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                                                     OMB Number: 3235-0145
                        UNITED STATES                Expires: December 31, 1997
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                                  SCHEDULE 13D
                                 (Rule 13D-101)

                    Under the Securities Exchange Act of 1934
                               (Amendment No. __)



                         Individual Investor Group, Inc.
                                (Name of Issuer)


                          Common Stock, $.01 par value
                           (Title Class of Securities)



                                 (CUSIP Number)

                                Robert H. Schmidt
                       c/o Individual Investor Group, Inc.
                            1633 Broadway, 38th Floor
                            New York, New York 10019
       (Name, Address and Telephone Number of Person Authorized to Receive
                          Notices and Communications)


                                  May 20, 1997
             (Date of Event which Requires Filing of this Statement)





If the filing person has previously  filed a statement on Schedule 13G to report
the  acquisition  which is the subject of this  Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box    |_|.

Note: Six copies of this statement, including all exhibits, should be filed with
the  Commission.  See Rule  13d-1(a) for other  parties to whom copies are to be
sent.

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for  any  subsequent   amendment   containing   information  which  would  alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).




                                Page 1 of 5 Pages





                              SCHEDULE 13D
- -----------------------                        ---------------------------------
CUSIP No.   455907105                                    Page 2 of 5 Pages
- -----------------------                        ---------------------------------

- --------------------------------------------------------------------------------
1         NAME OF REPORTING PERSON
          S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                   Robert H. Schmidt
- --------------------------------------------------------------------------------
2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*            (a)|_|
                                                                       (b)|_|

- --------------------------------------------------------------------------------
3         SEC USE ONLY

- --------------------------------------------------------------------------------
4         SOURCE OF FUNDS*

                   PF - Used to acquire shares owned of record
                   00 - No funds used to acquire options
- --------------------------------------------------------------------------------
5         CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
          ITEMS 2(d) OR 2(e)                                     |_|

- --------------------------------------------------------------------------------
6         CITIZENSHIP OR PLACE OF ORGANIZATION

                   United States
- --------------------------------------------------------------------------------
                   |   7        SOLE VOTING POWER
                   |
                   |                 377,333
        NUMBER OF  |------------------------------------------------------------
         SHARES    |   8        SHARED VOTING POWER
      BENEFICIALLY |
        OWNED BY   |
          EACH     |------------------------------------------------------------
        REPORTING  |   9        SOLE DISPOSITIVE POWER
         PERSON    |
          WITH     |                 377,333
                   |------------------------------------------------------------
                   |   10       SHARED DISPOSITIVE POWER
                   |
                   |
- --------------------------------------------------------------------------------
11        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                   377,333
- --------------------------------------------------------------------------------
12        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*

- --------------------------------------------------------------------------------
13        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                   5.78
- --------------------------------------------------------------------------------
14        TYPE OF REPORTING PERSON*

                   IN
- --------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
          INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
      (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.



                                                                           





Item 1.           Security and Issuer

         The class of equity  securities to which this statement  relates is the
Common Stock, $.01 par value, of Individual Investor Group, Inc.  ("Issuer"),  a
Delaware  corporation,  whose  principal  executive  offices are located at 1633
Broadway, 38th Floor, New York, New York 10019.


Item 2.    Identity and Background

         This statement is filed on behalf of Robert H. Schmidt,  an individual,
who is a citizen of the United States.  Mr.  Schmidt's  business address is 1633
Broadway, 38th floor, New York, New York 10019. Mr. Schmidt is the President and
Chief  Operating  Officer of the  Issuer.  The Issuer is a Delaware  corporation
engaged in the financial  information  business,  including the  publication  of
Individual  Investor,  Special  Situations  Report  and  Ticker,  and  providing
investment  management services to private investment funds through wholly-owned
subsidiaries.

         During the last five years,  Mr.  Schmidt has not been convicted in any
criminal proceeding (excluding traffic violations or similar misdemeanors).

         During the last five  years,  Mr.  Schmidt  has not been a party to any
civil proceeding of a judicial or administrative body of competent  jurisdiction
resulting in any judgment,  decree or final order enjoining him from engaging in
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violation with respect to such laws.


Item 3.  Source and Amount of Funds or Other Consideration

         Mr. Schmidt  acquired the 14,000 shares of Common Stock owned of record
in the  open  market  with  personal  funds.  Mr.  Schmidt  acquired  beneficial
ownership of the 363,333 shares of Common Stock of the Issuer referred to herein
pursuant to three grants of employee stock options issued in connection with his
employment as President and Chief Operating Officer of the Issuer.


Item 4.  Purpose of Transactions

         Mr. Schmidt  acquired record ownership of 14,000 shares of Common Stock
as an investment and  beneficial  ownership of 363,333 shares of Common Stock in
connection with his employment with the Issuer. Mr. Schmidt has no present plans
which relate to or would result in: an extraordinary corporate transaction, such
as a merger,  reorganization or liquidation,  involving the Issuer or any of its
subsidiaries; a sale or transfer of a material amount of assets of the Issuer or
any of its  subsidiaries;  any  change  in the  current  board of  directors  or
management of the Issuer,  including any plans or proposals to change the number
or term of  directors  or to fill  any  existing  vacancies  on the  board;  any
material change in the present  capitalization or dividend policy of the Issuer;
any other  material  change in the  Issuer's  business or  corporate  structure;
changes in the Issuer's charter, by-laws or instruments corresponding thereto or
other actions which may impede the  acquisition  of control of the Issuer by any
person;  causing  a class of  securities  of the  Issuer to be  delisted  from a
national  securities  exchange or to cease to be  authorized  to be quoted in an
inter-dealer  quotation system of a registered national securities  association;
causing  a class of  equity  securities  of the  Issuer  becoming  eligible  for
termination of registration  pursuant to Section  12(g)(4) of the Securities and
Exchange Act of 1934; or any action similar to the above.

Item 5.  Interest in Securities of the Issuer

         (a) Mr.  Schmidt is the record  owner of 14,000  shares of Common Stock
and the  beneficial  owner of 363,333 shares of Common Stock pursuant to certain
option agreements described below. In addition, Mr. Schmidt, during the next two
years will become the  beneficial  owner of an  aggregate  of 213,333  shares of
Common  Stock as the right to purchase  these  shares of Common Stock vest under
the options agreements described below.


                                Page 3 of 5 Pages





     Mr. Schmidt holds options to acquire  560,000 shares of Common Stock of the
Issuer, as follows:

                  (i) An option to acquire 400,000 shares of Common Stock of the
Issuer  pursuant to a written option  agreement dated July 27, 1994. This option
is vested as to 293,332  shares of Common Stock and will continue to vest at the
rate of  8,333.33  shares of Common  Stock on the first of each month  until and
including July 1, 1998, during Mr. Schmidt's employment with the Issuer.

                  (ii) An option to acquire 80,000 shares of Common Stock of the
Issuer  pursuant to a written option  agreement dated June 23, 1995. This option
is  vested as to 26,667  shares of Common  Stock and will vest as to 26,667  and
26,666  shares of Common Stock on June 23, 1996 and 1997,  respectively,  during
Mr. Schneider's employment with the Issuer.

                  (iii) An option to acquire  80,000  shares of Common  Stock of
the issuer  pursuant to a written option  agreement  dated November 4 1996. This
option vests as to 26,667, 26,667 and 26,666 shares of Shares of Common Stock on
November 4, 1997, 1998 and 1999,  respectfully,  during Mr. Schmidt's employment
with the Issuer.

         (b) Mr. Schmidt has sole voting and  dispositive  power over the 14,000
shares of Common Stock owned of record,  and upon issuance of the 560,000 shares
of Common  Stock  after  exercise  of the options  described  in Item 5(a),  Mr.
Schmidt will have sole voting and dispositive  power over those shares of Common
Stock.

         (c) Mr.  Schmidt  acquired  the 14,000  shares of Common Stock owned of
record more than six months ago. The option agreements were acquired on July 27,
1994,  June 23,  1995 and  November  4, 1996 in  connection  with Mr.  Schmidt's
employment with the Issuer.


Item 6.  Contracts, Agreements, Understandings or Relationship with Respect to
         Securities of Issuer

         See the option agreements described in Item 5(a).


Item 7.  Materials to be Filed as Exhibits

1.   Stock Option  Agreement  dated July 27, 1994,  between Mr.  Schmidt and the
     Issuer  (Incorporated  by reference to Exhibit 10.29 to Form 10-QSB for the
     quarter ended June 30, 1994)

2.   Stock Option  Agreement  dated June 23, 1995,  between Mr.  Schmidt and the
     Issuer  (Incorporated  by reference to Exhibit 10.34 to Form 10-KSB for the
     year ended December 31, 1995)

                                Page 4 of 5 Pages




                                   SIGNATURES

                  After  reasonable  inquiry and to the best of my knowledge and
belief,  I certify  that the  information  set forth in this  statement is true,
complete and correct.


Dated: May 20, 1997
                                                   By: /S/ Robert H. Schmidt
                                                      ------------------------
                                                          Robert H. Schmidt

                                Page 5 of 5 Pages