i dont know if this is the right forum to post in but here is my situation:
Im an undergrad college student
Everything is paid for on scholarship including food books etc
My parents give me 100$ a wk 52 wks a yr for spending money
It goes up to 145$ wk from the summer on (for gas)
i dont really need to use any of it other than maybe 20-30 dollars for going out everyweekend.

is there any way to make money without working (i know investing but with such little capital?) what can i do to just make a little extra money?

I play a college sport so time is limited although i have thought about penny stocks and check the stock market a lot (thank god for the iphone)

im studying business in college to so this might help me in the future

thank you in advance for your help
uconnfb

I don't think that penny stocks are the best way to go in your situation simply because you lack the experience needed. There is plenty of SCAM in the penny stock universe, pump-and-dump is one of the favorites, and you really need expereince to play that market with success.

What you may or may not want to consider is to open a MMA and put the extra cash in there every week until you build up a small portfolio. The more you put away the faster you build up your capital. Since you say that you only need about $30 a week you can put $70 into that account and after 52 weeks (one year) you will have $3,640 and after two years $7,280 (excluding any interest earned). Now you can think about investments (you could do it after year one).

In the meantime educate yourself about the markets or better start to trade-on-paper and come up with your own strategies. If you don't like the idea (it will take a lot of work) you could get help from third-parties once you like to invest but the more you know the better it is for you.

You can study anything you want it will not give you an edge in the markets...regardless of what many want ot believe...it will only help you to advance in your field of study and may give you an edge there.

Take your time and don't rush into anything...just my opinion about it.

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It is not smart to play it safe but it is safe to play it smart.

thank you a lot...with a money market can you touch the money? i have a CD with 6% yield and i cant touch it for 5 months unless i want to get penalized half of the interest i would of earned.

Yes, with a MMA you always have access to your funds when you need to. There are no penalities.

That is one of the reaosn why I think CD's are a waste of time and money because with a CD you have to lock your money for x-amount of time and that never makes sense.

MMA's are very safe, highly liquid and you can have access to your money anytime (if you want a slightly higher interest rate you could also take a look at MMF's).

MMA's are great for emergency fund purposes or to temporarily 'park' your money which you plan to use for investment purposes (or anything else) later on.

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It is not smart to play it safe but it is safe to play it smart.

CD's are great if they are a tool in your diversification. You dont want to tie up all of your money in any particuilar investment.

Recommendation:
1) Open up a high yeild savings account. get $1k in there. Let it earn interest. You will most likely not need to maintain a min balance and can withdraw the cash any time. Find an account with no AF's.
2) Look into opening up a MMA. Usually requires more of a deposit and more limitations as to transactions within the account.
3) buy staggered Cd's 3mo/6mo/9mo. this will then allow you to pull cash out at the roll over dates w/o a penalty. this gives you cash available every 3 months and if you just let them roll over you make more $$$ The staggered option lets you earn interest at higher rates on some without tying up all your cash.

obviously look at the interest rates and custom tailor.

If you tackle these one step at a time, you'll have a rock solid foundation that has no risk if funds are insured. Then when you figure out how else you want to diversify start changing allocations and moving money around.

Good luch