You've undoubtedly met people who have made a lot of money in the stock market and dreamed you could become one, too. If that's you, I've got great news. You can learn to be a successful stock investor, make some money and maybe some friends while you're at it.

How? By joining an investment club. Today we welcome Ionnie McNeill, a member of the nonprofit National Association of Investors to give us the lowdown.

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What is an investment club?

Our guest, Ionnie, talks about joining an investment club and how it's helped her and others become better investors. Even though it's relatively easy to start investing no matter how much money you have, sometimes it helps to learn from others. Plus, investment clubs can also provide support.

For an index investor like Miranda, joining a club might not make sense. However, if you want to learn how to evaluate stocks and understand the metrics to use when picking stocks for your portfolio, an investment club can help.

Ionnie takes us through the mechanics of her club and how it works to help new investors learn. Additionally, being part of an investment club can motivate you, even as a seasoned investor, to implement principles that will benefit your portfolio over time.

We also talk about other types of investment clubs beyond stocks, like those that focus on real estate investing and other assets, 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 scam off it. That's the case with investment clubs as well. There are plenty of financial scams masquerading as investment clubs.

Ionnie helps us understand some of the scam red flags to watch out for:

• A stranger approaches you online, through social media or texting app.
• There's no real vetting process. A legitimate investment club usually has requirements to join and a process that allows you to see if you fit.
• There's a focus on day trading or getting rich quick.
• The asset selection process isn't transparent and you're told there's minimal participation.

Ionnie suggests joining the American Association of Individual Investors, which can help you find model portfolios and principles, and also checking out BetterInvesting.org, which can help you find (or even start) an investment club.

Meet this week's guest, Ionnie McNeill[caption id="attachment_492295" align="alignnone" width="837"] Courtesy of Ionnie McNeill / Money Talks News[/caption]

Ionnie McNeill is a longtime BetterInvesting member and volunteer, originally joining as a youth member. Currently, she is serving as a BI National Board Member and the 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 visitors to come and observe how an investment club is run on BetterInvesting Principles.

"The Baby Billionaire's Guide to Investing" is her children's book explaining the importance of investing early and the power of compound interest. She is originally from Miami, FL and is a proud graduate of Howard University.

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About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors