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Kc_trudiva
Veteran Poster
Username: Kc_trudiva
Post Number: 52
Registered: 04-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, May 04, 2004 - 03:34 pm: | 
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i'm starting an investment club with a couple of my friends. we are looking for books, advice, etc. on how to be profitable.
some of the books we've read are: Girl Get Your Money Straight, Girl Make Your Money Grow, Let's Get Financial Savvy and Starting and Running a Profitable Investment Club.
any suggestions on other reads or websites? we are members of NAIC Online (national association of investors corporation) and it's helping us tremendously, but someone here may have an even better source. thanks in advance. |
Akaivyleaf
Veteran Poster
Username: Akaivyleaf
Post Number: 59
Registered: 01-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, May 04, 2004 - 04:18 pm: |
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Always trying to keep it "in the family" I was disheartened to find that out of the 11,000+ publically traded companies only 17, thats right only seventeen are African American owned corporations. Its bad enough that many of us feel that "it takes money to make money" when in fact reapportioning the few dollars that we have into our future could make the difference in the whole phrase and outlook on our future.
I've read a couple of the books you've mentioned, I'm looking to leave something to my child(ren) other than a dream and a love of reading. Investing with like minded people who are willing to do the research and be committed to the overall goal, will profit the entire membership, hopefully for generations to come. |
Cynique
"Cyniquian" Level Poster
Username: Cynique
Post Number: 357
Registered: 01-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, May 04, 2004 - 04:47 pm: |
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Avoid the ponzi/pyramid schemes where you have to recruit a certain number of people to invest in something, and these people in turn are supposed to bring in a certain amount and so on and so on. No matter what innovation name is given to these plans, they all operate on the same principle, and they never pan out. Stick with T-Bonds. LOL. |
Blkmalereading
Regular Poster
Username: Blkmalereading
Post Number: 44
Registered: 02-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, May 04, 2004 - 09:54 pm: |
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Kc, email addy? I have an entire list. There's an online African investment club. Other sources. A good book is How to Retire at 26. Can't recall the author.
Money Talks by Juliette Fairley
That's a great idea! A good club should provide the 'love' and understanding of investing, saving, budgeting, planning etc. more so than trying to 'get rich quick' which won't happen in an investment club, well, rarely happens. May I also suggest scanning the newspapers and attending local finacial meetings, real estate meeting etc. The chamber and library are good sources for this.
Where is the group located?
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Eviana
Regular Poster
Username: Eviana
Post Number: 45
Registered: 03-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Wednesday, May 05, 2004 - 04:34 pm: |
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KC,
I know you asked for information on starting your club, but I want to give you a little personal advice. Make sure you and your partners have a good understanding of what is expected of each other. Put it in writing and make sure it's notarized. If it hasn't already been discussed, don't be afraid to mention it. Money tends to change people in a way that is unexpected and when you are dealing with a larger sum only god knows who you're dealing with and where they came from. I know you said that all of you are friends, but just from experience, these are the very ones you have to watch out for.
Good luck in your endeavors, it sound like a good plan for the future. |
Kc_trudiva
Veteran Poster
Username: Kc_trudiva
Post Number: 53
Registered: 04-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, May 06, 2004 - 06:57 am: |
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all,
thanks for your feedback. yes! we've sat down and talked about our motivations for wanting to be in an investment club. i "stressed" that it's a long-term commitment and not a get-rich-quick scheme. we're creating bylaws that have to be adhered to, as well as researching other legal documentation needed. we want to protect the interest of all the investors.
we decided to start small and only have three serious minded individuals. our club is in the metro atlanta area.
blkmalereading: the addy is kc_trudiva@yahoo.com. |
Abm
"Cyniquian" Level Poster
Username: Abm
Post Number: 154
Registered: 04-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, May 11, 2004 - 12:45 pm: |
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Kc_trudiva,
To create an effective Investment Club, you should perform the following:
* Draft clear/distinct Club mission, objective, rules, regulations, controls governing where/how monies will be invested, divested, membership qualifications/duration/termination, etc. Be very specific about WHO has the authority to do WHAT. And have all sign their ‘John Hancock’ to what is being agreed to. The rules/regs don’t have to be too voluminous so long as it covers the most important/vital issues.
* Consult your local/state Attorney General and Secretary of State office for related laws/regulations.
* I know it early, but as you grow, as best as possible, solicit an industrious and diversely talented membership. ALL of the Club members should make valuable contributions to the success of the Club, otherwise those who work hardest will get pissed and likely flee. But if the Club has people who make disproportionate contributions to the Club, offer them additional compensation.
* Incorporate the club. PRONTO. This is vitally important because you don't want issues/problems incurred by the Club to spill into your personal affairs.
* Devise some kind of period financial/performance reporting system that clearly notes progression (or regression) of your interests.
* Soon after you begin and at least every year after, review your Club's legal/financial matters/progress with an attorney and a CPA.
And I recommend you read the Rich Dad/Poor Dad book series. The books don't cover Investment Clubs per see (and they have become a bit overly-popularized). But they offer accessible, effective and cost-effective advice on how to analyze any investment and how to build/maintain wealth.
Kc_trudiva, I have some real expertise in this area and would be happy to help you out. My services are expensive...but I’m sure that you and I can "work a lil ‘sum sum’ out". ((wink!)) |
Kc_trudiva
Veteran Poster
Username: Kc_trudiva
Post Number: 55
Registered: 04-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, May 11, 2004 - 02:46 pm: |
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abm,
thanks for your input and book recommendation. i have most of the tracks (you've mentioned) covered. i'll almost scared to ask exactly you consider "...a lil 'sum sum'" on second thought, i won't ask because mama taught me to "never ask questions you really don't won't answers to." now, if you want to give me your expertise pro bono, then perhaps we can work a lil 'sum sum' out. the email addy is above your last post *wink* |
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