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Money Clubs. Financial Planning for Women Jean Lown, FCHD Dept., USU PowerPoint by Tiffany Smith September 14, 2005. Your Financial Goals. List your top 3 financial goals List friends, relatives or co-workers who share similar goals. What is a Money Club?.

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Money clubs

Money Clubs

Financial Planning for Women

Jean Lown, FCHD Dept., USU

PowerPoint by Tiffany Smith

September 14, 2005


Your financial goals
Your Financial Goals

  • List your top 3 financial goals

  • List friends, relatives or co-workers who share similar goals


What is a money club
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


Why start a money club
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


Who to start a club with
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.


How to find members for the club
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.


Finding members for the club
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


Investment clubs
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.


Reasons for forming a club
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


Keys to a successful club
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


Keys to a successful club1
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.


Keys to a successful club2
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.


Keys to a successful club3
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


Internet resources
Internet Resources

  • Women's Institute for Financial Education

    • www.wife.org

    • http://www.moneyclubs.com/

  • Meetup.com

  • Morethanmoney.org

  • Better-investing.org


Start with a curriculum
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/


Questions comments
Questions? Comments?

  • Ideas to share?


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