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14.08.2018
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14.08.2018

This 11-year-old knows more about investing than you.

Eleven-year-old George Weiksner needed some cash, and his $5.50 weekly allowance wasn’t cutting it. So, last August, the sixth-grader invested $200 he’d earned helping out around his family’s Old Greenwich, Conn., house in bitcoin. “I said, ‘I’ll just throw myself into it,’” says George. “You don’t make a lot of money as a kid by...
Time: 20:06     Date: 14.02.2018
US Living News: This 11-year-old knows more about investing than you. NY Post 24 - US News

“I said, ‘I’ll just throw myself into it,’” says George. “You don’t make a lot of money as a kid by doing chores.”

Weiksner sold his bitcoins in December — just before the $17,000 price started to crash — and handily tripled his initial investment. He invested the profit, about $500, into ethereum, a rival cryptocurrency.

“Trading [these kind of assets] is the way of the future,” says George.

‘You don’t make a lot of money as a kid by doing chores.’

He’s not the only teen titan out there.

Ozzie Wimpfheimer, 14, has a similar wealth management strategy. The Teaneck, NJ, teen caught the trading bug last year after learning about the stock market and doing play investing in school. But when it came time to buy in with some real money in December, the New York Stock Exchange and Nasdaq seemed too old-school, and bitcoin too pricey.

“I didn’t want to go into it with such a high buy-in,” Ozzie says of the digital currency, which was trading at roughly $10,000 at the time.

Instead, he put $800 — given to him by his parents as seed money — in litecoin, an emerging cryptocurrency that was trading at just $180 at the time.

“It was something new and big,” Ozzie says.

He saw quick success.

“It doubled within two days after I bought it,” says the teen, who admits to compulsively checking his phone to see how his investments are doing. “When it’s going up and up, you want to know every second.”

Ozzie Wimpfheimer, 14, doubled his initial investment in litecoin, a cryptocurrency similar to bitcoin.Tamara Beckwith

He’s contemplative over this new world order: “I see crypto going one of two ways: It will crash if people just want to make an investment, or, if people adapt, it will thrive,” Ozzie says. “Look how quickly the credit card has transformed the world — you can scan with your watch. It’s the same with cryptocurrency.”

Mom Jennifer Prince gushes over her son’s initiative — even if she did have to cough up the startup dough.

“I figured, ‘At 14 years old, let him play around with it, learn some life skills,’” says Prince, who works as a controller for real estate magnate Harry Macklowe. “I didn’t think he’d make millions and we could retire. I thought he could learn from the experience.”

And he still has a bit to learn. When it came time to cash out, his mom says, “He thought he’d sold it, but he hadn’t.” Luckily, the price had gone up.

“He’s my curious kid, and I like to encourage that,” says the proud mom, who invested her bat mitzvah money in AOL back in the day. “And out- of-the-box careers are the only way to make money in the future. I don’t think there are going to be traditional careers.”

Still, some youngsters are content with old-fashioned investing. Two years ago, Julia Fried, a 14-year-old also from Teaneck, NJ, invested her bat mitzvah cash — a few thousand dollars — in sensible mutual funds. Her father, Adam, works in finance and started teaching her his trade after school.

She’s says she’s something of an anomaly amongst her peers, who are more interested in watching “Riverdale” than they are stocks and bonds.

“My friends don’t really understand [the markets] like I do because I’ve educated myself,” Julia says. “They think it’s cool, but they don’t understand all the time I put into research.”

Julia Fried, 14, put her Bat Mitzvah money into mutual funds because, she says, cryptocurrencies are too “risky.”Courtesy of Julia Fried

She’s in it for the long haul, she says, which requires Herculean patience and a sensible approach.

“I think cryptocurrencies are pretty risky to invest in — it could plummet any minute,” she says.

And, she’s at peace with the Dow’s recent volatility.

“The market’s so unpredictable,” says Julia. “You shouldn’t panic if your stock’s going down. If it goes down, there’s still a possibility it can go right back up.”

George, meanwhile, has learned to weather cryptocurrency’s ups and downs.

He sold his bitcoins in December when the currency was valued at $17,000, down from $19,000 earlier in the month.

“When it starts going down, it goes down a lot — that’s one thing I realized,” he says.

‘I didn’t think he’d make millions and we could retire. I thought he could learn from the experience.’

He’s also started his own company, at his father’s urging.

“My dad wanted me to get into something that was bigger than just investing. Any kid can go on Coinbase [an exchange platform for cryptocurrencies], create an account, and press the buy [button] … but not anybody can be educated and create their own [company],” says George.

So, in September, he launched Pocketful of Quarters, a cryptocurrency for gamers, with his dad. George is currently meeting with venture capitalists to fund the project.

As for the future, he’s not sure if he’ll pursue a career in finance, but one thing’s for certain: He wants to keep making winning investments.

George says: “There’s not much thrill in losing money.

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