A New York City high school student recently made headlines when he claimed to have earned $72 million trading stocks. That story turned out to be false but young investors do exist, and learning how to trade stocks is now easier than ever.
Brett Sifling, is 19 years-old and a sophomore at Loyola Marymount University in Los Angeles who started investing and trading stocks since he was 14. Sifling has made over $100,000 from the stock market and is the founder and CEO of Biostocks.com, a platform where new investors can learn how to invest.
“I literally knew nothing when I began,” Sifling told Fusion. “I just started reading everything I could find… It is what you make of it. It’s a direct reflection of how hard you work on it. If you’re not willing to put in that time, then you need to give it to a broker.”
“As a general rule of thumb, in your 20’s if you can save 10 percent of your paycheck, you’re going to be in good shape,” said David Rae, a certified financial planner with Trilogy Financial Services. “If you’re working with a financial planner, it’ll help you get really comfortable with the market and for your specific situation and goals,” Rae said. “You don’t really need to do the research.”
But should you still invest if you have debt?
“If you never start because you have debt, you’re probably never going to get started,” Rae said.
Credit: Michelle Kim