Register: Apple Podcasts | Google Podcasts | Spotify | Amazon Music | RadioPublic | Stitcher | RSS
You have undoubtedly met people who have made a lot of money in the stock market and dreamed that you could be one too. If that’s you, I have good news. You it can be learn to be a successful investor, make money and maybe make friends while you’re at it.
How? By joining an investment club. Today we welcome Ionnie McNeill, a member of the National Association of Investors, to give us the lowdown.
You can download the episode wherever you get your podcasts:
Don’t forget to check out our podcast page for other episodes designed to help you make the most of your money.
What is an investment club?
Our guest Ionnie talks about joining an investment club and how it has helped him and others become better investors. While it’s easy to start investing no matter how much money you have, sometimes it helps to learn from others. Also, investment clubs can provide support.
For an index investor like me, joining the club may not make sense. However, if you want to learn how to evaluate stocks and understand the metrics you can use when selecting stocks for your portfolio, an investment club can help.
Ionnie walks us through the mechanics of his club and how it works to help new investors learn. Additionally, being part of an investment group can encourage you, even as a seasoned investor, to apply principles that will benefit your portfolio in the long run.
We also talk about other types of investment clubs beyond stocks, such as those that focus on real estate and other asset investments, that you can join based on your interests.
How to avoid investment club scams
Unfortunately, whenever you have a good thing, someone almost always wants to cheat on you. The same is true of investment groups. There are a number of financial scams that make up investment clubs.
Ionnie helps us understand some of the red flags of fraud to watch out for:
- A stranger approaches you online, through social media or a texting app.
- There is no real screening process. A legitimate investment club usually has requirements to join and a process that allows you to determine if you qualify.
- There is a focus on day trading or getting rich quick.
- The material selection process is not transparent, and you are told that there is little participation.
Ionnie suggests joining the American Association of Individual Investors, which can help you find portfolio models and principles, and checking out BetterInvesting.org, which can help you find (or start) an investing club.
Meet this week’s guest, Ionnie McNeill
Ionnie McNeill is a long-time BetterInvesting member and volunteer, having first joined as a youth member. Currently, he serves as a BI national board member and president of the BetterInvesting South Florida Chapter.
In the summer of 2020, Ionnie and 26 other people started the South Florida Model Investment Club, which welcomes guests to come and see how an investment club is run with the principles of BetterInvesting.
“Baby Billionaire’s Guide to Investing” is his children’s book that explains the importance of early investing and the power of compounding profits. He hails from Miami, Florida and is a proud graduate of Howard University.
Don’t listen to podcasts?
A podcast is a radio program that you can listen to anywhere and anytime, by downloading it to your smartphone, or by listening online. They are great for reading and entertainment when you are in the car, doing chores, running or riding your bike.
You can listen to our latest podcasts here or download them to your phone from anywhere, including Apple, Spotify, RadioPublic, Stitcher and RSS.
If you haven’t listened to our podcast yet, give it a try, and subscribe. You’ll be glad you did!
About the hosts
Stacy Johnson founded Money Talks News in 1991. He is a CPA, and has obtained licenses in stocks, commodities, primary options, mutual funds, life insurance, securities manager and real estate.
Miranda Marquit, MBA, is a financial expert, author and speaker. He has been covering finance and investment topics for nearly 20 years. When she’s not writing and podcasting, she enjoys traveling, reading and the outdoors.
Source link