₦airaland Forum

RexEmmyGee:
How does MMM generate 30% to pay participants?

This is a question that can never stop being asked. I have tried explaining this severally BUT its like "magic" to so many.

I understand everyone's fears that's why I will break it all down further mathematically below.

Let's say,

100 donations came in from 100 participants @2,000naira each = 200,000naira

In order for the 100 donations to be paid their 30%, that means 60,000naira extra donations must come in.

The BIG QUESTION is then how?

Here it is:-
The 60,000naira wld come in through:-

(1.) Regular GH and re-PH from the 100 donations done by the participants.

Here is d maths:-
50 participants GH all their earnings + Principal donation = 130,000naira.

Total left over PH balance = 70,000naira

The remaining 50 then needs 60,000naira to get their own 130,000naira paid too.

The first 50 paid 130,000naira total then re-PH back their 100,000naira (maybe keeping back their total profit of 30,000naira)

That then adds up to the 70,000naira available to pay the 50 participants left (130,000naira).

++ So, the cycle continues on and on for as long as the principle of Regular GH and re-PH remains!!!

+++

This is just d same Principle Banks work with. That is why it is possible for just a deposit to serve 10 - 20 withdrawals.

And they pay you little interests for using your money to keep the redistribution process going!!

++NOTE+++
Don't come and do "Hit and Run" - The one u GH'ed and ran away with will soon finish and u will have to start all over again when coming back!! Why not just relax and earn for a longer period.

So whether new donations comes in OR not, the process of providing and getting help can continue for as long as all participants knows the whole process depends on their actions or inactions!!!

Secondly

(2.) New donations coming in through participants referring others to the community. This keeps the system consistently growing!! Every business (offline/online) needs new sales to survive..

Yes - MMM provides NO Guarantee and we all donate ONLY our "Spare Money"

BUT sincerely it can go on for as long as we all want since we all make the Community what it is!!

Always remember that in MMM there is

++ No Company Account!! Mavrodi can't wake up one day and ghost off with the money since we are not paying to his account.

++ You bank account/bitcoin wallet is MMM's account.

MMM's strength is the IDEOLOGY above that I broke down mathematically!!!

We are the Community!!

Together We Change The World..

I think you're more enlightened about the scheme than most people I know who are hell bent on getting scammed. Now, do you sincerely believe that the process of determining who gets help can't be manipulated by Mavrodi? Mavrodi and his team could be playing with millions of dollars on the scheme. And it's most likely that they will be paid before any other member. And that is the scam.

MMM and the banking system run on the same principle of credit creation, in the sense that the amount of credit created within the system will never be repaid cos the money does not exist in the first place. The upper hand the bank has is that tax payers money will always come to the rescue.

4wrd9ja:
How is this caused by Bruce now. or you just want to show ICT skills. you have the opportunity to contribute to the debate through this forum but choose to make light of if by poking fun and trying to divert attention from the real issue. we don't have to be partisan when addressing economic issues because the effect is non partisan ,it affects both supporters and non supporters. self preservation is the first law

You were just too quick to quote me. Have you seen my comment now? If only you bothered to check if that has been my behavior here.

It's rather unfortunate that we have a situation where the masses are the servant of their leaders. This is betrayal in the true sense of it. Well, it didn't start today, representative government has always been the worst form of dictatorship ever experienced by the human race because of the smoke screen it does present; giving the masses a false sense of stake in the society.

What stops the government from introducing property tax to check the ever widening gap between both the rich and the poor? Unless the Nigerian govt has always been about the rich. The collected tax will be used to provide for the luxurious lifestyle of our leaders. Like servicing the 7 private jets at the disposal of the president, the #1.7billion for food, while the rest goes to feed our already over feed National Assembly. And this is even coming at a point when economic activity is on the fall and stimulus packages should be on the roll out to get the economy working again. It's obvious we are not coming out of this recession anytime soon.

My Advice to the masses is to start lynching our politicians. Ex Gov of Rivers state Rotimi Amaechi once said that the reason they misbehave is because we do not stone them. And truly how hard can that be?

Aufbauh:
Yeah, the activities of those vandals have been a blessing in disguise as a lot of serious minded people are beginning to think outside the box.
Apart from the adverse effects of the mono-economy caused by the over dependency on oil,there is a serious need to think of exportation of our numerous mineral resources scattered all over the nation's terrain. This of course the only and sure way to grow our naira.

Exportation of our raw minerals will do us no good, and the same thing that happened to oil will still repeat itself. We have to learn to add value or else we can't control price. Have you ever wondered why the American government can control the price of military hardware but OPEC can't control price of oil? It's value.

It's really unfortunate we have leaders who do not understand the global economy. They are buried in their quest to live extravagant lifestyle. I see no reason why our military can't come up with its version of Ak47. But, what do we have? We have a situation where our military chiefs are very comfortable to use a BMW as their official car and same goes with our public office holders. No body cares

ebosed:
If you earn N1.5million naira as an individual per month from your employer, and in addition to living well, you save 100,000 per month. In 5 years you saved N6million. That is huge savings, isn't it?

If you lost that job, and got another job worth N100k per month (due to desperation) and your standard of living remains the same, how long would it take to deplete your savings of 6million. Answer? Just 4 months. This government is 15 months old. They did not reduce minimum wage, they have practically maintain every thing and improved on them except foreign exchange. Let the truth be told, give honor to whom it is due.

Your logic doesn't add up. The expected revenue from oil is not even up to 40% according to the 2016 appropriation act and mind you, oil contributes less than 15% to our GDP. The Apc govt are just full of excuses. They achieved 100% subsidy removal, higher electricity tarrif, implemented tax on bank deposits and on the verge of enacting tax laws on communication. There should be savings from these policies unless they want to tell us that it has been embezzled.

Toeyoursea:
The banks violated the TSA agreement and they should be made to face the wrought of the law. The price hike is the price the government will have to pay for doing the right thing and I think it is worth it. They will learn to take Nigeria serious next time; THE ERA OF IMPUNITY IS OVER.

Which one is era of impunity? This is the height of hubris. CBN should have withdrawn their operating licence so we can take them serious. This is peak of insensitivity on the part of government.

With these daft policies from this clueless government are we ever going to come out of recession?

jaafree:
I am a muslim and I strongly condemned it. But let's be sincere and realistic over the issue I have a question "must we insult others religion or belief?". I believe there is no where in this world were u will find a muslim that insult or make fun of jesus ( isa S.A.W) why because he is a prophet of God to us, so if u heard any person making fun of jesus be 100percent sure that person is not a muslim. So if that is the case what's the problem of some ppl going about insulting prophet muhammed (S.A.W)? Why don't we all mind our religion and leave others out of it afterall its not by force. I also believe in one thing which I am certain, not only in the north but anywhere else no one will insult prophet muhammed( S.A.W) in the presence of a muslim and expect him to just look at him unless that persons love and faith to the prophet is weak. Of course in some places its just a suicide to anyone. So please let's just respect ourselves and mind our businesses. If I make it sound like a threat am sorry because it's not, its just an advice for those who only know their lives and where they grew up. God bless us all.

Wow... From your point of reasoning I can only conclude that you're a potential terrorist. So your love and faith in Islam will make you to take a life you didnt create. SMH. And please spare us the shallow condemnation.

You really need psychological evaluation.

Motherfucker2:
I'm so glad i denounced my Nigerian citizenship last year.
A country where people are denied their essential human rights.

A guy gets locked up for naming his dog Buhari, meanwhile the guy who made the naked statute of Donald Trump is still walking around a free guy.

What will happen if Ifeanyi Ubah or Innoson motors names their dogs Buhari ?? Who would arrest them ?? Just because this guy is poor, you just arrested him


Even if he named his dog Allah or Jesus Christ, no one has the right to arrest him.
This is the problem i have with Nigerians, many of you are so foolish.
And people who called Obama a Nigger on CNN and BBC were not arrested.

The Fulani guy who raped that 13 year old girl (Esaru) was not charged with any crime or locked up, he even took the presidential private jet back to Kano.

The sad part is that some Nigerians will laugh over it, I realized a long time ago that Nigerians are gracefully stupid

I regret ever knowing this country
Spit

You nailed it.

Good news

Nigeria is a very sad joke

Government is all about continuity, therefore, this act should be condemned by all well meaning Nigerians. These are Nigerians and am still trying to figure out the rationale behind this decision.

sherifjoo:
please guys let's find a way to assist and stop d criticism,if u guys Knw d rate at wch all dis Lagos state tracfic official n VIO, task force are frustrating ppls lives in d name of IGR,,, my major problem wit all dis madness penalties s aw much s minimum wages itslf and all of deir fine s mor Dan minimum wages,,,, wer do u expect a common man on d street trying to meet ends meet get dis ridiculous fine to pay,,,,,, so let's find a way to get him justice and forget d criticism

Lagos state government is one of the worst state government in Nigeria. Their fines and policies are draconian. Lagosians go through hell on a daily basis, and it's really pathetic. The so called Igr have no bearing on the lives of the common man. All they have to show is fancy structures at lekki-Epe. All state clinics are still in a sorry state despite the huge IGR.

ideology:
they last time NLC. went on strike, didn't you notice what happened?

Of course I wasn't surprised. For me NLC has always been a political group. You never see them protest against issues concerning Nigerian workers.

ideology:
Oga expect more, VAT might increase anytime from now, Expect toll gates from Fashola across the country.

This is how APC runs, more taxes collected by tinubu's company, the more we contribute to Tinubu's Empire.

They have already introduced taxes for house maids in Lagos, If i ever have a maid, he/she will never pay tax

Pls note that we are already pay tax for each recharge card we buy, after paying tax for the card, you now pay tax for using the voucher, is that not madness.

They know Nigerians will adapt, that is the reason for all these ...

It's really sad. But we definitely can't continue like this.

signz:
The informal sector is under taxed. How many artisans, traders, herdsmen, farmers, etc pay their taxes?
So many companies don't report their true earnings just to avoid paying their taxes.

Telecoms tax shows that this government is even more clueless than we had imagined.

The FIRS guys should work hard and expand the tax base of this country, Fowler did a wonderful job in Lagos. I believe hes a technocrat and knows how to expand the tax base of Nigeria.

Simple economics dictates that when in recession you don't increase taxes.

He should expand the tax base so that the same money then goes back to fund the extravagant lifestyle of government officials. Are we all so foolish in this country? Presidency has more than 5 private jets, #1.7billion for food, #4.5billion for health care but still travels to UK for ear treatment. We maintain two legislative houses only so they can pass laws like providing life Pensions for their members.

These issues must be addressed before we can support the introduction of further taxes.

ideology:
abeg what is the minimum wage of UK, compared to Nigeria, how much do you buy fuel per litre in UK compare that will Nigeria, when you are done, i have hypo for you, use it and wash your brain

No mind that guy. Nigerians provide their own basic needs without any contribution from the government. What every Nigerian should be talking about is how to cut down on government excesses. The more than 5 private jets at the disposal of the presidency should be turned to a national carrier. The tradition of budgeting #1.7billion and #4.5billion for food and health care for the presidency should should come to an end. Until all these and many more are implemented, no sane Nigerian should support the introduction of further taxes

Saintp:
Our problem has never been oil price. Our main problem has been lack of leadership. Why would they keep taxing the citizens while they maintain their extravagant allowances? The president has N1.7B food budget, too many private jets, so many perks of office, senators earn too much for doing nothing other than to pad budgets.
First, the president should reduce his food budget to N100m, sell of those jets, sponsor bills that would mandate public office holders to earn like civil servants, no more jumbo allowances etc then we can talk about more tax for the citizens. We can't be funding these idiots in power.

Good points you raised here. We can't afford to fund the extravagant lifestyle of our govt officials anymore. I believe the way forward is for the masses to stand up to them and say no to their excesses. The masses should decide what they can afford to pay govt officials. #1.7billion as feeding allowance for the presidency is just insane.

nextstep:
You can always move to the US where:

- federal takes 20-30% income tax
- states take 5-10% income tax
- most states then charge 5-10% sales tax (goods and services)

so you might end up paying 50% of your earned income in taxes of one form or another.

Then the same governments turn around and charge income tax on the profits those companies made selling you a product or service.
If you through the cycle several times, you'll realize that almost 80% of all money is eventually paid as tax to government. Only 20% goes to the actual cost of production.

It's not possible to pay 50% of your earned income as tax unless you're a high net worth individual. That aside, the economy allows you to earn money as far as you're ready to work. In Nigeria people work without being paid and our minimum wage is a joke. If govt is really serious about the revenue drive then, they should introduce property tax to cover those that have more than one house, car etc.

saintdennis:
Didn't they know that already?

Were they begged to represent us? They went to a training camp to prove and get picked for the Olympic team.

I ain't against their protests...they must be paid their entitlements BUT do not embarrass the nation, siasia THAT ONLINE NEWSPAPERS CLAIMED WANTS TO QUIT THE TEAM should tell me WHICH CLUB/COUNTRY WILL HIRE HIM.

Seriously i'll like to know? How come it's NIGERIA LEAGUE he keeps seeing work? Let's not fool ourselves NFF national team job is as good as it gets for most of these guys.

They have the right to show their anger...but refusing to train? Threatening to abandon match?? That's basically lack of professionalism & commitment (like they DO NOT FEEL THEY CAN BEAT DENMARK?)

I really don't agree with you although, I respect your opinion. Amokachi just got hired by a team in Finland and you possibly can't compare Siasia's profile and achievements with that of Amokachi.

The people disgracing Nigeria is our leaders. We had four years to prepare for Olympics. We shouldn't even be battling to fund our participation. Agreed that Nigeria is broke. What about our striving private sector? Nigerian's outfit for the games wasn't branded and why was that? The whole Nigerian Olympics committee should be sacked with immediate effect.

To the issue of commitment, professionalism, and patriotism. For me, you can't force it down. A nation have to earn it. And I honestly don't see any reason why they should play without being paid. Government workers go on strike for issues such as this. Threatening to boycott a match is their only bargaining power so they should use it.

Emimoney:
our money is being looted by some group of people, u mean bill gate is richer than Nigeria?

Bill Gate is just an individual. Our per capita income is a far cry from the western nations you were comparing us with. Nigeria's per capita income is about $2600 when compared with US that is about $55000. London's GDP (731.2billion) is more than Nigeria's GDP ($568.51billion). This means that London is much more productive than the whole of Nigeria. We are poor my brother. In the midst of poverty our leaders still goes ahead to mismanage our little resources. It's really sad.

Emimoney:
Nigeria is a very rich country, senators are being paid millions of Naira everymonth, where did they get the money? Nigeria is not poor, just that african mentality doesn't allow politicans to do their work well, they rather gather money for their unborn generations than pay our players

Bros Nigeria is a very poor country, but, AlphaCentauri is making no sense at all. We can't pay politicians and fail to pay our sports men and women who are prone to all kinds of life threatening injuries. Nigeria has a perfect record of mistreating her heroes. So, if threatening to boycott will make her do the right thing so be it.

gabcos:
you and your family are sick and you're the ones thunder will fire. Not the rest of us

Mikolo80 and Gabcos
... So fear of thunder strike dey catch una? Buh it's still far na? . The thunder and lightening will be sent by the unborn generations because we have mortgaged their future.

Our debt profile is already above $64billion and currently for every #1 collected as tax, 35kobo goes into debt servicing. and before 2020, we should arrive at over $100billion and which will also increase the debt service figure.

Now let's join hand to welcome the thunder. And don't think for a second that it will be for just politicians. Nah, every Nigerian will be held accountable for either their action or inaction.

Dreamwaker:
The questions here are, Were they given allowances before they left Nigeria? Did they not reason to carry their own personal money just "in case" to be on the safe side? Can't they use their own money to eat and follow the official protocol to get their allowances? They don't sound professional to me at all.

But Op change your topic, thunder will not strike anybody.

What are you talking about? Their own money from where? Does your president, governors, their wives and other government functionaries travel with their own money? Thunder will really fire us in this country. We are all sick this country.

TheGoodJoe:


The wastage from the LegislaThieves is alarming and I agree something should be done to curb it. The worst part is entertaining such wastage while the Finance Ministry and CBN tell us we are in a recession.

Any way to reduce the cost of governance is welcomed because we can not cope with such massive wastage.

Nice proposal and it is very constructive.

We have like minds doing alot of research on a much better system we should consider as a people. And It's imperative to pose this question at this point 'was the system made for Nigerians or Nigerians made for the system?'. And since this particular system is not working the only reasonable thing to do is to tear it down and start all over Cos, power ultimately rest with the people.

TheGoodJoe:
I will say it again. The research is fake. When does the project end? After his tenure? What happened after his tenure ended as a PDP LegislaThieves member? He ran again.

He is just an exposed thief. Just like his time at PDP, no exposure, no talking.

He should bow his head in shame. He is a well educated, common thief.

Good bless you my brother. Isn't it laughable how we hopelessly queue up to vote for those rogues while acting on the impossible assumption that the members of the parliament will represent our dignity, sovereignty and of course, our point of view. In the first place, why should we pay some corrupt career politicians to make laws for the masses when more than 110million Nigerians are poor? Can't we have a system where the public will constitute 'The General People's Congress and Committees'. Just like how the last National conference was constituted and make resolutions that will be passed down to the ministries to execute. The masses obviously can't shy away from governance anymore. Let the masses govern themselves. It's time to get over the business of representative government which has led us to abject poverty.

AlphaCentauri:
if you are undercover officer in america trying to bust narcotics gang, you have to join them and sell the narcotics and be part of it so they can trust you and thats how you gather intel. why you acting like you just crept out from under a rock ?

Yea... I crept out from under a rock. You that appeared from America see the logic you are banking on. If he had raised this objections before the budget was passed into law that would have been really commendable. Now, what do we do with the information? Withdraw the budget that has been passed? And please spare us this your false theory. I will keep saying it, the Nigerian people do not need the National Assembly anymore. We can't afford it anymore. We should organise ourselves into General People's Congress and committees and make resolutions that will be passed down to the ministries to execute.

AlphaCentauri:
i really dont know what they are grooming him for but i am 100 percent convinced someone planted him into the senate 5 years ago to collect data on corruption. the guy is like buhari in dat he hates corruption to the core.

He hates corruption and he supervised the padded budget. And of course, couldn't sing till he was relieved of his position. You're right he is like buhari. What do I know?

jeffoe:
what da cost.

I did mine 25k but the girl said it has gone up, 35k-40k now. I still don't understand what the business of federal government is with drivers licence.Under Federal system, state government ought to issue drivers licence just like it's done in the US.

Sirmuel1:
Cab business...at least 2k/5k per trip depending on the distance.

10-20k per day 60 - 100k per week. Depending on the location

Sirmuel no mind the guy. He knows nothing about the subject under discussion. People that ride for Konga and Jumia even have a better deal than this one. Konga and Jumia provide the bike, maintain it and pay the riders 40k monthly. And if it's for taxi, driver partners on Uber earn between 80-120k on a weekly basis.

jasedu60:
Friend, If you know how to make N400K a month, you wouldn't work in the "BANK" where you are now " Don't work in a BANK", Cars can cost as little as N400K, try www.checki.com, www.eboso.com and others.

Stop attacking people's business model, I am only posting this Job for a Company, I am not the owner of the company, I am a Foreign Journalist in Nigeria, a little decency will go a long way, remember we didn't ask to recruit a driver, the post was for "riders" and drivers should not be discriminated (simple!).

Anyone can do whatever the want with their life, resources and self, why have you turned yourself to a LIFE COACH?

"Take a Chill Pill".

*** Don't make me do a post about your TAXI partner,you may not be happy with the result ***

You are very funny... When did I attack the business?

You are just being delusional cos there is no way a taxi man can maintain his taxi by delivering a parcel for #200 when a litre of fuel is #145 and coming to my earlier statement. Find out how much a driver partner earns on uber. You can go through the thread here to find out for yourself.

https://www.nairaland.com/2653841/uber-partner-lagos-please-share#38820469

And I can only conclude that you know absolutely nothing about the subject you are trying to argue about in Lagos, so, just stick to your journalism.