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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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