Teen Investor?
Question:
I've read many business books and one stock book dedicated to teens. Should I meet with a local stock broker to learn more information? I don't have alot of money - less than 2k in my account. Would penny stocks in NASDAQ, OTCBB and Pink Sheets be a good fit for me?
Thank you.
Answer:
Penny stocks cost pennies for a reason. If you're very limited in your resources, you may want to look at buying a tracking stock like QQQQ or one that tracks the Dow 30. Your investment will grow with the market. Many investors cannot beat the market. A lot of people want to get rich quick off the pennies, It is VERY hard to do. If you have your heart on trading stocks, check out the Motley Fool. They are cheerleaders sometimes but, you'll get some good strategies for investment. My best resource for stocks is The investors Business Daily. Pick up a Monday Edition of the IBD to give you some ideas on stocks. Still having said that, you should go the safer route of tracking stocks.
i suggest you wait a couple years like till 18 get a part time job (even ice-cream places pay good! like cold stone) and save the money to bt a better stock when you r 18. talk to your parents its a hard task
good luck!!
Penny stocks are not worth buying, and with that little cash you should only consider investing it into RRSP or buying short term Bonds, this way you'll be sure that you are going to make some cash and not lose anything. When you collect more money, say 10,000 then you can get into investing on the stock market, but I would suggest a stock brocker option or do it yourself with ETrade
http://www.crtindex.com/ - Best online source for Canadian Retail and Trade companies.
I suggest you begin investing now if you have extra cash sitting around. Why start a business when you can basically own one run by pros? Id stay away from penny stocks at least until you get experience. I suggest you get an aggressive mutual index fund through Vanguard. After you some experince there then move on to stocks...Watch Mad Money on cnbc to learn stocks while your waiting..
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