2974: Penny Stock Debacle: How I Lost $5,000 and You Can (and Better) Avoid It by Jeff Rose of Good Financial Cents

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Business, Education, Investing, Self-improvement

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🗓️ 18 December 2024

⏱️ 9 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2974: Jeff Rose shares a cautionary tale of losing $5,000 on penny stocks due to greed, poor advice, and ignorance about the over-the-counter market's volatility. He emphasizes the importance of informed investing, avoiding high-risk ventures, and adopting long-term, passive strategies to achieve financial security. Read along with the original article(s) here: https://www.goodfinancialcents.com/lose-money-penny-stocks/ Quotes to ponder: "Greed is not always good. I was doing just fine making a decent return on my boring mutual funds, but the chance of quadrupling my money got the best of me." "It’s more like traveling to a flea market in Spain and trying to bargain with a vendor even though I don’t speak the language. Chances are I’m going to get screwed just like I was in this situation." "You don’t conjure up strategies driven by greed to beat the market because you don’t need to beat the market to meet your financial goals." Episode references: A Random Walk Down Wall Street by Burton Malkiel: https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393358380 The Intelligent Investor by Benjamin Graham: https://www.amazon.com/Intelligent-Investor-Definitive-Value-Investing/dp/0060555661 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Is crypto perfect?
0:01.9	Nope.
0:02.7	But neither was email when it was invented in 1972.
0:06.0	And yet today, we send 347 billion emails every single day.
0:12.1	Crypto is no different.
0:13.5	It's new.
0:14.2	But like email, it's also revolutionary.
0:17.6	With Crackin, it's easy to start your crypto journey with 24-7 support when you need it.
0:22.6	Go to crackin.com and see what crypto can be. Don't invest unless you're prepared to lose all the
0:26.7	money you invest. This is a high-risk investment and you should not expect to be protected if something
0:29.4	goes wrong. This is Optimal Finance Daily. Penny Stock debacle, how I lost $5,000 and how you can and better avoid it.
0:39.4	By Jeff Rose of Good Financial Sense.com.
0:43.2	I get sick when I think about that day and the mistake that cost me $5,000.
0:48.5	I compare it to something in between smashing my thumb with a hammer to breaking your
0:53.1	mother's most beloved piece of
0:54.8	China. It is something that makes me sick, just reliving it. I actually just puked in my mouth a little bit.
1:02.6	I've been a financial advisor for almost four years, so I should have known better. But thanks to a lot
1:08.3	of greed and even more ignorance, I got my rear handed to me on a silver platter.
1:14.2	The Temptation
1:15.1	I was meeting with a client who was telling me a story about their daughter's boyfriend,
1:20.4	whose dad worked for some mining company.
1:23.5	Do you see how bad this starts off?
	...

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