The stock market is filled with opportunities anyone can cash-in on; regardless of age or background. The story of Dewayne Smith, a 22-year old Bronx native, is an outstanding example.
“On my 15th birthday, my godmother gave me this flashcard; CashThemYoung, financial literacy flashcard for teens” said Dewayne “Prior to that I knew nothing about stocks or NASDAQ or Forex trading but the flashcard kind of sparked my interest in this stuffs. I started going to libraries and watching YouTube tutorials. I was fascinated with the idea of making quick money.”
After several months of self study, Dewayne summoned enough courage and took a dive for it. He opened up his first trading account with $150, and following the strategy he had learned; built it into $1000 within a couple of weeks. “By the end of 2016, my trading account had grown to $18,645! I remember tearing up. For the first time in my life I was so proud of myself and felt on top of the world” Dewayne told Pulse.
Motivated by his initial success, Dewayne opened up a pattern day trading account with $25,000 which allows him to buy and sell on the same day. It was high risk, but bigger reward! He threw in his all and the risk paid off, he made a whopping $153,000 in his second year of trading. “I think I’m really lucky! It was the breakthrough my family has been praying for. My brother was on my neck for startup funding for his Truck business so a huge chunk of my earning went into his truck business in return for 30% stake in the company” said Dewayne.
The move that sealed the deal
“I submitted my impressive resume to some forex trading companies and I was able to land an offer that gave me access to a trading account worth almost $1 million. It was kind of a mutually beneficial arrangement that allows me to keep a percentage of the profit. In 2018, i tripled my earnings from the previous year,” said Dewayne “I made so much money; I didn’t know what to do with it!! My Mom advised me hire a financial advisor whom guided me into investing in real estate. I closed in on 2 foreclosed properties somewhere in upstate New York and put down a down payment for our new family house.”
Flipping houses also proved to be lucrative. In 2020, Dewayne netted roughly $800,000 from a combination of his day trading, his equity in few startups and flipping houses. At the age of 21, Dewayne was officially a millionaire, his decision to open a trading account with a small fee paid off beyond his wildest dream. According to Dewayne “It was not all rosy though, I had my days. I remember losing $76,000 within 4 hours. You have to have the heart for this, there are times when you will be making consistent losses day in day out and you will feel like banging your head against the wall. One thing I always tell people: spread your risk and don’t be greedy!”
In 2021, Dewayne’s estimated net worth rose to $3.7 million; a combination of his equity in three high performing startups, his real estate portfolio and income from day trading. He’s now focused on his new found love of real estate investing and aims to keep growing his portfolio. He also plans to go to college to study business someday.
Dewayne’s closing remarks “CashThemYoung literally changed my life, I see so many parents underestimating the importance of financial literacy for their kids which is really sad”.
Contact Person: Laura Bermann
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Country: United States