fod the future but also a fund put aside for any situation like this.

Do you think we as people need to become at saving money and investing?

My great grandfather was rich and died with no money to pass on.

 

[Basra]

Well we r a people of the faith. Every thing Allaah swt will provide. It is good to have Imaan and trust in God, but God did not say, sit spend all your money frivolously. In the bible verses. there are minute by minute instructions on how to spend your money halaal. In Islam Hadith as well. Saving is essential. It should be as important as bananas to Somalis when eating baariis.

 

[AliUK]

My great grandfather was rich and died with no money to pass on.

How come?

 

[AliUK]

Somalis are great savers you see all the hagbads and ayuuto money people collect?

But spending it ....

They don't always spend that money well tho. They splash on big weddings they cant afford and then have to pinch the pennies to pay it back.

They spend most of what they make every month.

 

[Zach]

Great change is coming. Most of my colleagues would never send a dollar to those starving Africans. Many geeljires will cut off relatives and focus on their nuclear families issues.

@lone i don’t like you ! You are stupid, rude, uneducated and not even Christian. You are fucking troll.

 

[Verified]

I think Somali's need to learn how to save in an efficient way. Working 40 hours a week and stuffing your cash under the mattress is not an effective savings technique. If we were to purchase property or even establish family owned ventures like shops, restaurants etc, that would be an effective way of spending your money.
Also, I find that many families see flaunting of cash/cars as wealth, when in reality many of those families have nothing planned long-term

Religion plays a part but there are ways to obtain interest-free loans through Islamic Banks.
That being said, lots of potential exists. Being family oriented is the greatest asset for any culture.

 

[Yaquub]

How come?

He bought properties here in the uk when he came and did not speak english well, he let some arabs look after the properties and the guy swindled him (may he burn in hell).

 

[AliUK]

He bought properties here in the uk when he came and did not speak english well, he let some arabs look after the properties and the guy swindled him (may he burn in hell).

Miskeen,you guys would have been eating good of his hard work. Sounds like he was smart man. No problem tho, every penny that should have been your great grandads,he will get back in akhira and much more. Plus every penny will be a witness in the day of judgement to the Arab man's greed.

May your family get the houses back and much more inshallah.

 

[lone]

Well we r a people of the faith. Every thing Allaah swt will provide. It is good to have Imaan and trust in God, but God did not say, sit spend all your money frivolously. In the bible verses. there are minute by minute instructions on how to spend your money halaal. In Islam Hadith as well. Saving is essential. It should be as important as bananas to Somalis when eating baariis.

Bananas can actually kill you.

 

[Yaquub]

Miskeen,you guys would have been eating good of his hard work. Sounds like he was smart man. No problem tho, every penny that should have been your great grandads,he will get back in akhira and much more. Plus every penny will be a witness in the day of judgement to the Arab man's greed.

May your family get the houses back and much more inshallah.

Thanks sxb and i do believe in karma for bad thieves.

 

[lone]

@lone i don’t like you ! You are stupid, rude, uneducated and not even Christian. You are fucking troll.

Most western geeljire would abandon your ass at the Er. The province would have to chip in and cover your nursing home costs.
Change is coming

 

[Zach]

Most western geeljire would abandon your ass at the Er. The province would have to chip in and cover your nursing home costs.
Change is coming

Boy listen, nobody has to cover my nursing home costs! We have insurance for that here in Germany. Guess you’re proving the fact that you’re uneducated! Germany is way better than any other European country

 

[shabellegal]

Great change is coming. Most of my colleagues would never send a dollar to those starving Africans. Many geeljires will cut off relatives and focus on their nuclear families issues.

Honestly I agree with this. If you aren’t in my nuclear family or even close relative (grandparent, 1st cousin, aunt/uncle, parents actual siblings) then IDGAF. Can’t be bailing out the entire clan just because. Gotta focus on creating generational wealth for my future offspring.

 

[Verified]

Honestly I agree with this. If you aren’t in my nuclear family or even close relative (grandparent, 1st cousin, aunt/uncle, parents actual siblings) then IDGAF. Can’t be bailing out the entire clan just because. Gotta focus on creating generational wealth for my future offspring.

Sending money back for it to be consumed by relatives you've never seen is disheartening, but it's significantly cheaper to create 'generational wealth' in a place like somalia (compared to the west). It may not be a significant amount of wealth, but it's a first step towards self-reliance.

If a drought ends up delaying rainy season, then sending money back for consumption becomes valid. But if you're sending 200 monthly and you're not hearing anything back (like me), it's time to reevaluate/establish some kind of plan.

 

[Basra]

Verified tell us what u do with your money

 

[Basra]

Bananas can actually kill you.

Banana is full of potassium , good for u, why do u say that?