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ATTENTION "SINGLE FILE(R)" EDITORS: THE FOLLOWING COLUMN WAS PREVIOUSLY RELEASED IN 2018. THANK YOU. -- CREATORS

Money Smarts (Part 2)

Last week, I explained some ways to bring in more money. These are a few more imagination stirrers:

--Join or start an investment club. Your old-girl network will probably yield five or six live wires interested in pooling money and making more. But don't stop there. Reach out to co-workers and relatives who are businesspeople and interested in making money; invite them to join. Naturally, don't make any investments right away. Use the first few meetings only to establish guidelines, goals and maximum dollar amounts of contributions to the general fund. For brain picking, ask one or two stockbrokers to share their smarts with the group at the early meetings. When you do make an investment, consider using a discount brokerage house, which eliminates personal brokers and research departments -- and also much of the typical fee. (This will challenge the club to do its own research and learn about the companies that make this country run.) On the other hand, you might be able to negotiate a favorable fee structure with a full-service broker.

A few interested people, coupled with a first-rate stock letter and information from the National Association of Investors, can form a functioning nucleus of an investment group. Value Line produces respected newsletters for investors. (You might request a back issue to discuss at a meeting.) I can almost guarantee that this venture will be a practical and exciting education in economics -- and a lot of fun.

--Move into ownership. That first taste of entrepreneurship may inspire you to think about buying a business or a co-op. Small steps can chip away at the fear of ownership so prevalent within women. (Make them bite-size at first, but keep on biting.) Ask your friends for their experiences with ownership. You might sniff out other curious women interested in going into a joint venture with you. Don't get discouraged easily, but on the other hand, don't make any financial commitments too quickly. Go heavy on research and preliminary talks with bankers and accountants. And be very slow to decide and to take action.

Hint: Now is a good time to make use of the professionals you contacted in the process of completing your financial plan. You may upgrade or change them later on, but decide on at least one person for each category in your file to begin with. Your accountant is an important choice but can be replaced (if needed) later by consulting your support system.

Have a question for Susan? You can reach her directly at susan@single-file.com. We've uncovered another treasure trove of "Single File" paperbacks - in perfect condition, signed by Susan, ready to enjoy. Send $15 and your address: Susan Deitz, C/O Creators Syndicate, 737 3rd Street, Hermosa Beach, CA 90254.