You've probably heard of the expression, "There's strength in numbers." Well, this also can be applied to investing. Specifically, I'm talking about investing your time, money and efforts with a group in an investment club.

For the novice investor, an investment club can give you a sense of security and can be great for learning the ins and outs of the market.

So, what exactly is an investment club? Well, put quite simply, it is a group of investors with similar goals who want to make the most of their money and minimize their risk.

The key to a successful investment group is to have like- minded individuals as members. For example, people who want to invest for the long term and not the short term would make a successful group together, because they share the same goals.

Along with finding like-minded investors, you also want to mix up the variety of your group in terms of expertise. In any type of investment club, it's important to cover all the bases. Choose investors who have different skills to bring to the table and who have useful skills to contribute.

Also make sure that the people who join are willing and able to both do the research that each member should do and attend meetings and participate in more than just collecting the money.

No one, including yourself, should get a free ride. Not only would this irritate other members, but it also shortchanges the group. The more people doing research and coming up with investments, the better. The more selection there is, the easier it will be to find a winner.

Assign some roles. Have someone take care of the money, someone else to plan your meetings and put together information, and so on. From there, agree on a monthly amount that each member should contribute. This money is pooled together, making a larger investment. This is a big investment for a novice investor or someone with limited money.

Make sure that everyone agrees on the amount beforehand. If someone is unsure, then you can almost bet that they will either "forget" to pay one month or come up short another month. The last thing you need is a hassle when you should be having some fun with this group.

Another big benefit of the group dynamic is that you are putting more minds to work. In other words, more research and more ideas mean more choice and less risk. If your expertise is in a certain industry or if you have a limited or specific researching style, then you will benefit from other people's opinions.

Come up with a plan for people to research a company alone or with a group every month or so. You can learn about multiple companies this way, and you will benefit from group decision- making.

If you're unsure of a particular investment, then someone else in the group could have a reason to sway your opinion, or if you're passionate about another investment, perhaps another member can help bring some points to the table to convince the others of your vision.

Depending on the structure you choose, like a corporation, you may need to register your investment club as you would a business.

The best part is that you vote on each decision. For someone with little or no experience and little money, this offers a lot of security. It's more likely for one person to make a bad decision than it is for a group of people to agree on one.