Kids are spending more money online since the COVID-19 lockdown began on games, such as Roblox and Fortnite, as well as on books and candy, according to a RoosterMoney study. Some 40% are saving their pocket money.
"Now more than ever, building financial capability into our kids is so incredibly important,” said Will Carmichael, CEO of RoosterMoney, a pocket money app. “The current pandemic and the financial impact of the crisis have the potential to affect us for a generation - perhaps several.”
But while 70% of children’s chores involve cleaning their bedrooms, making the bed and doing the laundry, Truth Christon Jones is earning money trading stock.
“My mom took a class and taught me how to day trade,” Jones told Newsmax Finance.
At just 13 years old, he is already teaching classes of some 15 to 20 people how to trade options, covered calls and swing trading through his company Return on Investment LLC.
“My students are mostly adults but my ultimate goal is to teach my peers how to invest,” Jones said in an interview
Students pay for the Truth Success Series, which includes 6 classes.
“Some of the industries I am looking at now during the COVID19 crisis are AI, technology, and medical supply companies that make ventilators and facemasks,” he said.
When he is not playing football or video games, Jones is news jacking.
“News jacking means finding trending topics online then looking for stocks that match the topic that I can buy, trade or benefit from,” he said.
Most importantly, he doesn’t depend on his mother, who is a lieutenant colonel in the Army, when he wants to buy something because he has developed multiple streams of income.
“I don’t buy a lot but every once in a while I buy video games, workout equipment or I invest in a stock market class or webinar because you can always learn something new from someone else,” he said. “I mostly keep my money in my account so I can grow it.”
In addition to income from teaching others how to day trade, Jones also sells a book called The Win Within.
When asked how did he get so wise at such a young age, he blames his mother.
“My mom taught me everything i know,” he said “She pushes me to be better. She encourages me.”
Jones is fully prepared to pay for his own college education out of his stock market earnings if he doesn’t get a scholarship to attend his dream school Florida State University.
“I am aiming to go pro as a linebacker,” he said.
Plan B for Jones is helping professional athletes hold onto their riches by launching a sports management agency.
“I see it as a sports agency with financial education to help professional players manage their money and invest,” he said.
Juliette Fairley is an author, lecturer and TV host based in New York.
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