The first meeting of the GEC (Group Economics Coalition) was held via zoom, on Sunday 18th October 2020. This meeting featured a brief slide introducing the GEC (Group Economics Coalition), its primary aim and objectives, along with the various types of membership. The formation of the investment club dominated the discussion, resulting in an agreement being made, for an initial contribution of $5 per day, five days a week, per member. This works out to be $100 a month, per member.
The opening of the investment club’s bank account was discussed along with the need for members to honor their commitment. It was proposed, that profit-sharing would be based on membership type, which ultimately will be pegged to the individual risk exposure of each member. Proper documentation and organization were also highlighted as a necessity in the operation of the club. All in attendance expressed their enthusiasm for this initiative and all were encouraged to prepare themselves financially inorder to take advance of the numerous opportunities expected, on returning to normal at the end of the corvid 19 restrictions. This meeting ended how it had started, on time.
“Investing is laying out money now to get more money back in the future.” Warren Buffet