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Investment clubs are a great way to learn how to invest in stock or real estate. They are becoming increasingly popular. It is wise, however, to follow some simple guidelines before joining an investment club to be sure that you know what you're getting into.
1 Local vs. online investment clubs
If you enjoy socializing or face-to-face interactions, then joining a local investment club may be the best option for you. Members typically meet once a month. Local investment clubs often invite investing professionals or experts to speak at meetings. These talks are excellent opportunity for members to learn from others' investing experience and to ask questions.
You can easily find local investment clubs through word of mouth. Ask colleagues, neighbors, friends and relatives for recommendation. Chances are they may belong to a local club or know of someone who is a member of a local club.
Online investment clubs offer convenience. They typically have virtual chat rooms or forums where people can post questions and answers. If you do not have as much time to mingle with others or attend local meetings, then you may be invited to join an online investment club.
2 Investment capital
Determine how much you can afford to invest. Some clubs have set minimums that must be met for investments. The beauty of investment clubs is that members pool their money to invest jointly. So, you do not need to have massive capital to begin investing.
3 Investment period
Make sure that you find out how long your money will be tied up before making any investments. Some clubs have set rules on the minimum length of time for an investment. Do not get stuck paying a penalty that will negate any potential profits from your investment.
4 Beware of scams
Get rich quick schemes are abound, especially on the Internet. If something looks too good to be true it probably is. Most legitimate clubs do not charge joining fees. Before joining an online investment club, check out its reviews by other members. Determine how long the club has been running and its investment performance.
5 Read the fine print
Before signing anything, read everything over thoroughly. Be sure that you understand your commitment and are comfortable with the terms and conditions of the investment club. Check for any hidden fees or penalties for early withdrawals.
Investment clubs can be interesting and fun way to learn and invest. As long as you make wise decisions and keep a diverse portfolio you will likely be able to make some decent profits through your investment club.