| The number of investment clubs is on the rise, but | | | | implementation of knowledge |
| there is a secret to keeping a club alive and | | | | To help members, it is a good idea to set up |
| prosperous in the current market. It is no longer | | | | "accountability partners" made up of no more than 3 |
| enough to just pool money. The investor who joins a | | | | people in a group. Partners can set up times to |
| club simply for that purpose is sure to fail, probably | | | | discuss problems, questions, things they've |
| bringing the club down with it. In every club that is | | | | discovered, etc. Accountability meetings should be |
| successful, it is assured there is an "investment club | | | | weekly at a set time, via internet, telephone, or in |
| education" plan in place as part of the club's | | | | person. They should be concise and to the point, |
| agreement. | | | | lasting only 10 or 15 minutes. Each person should |
| A good education plan will define the following: | | | | report on the following: |
| 1. What each member is interested in learning about | | | | - Successes made toward goals. |
| the market | | | | - Problems/questions the other partner(s) can help |
| 2. What goals each member has to further their | | | | with. |
| education | | | | - Steps to be taken in the next week toward end |
| 3. What steps will each member be responsible for to | | | | goal. |
| reach those goals | | | | A timeframe for the length of the accountability |
| 4. How the acquired knowledge will come back and | | | | partnerships should be set up, preferably lasting no |
| benefit the club | | | | longer than 8 weeks. At that time, new groups |
| 5. How to implement the acquired knowledge into the | | | | should be formed. This allows for the members of |
| goals of the club | | | | the club to get to know each other better, making |
| 6. Plans to continue education and growth | | | | for smooth overall running of the club. |
| 7. Annual assessment of educational goals and | | | | |