The Motley Fool has long recommended investment clubs for beginning and experienced investors alike. Beginning investors may find it easier to learn in a group setting, where members can share insights. Seasoned investors can tap the power of leverage, as 12 people can research many more companies than one person can.
We have an Investment Club area here in Fooldom, with many tips on how to start a club, but there's a new kind of club that might be of interest to you, or some people you care about. It's a "Money Club," brought to you by the nice folks at the Women's Institute for Financial Education (WIFE).
Whereas traditional investment clubs, such as those promoted by the venerable National Association of Investors Corp. (NAIC), focus closely on the ins and outs of investing in growing companies, Money Clubs take a broader view, with members learning about personal finance issues as well. Money Clubs are also targeted explicitly to women, though men are also welcome.
As the WIFE website explains: "In Money Clubs, members discuss their money truths and dreams, encourage each other to meet savings goals, reduce debt, budget their expenses, educate children, and plan for a happy and productive retirement. In meetings, members discuss a wide variety financial topics as they support their friends in moving away from their fears and toward their financial goals."
If you're not sure whether a Money Club can help you, take this quiz. Or maybe just take a peek at your bank account, credit card statement, and brokerage account. A club can help you finally get your financial ducks in a row and can help you develop that portfolio you may have always wanted, chock-full of stock in firms like Home Depot
To get answers to your burning questions about investment clubs (or just to follow what others are saying about them), drop by our Investment Club discussion board. And if you're looking for investment ideas for yourself or a club, check out our suite of Fool Stock Newsletters, which deliver several promising ideas each month.
Longtime Fool contributor Selena Maranjian does not own shares of any companies mentioned in this article.