[mage lang="" source="flickr"]micro penny stocks[/mage]
What should I do with the cash?
I have had a Scottrade account for about 2.5 years. I’m 18 now. I haven’t done much with it in the past 6 or so months, and now I want to get back at it.
Here is what I have now:
WLSI 18,600 $1.86
PHMB 459,200 $45.92
OPGX 2,000,000 $200
HGLC 555,000 $55
EESO 19500 $13.65
I am trying to dump most of what I have, but there’s not much volume on these micro-penny stocks.
So, what should I buy with the $183?
I realize Y!A is not the best source, but it does include a multitude of opinions and knowledge with can be valuable. I also do not need a lecture on the evils of penny stocks. All I want is advice on how to clean up my mess.
Penny stocks are not a great investment. Buy a stock that pays a dividend each quarter. Honestly I’d sell all that stuff and put your money into a single investment. I’d put all the money into a FDIC insured money market fund and add to it until you have $1000 dollars and then invest it in a mutual fund that invest in fixed income (bonds). Set it up so that the dividends are reinvested. Then keep adding money to the money market fund until you have another $1000 dollars and then buy more shares of the same fund you bought previously. Its best to invest money in blocks of $1000 when buying mutual funds and bonds, and buy 50 shares of stock at a time. Penny stocks rarely make money.
A plan for your consideration:
1. Buy $5000 worth of low-medium risk fixed income mutual funds first.
2. Invest your next $5000 in stocks of consumer products companies.
3. Buy $5000 more of #1.
4. Invest then next $5000 in more stocks.
5. Now that you have good foundation started you can invest in more risky investments.
Supplement #1 keep @$200 in cash in your account at all times.
Supplement #2 set up separate IRA and non-retirement accounts.
The IRA should start off conservative then start buying growth stocks. You’ll need to do some research to figure out which ones will meet your needs.
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