EXHIBIT 5.1
                            Graubard Mollen & Miller
                                600 Third Avenue
                          New York, New York 10016-2097


                                                     December 11, 1996



Individual Investor Group, Inc.
1633 Broadway
38th Floor
New York, New York 10019

Dear Sirs:

         Reference   is  made  to  the   Registration   Statement  on  Form  S-8
("Registration Statement") filed by Individual Investor Group, Inc. ("Company"),
a Delaware  corporation,  under the Securities Act of 1933, as amended  ("Act"),
with respect to an aggregate of 2,020,000 shares of common stock, par value $.01
per share  ("Common  Stock"),  to be offered by the Company  under the Company's
1996 Performance  Equity Plan, 1996 Management  Incentive Plan and certain other
employment stock option plans under separate written agreements ("Plans").

         We have examined such documents and considered such legal matters as we
have deemed necessary and relevant as the basis for the opinion set forth below.
With  respect  to such  examination,  we have  assumed  the  genuineness  of all
signatures,  the authenticity of all documents submitted to us as originals, the
conformity to original documents of all documents  submitted to us as reproduced
or  certified  copies,  and the  authenticity  of the  originals of those latter
documents.  As to questions of fact  material to this  opinion,  we have, to the
extent  deemed  appropriate,  relied  upon  certain  representations  of certain
officers and  employees  of the  Company.  We have also assumed that in granting
future  awards under the 1996  Performance  Equity Plan and the 1996  Management
Incentive  Plan,  the  Board of  Directors  of the  Company  or the  appropriate
committee  thereunder will exercise its discretion in establishing  the terms of
such awards within the  permissible  limits of the law of the State of Delaware.
We have also assumed that, in granting  future awards under the 1996  Management
Incentive  Plan,  all awards  granted prior to the  stockholders  of the Company
approving  such plan, if at all, such awards will be subject to and  conditioned
upon stockholder approval of such plan.

         Based upon the foregoing, it is our opinion that the Common Stock to be
issued by the Company under the Plans, when sold in accordance with the terms of
the Plans and the  individual  instruments  governing  their  issuance,  will be
legally issued,  fully paid and  nonassessable,  although they may be subject to
contractual restrictions established by the applicable Plans or instrument.

         In giving this opinion,  we have assumed that all  certificates for the
Company's shares of Common Stock, prior to their issuance, will be duly executed
on behalf of the Company by the Company's  transfer  agent and registered by the
Company's registrar, if necessary, and will conform, except as to denominations,
to specimens which we have examined.

         We hereby  consent  to the use of this  opinion  as an  exhibit  to the
Registration  Statement,  to the  use of our  name as  your  counsel  and to all
references  made  to us in the  Registration  Statement  and  in the  Prospectus
forming a part thereof.  In giving this consent,  we do not hereby admit that we
are in the category of persons whose consent is required  under Section 7 of the
Act, or the rules and regulations promulgated thereunder.

                                                  Very truly yours,

                                                  /s/ Graubard Mollen & Miller

                                                  GRAUBARD MOLLEN & MILLER



                                       62