[Home]
Investment Clubs
For those that really want to take a hands on approach to managing their investments, investment clubs could be the answer.
9 Tips To Starting Investment Clubs
An investment club can take some time and work to start up, but it can be a lot of fun and very educational during the process. Investing as a group allows more money, more knowledge, and a feeling of partnership. Trust will be the main key.
1. Find compatible members for your club. You will probably want between 7 - 15 members for your club - too many can get very unwieldy and difficult to schedule, but too few will not allow enough capital to really invest.
2. Determine common goals for the group. Some people may want to get into get rich quick business, and clubs may not work well for these people.
3. Decide how much money the club will invest on a monthly basis. Some may want to invest a larger amount than others can afford or are comfortable with.
4. Form a plan for how the club will operate. Include rules about how money will be handled, what will happen if someone needs to withdraw their money, and how often the club will meet.
5. Fill out the paperwork. Form a Limited Partnership company (if that is what you choose - this can be the easiest way to start your business), and fill out the tax forms. You may also have to register as a business in your community.
6. Select jobs. Have individuals fill in roles that you decided on in the plan. You might want to rotate jobs from meeting to meeting, so as to spread out the work, or you might have people specialize.
7. Choose a president, vice president, secretary and treasurer. You may also have a person in charge of education, whom would coordinate special guests who speak to the qroup.
8. Open a bank or brokerage account - you will need a partnership agreement or an operating agreement in place before you do this, as the bank or brokerage firm will require one to open a business account.
9. Set up a budget for the club. Record initial membership contributions, as well as determining what monthly contributions will be. You may also want to discuss having experts come in to talk with the group, so as to learn more about investing. Money for this may come out of monthly contributions, or may be added on to that month's expenses. Discuss this in advance to avoid misunderstanding.
More revealing facts and resources about investment clubs at
http://www.aboutinvestmentclub.com/art-steps
Return from
Investment Clubs
to
Personal Money Management
Other articles in the Personal Money Management section:
Personal Money Management
By the time you are hitting your middle age, you need to have your personal money management under control. Not just your spending, but your saving as well.
| Money
Money makes the world go round...if you don't know where your's is going, it's time to get a handle on that before you are any older.
| How to Make a Budget
Working with a budget is the best way to manage your money. But few know how to make a budget, much less work with one. We'll show you how.
| Money Management Tips
Reducing debt and saving for retirement is critical at this stage of life. Try these money management tips to save.
| How to become rich
How to become rich by using the timeless money management tips that have always been around, but nobody told you.
| Investment Clubs
For those that really want to take a hands on approach to managing their investments, investment clubs might be the answer.
| Estate Planning and Trusts
Doing your end of life planning like setting up estate planning and trusts is vital for your daily piece of mind. Here we discuss how to make a will and the purpose of a living will. It's never too early to start.
| How to write a will
Preparing a last will and testament isn't that difficult, but unless you know how to write a will, your final wishes may not be carried out the way you want.
|
New! CommentsHave your say about what you just read! Leave me a comment in the box below.
|
Stay in touch by signing up here for our e-newsletter Wise Women
|
