Are you a teenager with experience in the stock market, or did you start as a teen?

Cost Management Techniques
by ccstbp

Question by Ezra K: Are you a teenager with experience in the stock market, or did you start as a teen?
If so, I was wondering how you got started.

How old were you when you started?
Did you read any books?
Do you recommend any books?
How did you learn about the basics?
Who, if anyone, helped you?
How much money have you made?
How much of your spare time do you invest in investing?
How much money did you initially invest?

These are just a few questions I have. Any other tips or suggestions would be great.

I am 17 years old, by the way.

Best answer:

Answer by financegal27
I’ve been in the industry since 2001, and love my career choice, however, I NEVER thought I would work in this business as a teen. I hated math (stats, algebra, and Calculus are all major parts of what I do), I thought the stock market was boring, I didn’t understand it, and had no interest in it. I went to college as an undergrad and majored in Sport Management. I had to take a finance and accounting class to meet the requirements for the major, and I got Cs and Ds in both. I can’t stress how much I hated it.

So how did I get here. In 2001 after being out of school for 6 months or so, the economy turned and I needed a job, I saw an ad that Morgan Stanley was hiring for their advisor trainee program, and I decided to apply, most of the interview focused on my sales skills and logic, so I did well. I got the job and the first thing they did was put me in an empty office and said I had to study for the Series 7 exam. They also required all new trainees to come in at 7am and watch the “Morning Call” with the analysts. I felt like they were speaking another language! Slowly but surely as I studied, and watched the analysts I fell in love with the business. Everything I learned initially I learned from those experiences. I started reading the Wall Street Journal everyday and got a subscription to Investor’s Business Daily. After almost 3 years I knew I didn’t want to be in sales, I wanted to be in institutional investment research, so I went back to school and got my MBA. So that’s my little story about how I got into the business. Here are the answers to your other questions:

Did you read any books?
Just the Series 7 study books, those papers listed above, and the research done by the firm in the beginning.

Do you recommend any books?
In the higher levels of the business there are certain books that you are basically expected to have read. A portfolio manager at a major Mutual Fund company gave me this list:
The Intelligent Investor by Ben Graham
Security Analysis by Ben Graham
The Essays of Warren Buffett : Lessons for Corporate America by Warren Buffett & Lawrence Cunningham
Buffettology: The Previously Unexplained Techniques That Have Made Warren Buffett The Worlds by Mary Buffett and David Clark
The Little Book That Beats the Market by Joel Greenblatt
The Money Masters by John Train

How did you learn about the basics?
I learned by studying for the 7 and being forced to watch the morning calls. I continued my education, was intellectually curious, and asked a lot of questions.

Who, if anyone, helped you?
No one helped me initially, but now that I’ve been in the business for a while, I do have a mentor (the same Portfolio Manager that gave me the book list).

How much money have you made?
In my investments? I don’t know the exact number, but I’ve averaged 10-12% on my investments since I started running my own money.

How much of your spare time do you invest in investing?
Its my career and my life, so I watch CNBC when I wake up and am working on Level 2 of the CFA, which is 2-3 hours of studying a day.

How much money did you initially invest?
$ 1000, but I put a couple hundred dollars a month into my accounts in a dollar cost averaging strategy.

What do you think? Answer below!