Moneymesh is a new social networking site that allows it’s members to share the financial load between friends. Founder Randeep Wasal says “The idea behind the concept is to circulate a pre-defined lump sum amount for each member on a rotation basis. In these demanding times of financial needs, a loan from a friend or relative is all that is needed. MoneyMesh offers a web based concept that facilitates this service for it’s members”.
Basically how it could work is if you have 10 friends within your Moneymesh circle and you all decide on a pre-determined monthly deposit of $100 each month – each month, one person out of the 10 would receive a lump sum of $1000 in a round robin type scenario. This can help assist people with saving as some people tend to hold onto larger sums of money longer as opposed to gradual shorter amounts of cash.
“I want to educate society on the value of saving and investing moeny with individuals that they trust the most” says Wasal. Along with the cash aspect of the social network, users can also share pictures, updates and videos with their Money Mesh network.
MoneyMesh launches today www.moneymesh.com