Biz Kid of the Month: Andy Zweig
Andy started investing early–at the age of 6! Even though he’s still not quite 18, he’s an active investor through the help of his dad. Andy shared his investing advice and experience with us.
How did you get your start?
I started out helping my dad when I was 6. Now I invest in stocks and money market funds–still with my dad’s help. He lets me manage most of my investments.
Tell us about an important moment in your investing history.
When I got my bar mitzvah money, I decided to invest it and build it instead of buying an asset that would just lose value like a car.
I heard you compare investing to golf. How so?
Well, one thing is that as you get closer to your goal, you use a smaller club and make more careful shots. The same goes for money–if you’re close to needing it, like retiring or having to pay for college, you put it in less risky investments and are more careful with it.
What’s the biggest investing mistake you’ve made?
Not protecting my investments. Sometimes, you make 15% or 20% and you get greedy and think it will always keep going up. It’s a good idea to sell some of your stock when you’ve made a healthy profit to make sure you get to keep some of it.
How do you learn about what to invest in?
The stock market revolves around what’s going on in the world. Watch the news and you’ll learn a lot. For instance, if there are problems in oil-producing regions, the price of oil usually goes up. That means consumers might start buying more fuel-efficient cars. All of that affects investment prices.
What’s your advice to younger investors?
Don’t be afraid to take risks–you have a long time before you’ll need the money, so if you make a mistake now, it’s not going to be a big deal.
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Warren Buffet, one of the world’s most successful investors, bought his first share of stock at age 11–and says he regrets starting too late!
Info to Go
Check out these sites with tons of info on investing for the youth:
Here’s a great article to share with your parents about how they can help you get started with investing:
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