Starting a Personal Finance Club/Network at Work: Good idea?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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AndroAsc
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Starting a Personal Finance Club/Network at Work: Good idea?

Post by AndroAsc » Wed Jan 06, 2016 1:50 pm

The company I am working for has an infrastructure to setup clubs/networks (e.g. toastmaster network, basketball clubs, etc. that sort of thing). These clubs/networks are also employees-only.

Obviously, there is nothing related to personal finance or investments. I was thinking of starting one, it would cover the entire personal finance scope - investments, credit/debt, budget, managing finances, taxes & related laws, mortgages, basically the stuff that we discuss on Bogleheads. It would also be "independent" from any financial institution; our company does have some personal finance related talks but those are often given by somebody representing a financial institution and have a limited signup capacity - I have not been to one of those, but my guess is that it's just an hour sales presentation.

Would this be a good idea? With the utter lack of interest in personal finance in America, I'm afraid I will not get much of a response. Also, I would not want it to become a "lecture", where I am the one with all the knowledge and basically just giving lessons for various topics on personal finances. Ideally, I would like it to be collaborative/sharing, like what we have here. I do like to talk about personal finances, but I understand for most people that's like pulling teeth. Yes, I geek out about how to optimize taxes, hacks to make my budgeting easier, what's the best checking account, etc...

I don't suppose anyone has tried something similar at their workplace? Did it take off or was it a massive flop? Any ideas on how to start one, assuming it's worth starting?

barnaclebob
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Re: Starting a Personal Finance Club/Network at Work: Good idea?

Post by barnaclebob » Wed Jan 06, 2016 2:19 pm

Seems like it would be as much fun as a club dedicated to discussing the presidentional election... You'll get a wide variety of differing and staunch opinions. Many people will thing that their way is the right way. My experience has also been that bogleheads are usually quiet about their investments because there isnt much to talk about while stock pickers are always looking to explain why they thing they are right.

4th and Inches
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Re: Starting a Personal Finance Club/Network at Work: Good idea?

Post by 4th and Inches » Wed Jan 06, 2016 2:30 pm

I personally think it is a bad idea to do this in the workplace.

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Toons
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Re: Starting a Personal Finance Club/Network at Work: Good idea?

Post by Toons » Wed Jan 06, 2016 2:31 pm

4th and Inches wrote:I personally think it is a bad idea to do this in the workplace.

+1
I agree . :happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

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saltycaper
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Re: Starting a Personal Finance Club/Network at Work: Good idea?

Post by saltycaper » Wed Jan 06, 2016 2:32 pm

Might be tough to get widespread participation since there would be no anonymity. I imagine a flat, collaborative structure would inevitably require people to divulge personal financial information, even indirectly. Would people want to share? Would people feel they could voice their opinions among colleagues with wide ranges of education on the topic, different levels of seniority, and different confidence levels? Part of the reason this forum works is because posters can remain anonymous if they wish. A new poster can question something said by a seasoned professional working in the industry. How would that play out if they were co-workers and other co-workers were observing the interaction? Sounds messy.
Quod vitae sectabor iter?

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HueyLD
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Re: Starting a Personal Finance Club/Network at Work: Good idea?

Post by HueyLD » Wed Jan 06, 2016 2:33 pm

Religion, politics and money talks do not go well in a work place.

Try your club outside of work.

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saltycaper
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Re: Starting a Personal Finance Club/Network at Work: Good idea?

Post by saltycaper » Wed Jan 06, 2016 2:39 pm

I'm also reminded of an investment club started by several instructors while I was in school c1999. They pooled their money and invested in stocks. One of them told me how great the club was doing because she had convinced her fellow club members to invest in Lucent. I wonder what happened to that club a couple years later.

I know your idea is not an investment club, but I think similar concerns apply. If someone takes action based on something they heard/learned in the club and it turned out poorly for them, that could be an uncomfortable situation. I guarantee it will happen, as people are overly focused on the short term, so even if it works out for that person in the long run, it won't matter.
Quod vitae sectabor iter?

mpowered
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Re: Starting a Personal Finance Club/Network at Work: Good idea?

Post by mpowered » Wed Jan 06, 2016 2:46 pm

The whole idea of personal finance (for me at least) is to gain fiscal freedom and get out of the rat race. Seems like it would be a bad idea to discuss how best to quit your job with other people at work.

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AndroAsc
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Re: Starting a Personal Finance Club/Network at Work: Good idea?

Post by AndroAsc » Wed Jan 06, 2016 2:50 pm

My subconscious was telling me it was a bad idea, which is why I probably posted here first.

Thanks for reminding me how many ways things can go wrong.

Non7WoodUser
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Re: Starting a Personal Finance Club/Network at Work: Good idea?

Post by Non7WoodUser » Wed Jan 06, 2016 3:05 pm

Not a good idea at work... Never want to show your cards regarding financial health or political preferences.

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