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Millionaire Money Habits

June 17th, 2011 at 3:48 pm

Benefits of Joining Investing and Personal Finance Clubs

Most people these days are aware that making good financial decisions for the future requires them to spend wisely and have more than just a 401K for the next 30 years.  Many know that if you want to make your money work for you, it has to be invested in a diverse portfolio and spread around.  Some people even understand what these vague statements mean in terms of real world scenarios and implementations.  But the majority of adults seem to be stumbling through their financial lives as though trapped in the morass of a pea-soup fog.  However, many of us would like to know more about the many ways in which money can be made to increase over time.  If you are one of the people looking for some useful advice in terms of money management, as well as a collective of individuals that share a similar interest, then perhaps you should join a club that specializes in finance and investment.  Here are just a few reasons why seeking such a group online could really be to your benefit.

1.   Learn the lingo.  How do you know what you’re supposed to do with your money when terms like NYSE, portfolio, and even budget leave you scratching your head?  Even if you know what they mean, you might not be sure about real world applications.  But if you don’t have the foggiest notion about what your stock broker is saying then you can’t really take an active role in planning your financial future.  In this respect, a club provides a whole group of people with a wide range of knowledge and no ulterior motives in answering your questions.

2.   Pick up the basics.  How many of you have a checking account?  Probably everyone.  How many have a savings account?  Still quite a few.  How many have a 401K?  Maybe a few less.  What about a Roth IRA?  Or an investment portfolio?  Not too many.  You’ve probably heard horror stories about those who have lost their shirt with investments because they didn’t know what the heck they were doing and/or they entrusted their life savings to a third party (like a brokerage firm) that couldn’t care less about the paltry purse that nonetheless held everything they had.  You don’t want to be that person.  But that doesn’t mean you can’t learn the basics and get started with better methods of saving and investing.

3.   Money management skills.  Did you know there are adults out there that were never taught to balance a checkbook, much less form a sound budget or invest wisely?  You can benefit from the experience of other members in this area, many of whom were likely in your shoes in the past (some fairly recently).

4.  Get tips.  Networking with a group that follows financial interests could benefit you in a variety of ways, but one of the best reasons to join up is to get information about new investments or stocks and bonds to avoid from people who know how to read the signs from the market.  You might even come across some great investment opportunities that would have otherwise eluded you.

5.  Group investing.  One of the advantages of being part of a club like this is that you may be able to invest as a group.  This will allow you to realize greater diversity in your ventures, benefit from the experience of more seasoned investors, and ultimately maximize your profits.

Emma Martin writes for The Guestlist Club where you can find info on China White, the hottest club in London.

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