Your Questions About Fast Money Making Stocks

John asks…

How can I make my money grow fast?

I am 16 and my parents recently gave me $5,000 to do with as I wish. How can I make this money grow at an astounding rate? Can I buy stocks or invest it?

Nagesh answers:

Investing in stocks right now is as safe as setting your handbag in the fireplace for safe keeping in January.
Put your money in a savings account, get a job and work hard, save your money, buy only what you need to get by and stay away from credit. You will someday be rich beyond your wildest dreams.

Ruth asks…

how to make money fast?

so I’m getting kind of low on money, i have a job, but I’m not making much but enough for awhile. I’m only in college and I want to learn or how to make more money. I know of the stock market and cd’s, but is there anything else I could possibly do?

Nagesh answers:

There is no legal way to make money fast. Learn to budget what you have and learn to say no to frivolous items. Work hard and study hard and do what you say and say what you do. You will be better off when you enter the real world after graduation.

Sharon asks…

I need to know how to make money fast?

Okay I need like 2,000 $ I’m 14 and im waiting for stocks to go back up to sell stuff I need ideas Right know I have 300 $ Please Help me!
Thank you I will try to find some if you can think of anyothers please tell me!

Nagesh answers:

Great money cleaning homes is like 75$ an hour yard work same deal as cleaning

Betty asks…

Stock trading for fast money?

I am biginer in stock market but have fairy good knowledge from reading over the internet from different sites. I have fund of 7000 – 10000 for investment in stocks. I generally go to check on Yahoo, MSN, AGedwards, Motely fools site to know about company and picking stock for investment. My idea is to wait for particular stock to rise 2 – 3 dollar per share price and sale it and pick another stock. In a year my aim is to get 1000 – 2000 dollars as gain of my investment.

My questions are –

a) Am I doing the right thing or is there any better idea ?

b) Generally I fill up 1040EZ form for IRS, but with this kind of stock trading and transaction of say 10 – 12 per year saling stock and making small gain at short interval. What kind of form I need to fill up for IRS ?

c) For stock trading and educating self for filing IRS return – where should I get information on IRS publication ? As how to file return and what to consider for paying gain tax.

d) I use H & R block software

Nagesh answers:

A)If you are proficient go for it. I tried it years ago was 87% accurate on my trades and broke even. All it takes is one bad trade. I much prefer holding a stock a while.

B) You file a Form 1040 and a schedule D. The big problem with trading stocks is maintaining meticulous records.

C) get Pub 17 it covers all tax issues. In general: Securities held less than a year are taxed at you nominal tax rate. Securities held more than a year get a lower rate. I also would familiarize your understanding of the wash rule sales

Good Luck.

Lizzie asks…

I was thinkin about joining into the stock market. Is this a way to make money fast or is this a long process?

Nagesh answers:

Yes you can make money fast, but you may also lose it very fast.

Penny stocks are the way to go to make a lot of money (or lose a lot of money).

If you don’t want to take too much risks, then it will be a long process. You will need a diversified portfolio with stocks, mutual funds and bonds. Depending on portfolio composition, you can realistically expect about 5% to 15% return per year.

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