Re: 20, in school, $1500
I've taken an interest in this company called ERF, 10% dividend annually, its Canadian, oil / gas royalty trust, dividend paid monthly. I haven't really researched it fully yet however. I think you can also invest in the company directly (without commission fees).
As far as diversifying, that shouldn't be a huge concern. To truly diversify you need like 20 stocks from what I've read. Most books have preached against diversification the way brokers try to make it sound safer and the professional way of investing.
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