Magazine article Black Enterprise

Going beyond Investing: The Az One Investment Club Provides Its Members with Credit Counseling and Other Financial Services. (Investment Clubhouse)

Magazine article Black Enterprise

Going beyond Investing: The Az One Investment Club Provides Its Members with Credit Counseling and Other Financial Services. (Investment Clubhouse)

Article excerpt

Sometimes, to have a strong functioning investment club, you have to do more than simple investing. Bayonne, New Jersey-based Az One (pronounced As One) Investment Club discovered that to get their organization up and running, members would first have to teach each other the basics of investing, then provide assistance to themselves in various aspects of their finances, including debt management and tax reduction. Their efforts have been so successful that Az One club members produce a local community newsletter and provide seminars on investing.

The club was formed in April 2000 after Az One President Phillip Curtis and several family members began discussing entrepreneurial preneurial ventures at a family gathering. Curtis says, "None of us knew the first thing about the stock market." So Ted Borroum, the club's advisor, volunteered to teach club members about investing. Borroum, who is an assistant vice president and senior programmer analyst for a major Wall Street investment bank, used a patient, detailed teaching style, and when tackling difficult subject matter, he says, he sought to break it down. "I'd speak in terms everyone could understand," he explains.

Borroum says that after about five meetings, the group of 21 friends and family members, who range in age from 16 to 68, was ready to begin investing. While learning the fundamentals, members had been making their monthly contributions of $50. They were split into groups that researched different industry sectors such as food, technology, pharmaceuticals, or automotives. …

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