Can you get rich off of penny stocks?
Savvy investors who have learned how to make money with penny stocks have the potential to make quick profits, but the vast majority of penny stock investors will lose their shirts.
The short answer is yes, but it’s important to remember that trading penny stocks isn’t like trading normal stocks.
How much money can you make from penny stocks?
So penny-stock trading thrives. With a relatively small investment you can make a nice return if — and this is a big if — the trade works out. For example, say you buy 10,000 shares of a $.30 stock for $3,000. If the stock reaches $1, you’ve made $7,000, doubling your money.
Can you get rich off of stocks?
Here is the easiest way to get rich investing in the stock market: invest as much as you can, as often as you can, put your money in an S&P 500 index fund, wait 40 years. You will likely be rich. If you invest $1,000 every year in the S&P 500, assuming that 9.7% annual return: after 10 years, you will have $17,000.
What are the best penny stocks to buy?
The 7 Best Penny Stocks to Buy: Sportsman’s Warehouse (SPWH)
Sportsman’s Warehouse (NASDAQ:SPWH) makes this list even though its current price of $4.16 is just below the $5 penny stock cutoff limit. But SPWH does look like a nice value here.