HOWARD LAKE Ten years ago Judy Mumford-Torres had an idea.
It was inspired by a book about women and money, written by a popular female financial author.
Mumford-Torres was further inspired by reading about a group called the Beardstown Ladies.
She decided to share the idea with a few close high school friends. They thought the idea was a good one, so they shared it with a few more friends, and before Mumford-Torres knew what hit her, she had started an investment club for women, dubbed WOW.
WOW stands for Women of Wealth. The group started in Mumford-Torres’ Howard Lake living room during the summer of 2007.
By the end of the year, the group had grown to 18 members.
They had a mission statement which read, “The purpose of the partnership shall be to invest the assets of the partnership in stocks, bonds, and securities for the education and benefit of the partner.”
They also had a partnership agreement. They decided each member would contribute $25 every month. The group started meeting every first Thursday of each month.
They purchased their first shares of stock in July 2008, by buying Hormel stock a company with which many of the women were familiar.
Today, the group has 14 members. Most of them have been part of the group since its inception.
WOW has a membership with the National Association of Investors Corporation and Better Investing.
The group has used tools provided by these organizations to help them learn about investing and money management.
The group is quite diverse. and includes women who work as educators, bankers, accountants, and medical, sales, public health, and small business professionals.
Through sharing their personal knowledge of various areas, and studying a group of stocks owned by the club, each individual brings something to the club, and has gained a wealth of knowledge and confidence to manage their own finances in the process.
If this sounds like an interesting adventure, contact one of the group members for more information or contact Mumford-Torres at J_Mumfordtorres@yahoo.com.