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

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

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Optimal Finance Daily, hosted by Diania Merriam, the innovative mind behind the personal finance conference EconoMe, takes you on an enlightening journey through the world of personal finance. Each episode brings to life the most compelling and practical advice from leading financial bloggers and experts. Diania’s engaging narration and insightful commentary transform complex financial concepts into relatable, actionable insights. Whether it’s budgeting, investing, debt management, or money mindfulness, she covers it all, making financial wisdom accessible to everyone. Gain not just knowledge, but also the motivation to apply it in your daily life. It's not just a source of personal finance tips; it’s a daily companion that guides you towards financial independence and savvy money management, all delivered with Diania's trademark enthusiasm and expertise. By focusing on early retirement, financial independence, and saving money, each episode provides you with the tools needed to achieve your financial goals. This podcast is designed for those passionate about personal finance, early retirement, financial independence, and saving money. It’s your go-to source for practical advice on managing your finances, saving money, and working towards early retirement. Each episode offers actionable steps to foster financial independence and secure your financial future. Listen now, and become an OLD friend--your optimal life awaits...