It is now a well-known fact that younger generations are financially worse off than their predecessors. However, internet-shrewdness might be a saving grace where younger generations can edge out older generations with– one teenager even proved this. He was able to turn a measly $200 investment into $82,000 all thanks to YouTube videos and politics.
Edward Ricketts is just a college student in the UK but is already doing better than most millennials. He’s quite a big Foreign Exchange Market (Forex) trader fan and even reached out to one of them on Instagram for tips. However, he got turned down and was told he wouldn’t succeed. Here’s Ricketts:
Still, Ricketts was not deterred by the warning. He proceeded to watch some YouTube videos about Forex and risked investing his £150 ($200 rounded off) which he earned from a job of handing out leaflets. Eight months later of YouTube videos and clever Forex acrobatics (probably a musical montage too), he was able to turn his investment into £63,000 ($82,000).
Ricketts explained that his biggest returns were caused by Brexit, something he also took advantage of with his currency flipping. Ricketts would purchase currencies when they’re cheap and sell them later once their value goes up. It just so happens that Brexit has made the Sterling Pound quite volatile.
Of course, Ricketts also explained that he keeps track of any political or economic progress on the news regarding Brexit. Anything could affect the increase or decrease of currencies. Coupled with the knowledge he obtained from YouTube videos, Ricketts is now an esteemed Forex trader and can charge clients around £120 ($155) for his tips.
So, how does Ricketts plan to spend his tens of thousands? A Mercedes A-Class car, once he’s old enough to drive. Still, apart from a planned vacation with his family, a £2,000 ($2,600) gold chain, and a Louis Vuitton wallet, Ricketts hasn’t splurged– much.
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