Money Clubs

Financial Planning for WomenJean Lown, FCHD Dept., USUPowerPoint by Tiffany SmithSeptember 14, 2005

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Your Financial Goals

List your top 3 financial goals List friends, relatives or co-workers who

share similar goals

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What is a Money Club?

A place where a group of people get together and share thoughts, ideas, and goals about money, planning, finance.

A way to learn about finances A way to reach your financial goals

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Why Start a Money Club?

You don't have to know much about money to join a club - you just need a desire to improve your relationship with money

Friends in the Money Club provide the encouragement that each member needs to succeed

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Who to Start a Club with?

People who share similar interests, goals, and backgrounds.

There is a strong need for common ground so members can understand each other and contribute.

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How to Find Members for the Club

People you know– Friends– Co-workers

The Internet is another place to look– Meetup.com

• helps you find existing clubs, or

• matches you with prospective members if you would rather start your own.

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Finding Members for the Club

– Moneyclubs.com • 33 money-club curriculums available for

downloading that you can use to facilitate meetings. You can also search the site for a group (typically oriented toward women) in your area.

– Morethanmoney.org• You can sign up for a free trial of the quarterly

magazine that some of the More Than Money clubs use as the basis for discussion.

• search the site to see whether there's a group in your area or to find other people to start a new one

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Investment Clubs

– Better-investing.org• If you prefer to join an old-style investment club,

get the lowdown on starting a group at this site, the online home of the National Association of Investors Corporation.

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Reasons for Forming a Club

Individual Goals Saving for retirement Diversifying a portfolio Paying down debt Saving for children’s education Investing in real estate or buying a home

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Keys to a Successful Club

Pick a leader– Or rotate leadership chores– Stay Organized– For your club to be successful, you need to

remain ambitious and on top of your own finances so that you can set the example as the leader

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Keys to a Successful Club

Meet Once a Month– More than that is a burden; less and people lose interest

Meet Regularly at a Set Time and Place • Having to deal with sporadic meetings at various

locations can not only derail people's focus on their goals, it can lessen their drive to attend.

• You can alternate hosting the meetings at your homes, but many clubs opt to choose a permanent, neutral space, such as a coffeehouse, restaurant or community center.

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Keys to a Successful Club

Celebrate Successes• When a member achieves a financial goal,

enjoy the fact that the club has contributed to that success and plan to give a prize, such as a gift certificate for that member's favorite store.

• How to fund prizes?

• Achievement in others sparks drive and competition, encouraging everyone to do well.

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Keys to a Successful Club

Have 6-10 members...– Small groups may be socially awkward. – Larger groups have higher retention.

But fewer than 20 members– Too many members makes it is hard to find a

meeting place– Too much management required

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Internet Resources

Women's Institute for Financial Education – www.wife.org– http://www.moneyclubs.com/

Meetup.com Morethanmoney.org Better-investing.org

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Start with a curriculum

Investing for your Future http://www.investing.rutgers.edu/

Planning for a Secure Retirement http://www.ces.purdue.edu/retirement/

Money 101 http://money.cnn.com/pf/101/ Check out FPW web site for more web sites

http://www.usu.edu/fpw/

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Questions? Comments?

Ideas to share?