| A money club is a great place for people | | | | on a periodic basis, and may intend to |
| to get together and share thoughts, | | | | withdraw funds from their share of the |
| ideas and goals about money, planning, | | | | club's assets at some time in the |
| finance. Here people learn about | | | | future. |
| finances and ways to reach ones | | | | Make sure that all members equally share |
| financial goals. Friends in the money | | | | the work. Pick a leader or rotate |
| club provide encouragement that each | | | | leadership. Stay organized. Help the |
| member needs to succeed. | | | | members to learn and polish their stock |
| This is one major reason why money clubs | | | | researching capabilities, this way all |
| have picked up significant momentum | | | | the members can contribute.There should |
| since their inception a couple of years | | | | be regular guest speakers and field |
| ago. Their aim is not to evaluate price | | | | trips so that the club members are able |
| earnings ratios, but to help members | | | | to sustain their interest instead of |
| navigate pricky personal finance | | | | sticking to the same routine.Meeting |
| dilemmas.In a time of economic unease, | | | | should be once a month since more of the |
| by joining a money club people can | | | | meeting would be a burden for some |
| establish and follow through their | | | | people and if it is less than people |
| personal financial goals, which may | | | | would gradually loose interest. The |
| include improving money management, | | | | meeting should be regular with time and |
| increasing ones savings for retirement, | | | | venue set. Changing venues could be |
| spending intelligently, saving for | | | | inconvenient for people and can derail |
| children’s education, | | | | them from their focus and subsequently |
| diversifying portfolio, curbing debt and | | | | lessen their zeal to attend.Make sure |
| advancing estate planning or buying a | | | | that the members are performing correct |
| home etc.In order to have a successful | | | | maths. This will not happen if careful |
| club take certain precautionsA new | | | | attention to paid to club accounting |
| investment club must have a solid | | | | system. The National Association of |
| structure to ensure the club's agenda is | | | | Investors Corp. (NAIC) offers |
| carried out efficiently and without | | | | instructions and software on how to keep |
| friction with legal agreements and | | | | track of contributions and gains. When |
| bylaws in case the club invests jointly | | | | looking for members of the club, one can |
| in order to avoid any unscrupulous | | | | select friends, coworker or search |
| person joining the club. make sure that | | | | internet in order to make sure members |
| the number of members is such that it is | | | | have similar interest, goals and |
| not too much to find a meeting place and | | | | backgrounds for them to understand each |
| also this would mean a higher retention | | | | other and contribute accordingly. |
| and too much management would not be | | | | When a member attains a financial goal, |
| required.An investment club must have a | | | | it should be celebrated with adequate |
| clear way of determining each member's | | | | prize or gift certificate. This would |
| share at a given point in time as | | | | drive competition and thereby encourage |
| members are likely to contribute funds | | | | everyone to do well. |