Creating an association of investors, for investors, and by investors, has been one of my goals for some time now. In this day and age, such an association can, and should exist as an online community.
I would like such an online community for DIY investors to nucleate around freefincal, at least for a start. I write this to lay down some thoughts on the matter and more importantly to seek your opinion and suggestions for the same.
Before I do that, let me first say,
Hundreds of investors have generously contributed to the support freefincal fund. As mentioned earlier, the fund will only be used for generating content for freefincal, videography and the like. It is not a source of income for me.
The fund will be open for contributions all year long with a message at the bottom of every post. I hope to procure resources (databases and analytical tools) which investors do not usually have access to and generate reports (literally!) and accessible research from it. Such things constitute a recurring expense. Hence, the contribute-request has to be open at all times.
Hosting expenses for the current year and perhaps for the next couple of years have been fully paid for, thanks to these contributions. In fact, this occurred within 15 to 30 minutes of asking for support!
To mark this kind gesture by readers, thought of modifying the freefincal logo.
Yes freefincal has a logo! It is the mirror reflection of the percentage symbol. Don’t ask me why I chose that!
This is the old logo:
The new logo:
Hope you like it.
I was wondering if the dividing slash should remain. Decided to go with it as I would like it to signify individuality of the readers.
Thank you all, for your support and generosity.
Online community for DIY investors
Back to the main subject of this post. These are my thoughts about the objectives:
1) Membership will be free.
2) All are welcome (advisors and financial planners are DIY investors too!)
3) No free lunch. Questions like, ‘have a look at my mutual fund selection to help me decide’, ‘which term policy should I buy?’ will be shown the door. Q/A will only one aspect of the community portal.
4) The main aim of the community is to spread the message that:
money management is simple. No one cares about your money as you do. So take action, perform simple initial steps and set up an auto-pilot. Keep it simple, ignore noise, and focus on other hobbies or interests (instead of obsessing about personal finance)
Members should encourage each other and the investor community in general to nurture confidence and conviction to take independent financial decisions.
5) The community should hire the best minds in the business to share their knowledge with members in different parts of the country.
6) Financial advisory free from conflict of interest will be promoted. Investors who wish to hire professional help will be encouraged to hire fee-only financial planners.
What do you think about this idea? Would you like to be part of such a community? If yes, can you suggest a nice sounding name for the community?
Please let me know your ideas on the subject.