Miami Florida Gay Financial Advisor
Miami Florida Gay Financial Advisor, Miami Florida Gay Financial Planner, Gay Financial Planning, Florida Gay Lesbian Financial Advisor
INVESTING AS A TEAM
This article has been published with permission of the Author Michael
When you decide to organize an investment club, your first job is to decide how the members of your club are to be chosen. There are several ways you may get a group together. If you belong to an organization such as a neighborhood social club, church group, service club, veterans organization, or other club, you may have a ready-made group of friends who will be interested. If you live in an apartment or condominium complex, you may find a number of your neighbors will be interested in joining a club with you.
Many clubs are formed by people who work together. If you plan on drawing a group from the place where you work, it is best to select just half of your members and ask each member to bring in a friend/member from outside the organization. This adds a greater variety of experience to your membership.
There are three things to keep in mind in the selection of membership for the club. Most importantly, the members should enjoy one another's company. You are beginning a long-term program which may last the rest of your life. A little variety in the occupations or interests of the members may be helpful in the club. There are, of course, many quite successful clubs where the membership has come from a single profession.
The members should agree on the kind of investment philosophy they wish to follow in order to prevent a fundamental disagreement at a later date. Very few clubs have been successful in using a short-term, speculative approach to investing. Those which have amassed large sums over the years have had a long-term investment outlook.
All prospective investment club members should be prepared to investigate and analyze securities and make periodic reports. The club offers a pleasant social opportunity, but anyone who regards the activity as simply "a night out" presents a problem for the club and may hinder its progress. The individual who recognizes that he/she is making a commitment that hopefully will involve them in a lifetime program of investing and financial study is likely to be the best member.
Finally, before going any further, be sure to consult a financial advisor who can answer organizational, tax and operational questions and provide investment direction to make your investment club experience a fulfilling one.
This article has been published with permission of the Author Michael Wallman
You can locate Michael online with the Canseco Financial Group @ Raymond James Financial Services at http://gayfinancialadvisors.com/Florida.htm