The Money Club: Is Your Financial Future Safe? What Every Woman Should Know

They call themselves the Money Club; the New York Times has dubbed them the ""Park Avenue women."" Whatever they're called, this upscale, sophisticated group clearly has become as savvy as the Beardstown Ladies. Structuring their investment club, whose fluctuating membership at the time of writing this guide numbered 39, as a limited liability company, the group charges $1100 as an entrance fee, plus $100 monthly for investment and an additional $15 for administrative expenses. And since the Money Club's focus is less on making money for itself than on providing financial education--the group includes partners in law firms, the wives of Revlon's CEO and New York City's police commissioner--the book covers seemingly everything one needs to know to become secure financially: how to manage investments (the authors advocate full-service brokers over discount firms), asset allocation and dollar-cost averaging; the types of insurance one needs, from medical to property; how to protect oneself financially in a divorce (the initiator, before tipping her hand to her spouse, should photocopy all pertinent financial documents). Since most readers don't have access to the experts the Money Club invites to address its meetings, readers will find this guide, assembled by a specialist in retirement planning, a president of a p.r. firm and a columnist for Family Circle, respectively, the next best thing to formally joining such a group. (Sept.)