So, your stock is going through the roof and you have dreams of taking a three-month European vacation? Well, these hopes might be dashed after your broker takes a cut. Here's how to maximize your profits.
Understand that brokerage commissions will erode the profits you can make when you sell stock.
2
Avoid commissions altogether by buying and selling shares through direct reinvestment programs, or DRIPs.
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Limit commission expenses by using discount brokerages instead of full-service brokerages. Discounters charge a fee for their services, but it's a fraction of the amount charged by full-service brokerages.
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Shop around for the lowest commissions.
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Search the Web for the best bargains on brokerage services.
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Consider selling your stock directly to a colleague, friend or other acquaintance. If you make the sale yourself, you don't pay a commission.
Tips & Warnings
Learn about DRIP investing through the Motley Fool Web site (fool.com), which regularly runs features on the topic.
Keep accurate, detailed records. If you sell shares, make sure you note which shares you sold, when, at what price, how much profit you made, and who the buyer was. You'll need the information at tax time.
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