While the stock market isn’t really a place for a kid, there are a number of children who own stocks they received as gifts for their birthday or some other special occasion. A lot of these kids have no idea how the stock market works – and that’s perfectly alright, considering that most adults are also clueless!
But one kid who received $60 in GameStop shares recently made $3,200 – and he has cashed in his windfall!
Mommy Nina Carr bought her son, Jaydyn, 10 GameStop shares for just $6 each last December 2019. She got the kid this special gift for Kwanzaa, a weeklong holiday in the US to celebrate African heritage in African-American culture.
Nina isn’t really into video games but had somehow understood that this kind of stock is going to give her son some money in the future. As GameStop values skyrocketed recently, Nina was surprised at the sudden spike in her son’s shares.
Though she had purchased the shares for a total of just $60, the prices had gone so high that they decided to cash in while it is now at $3,200.
Of course, the price could still go up in the coming days and they could earn more if they wait. Yet Nina also knows that the opposite thing could happen and the stocks could plummet back to its low values. So, she decided to cash out now while she’s sure of the money.
Nina and Jaydyn agreed to put $2,200 in the boy’s savings account and the remaining money will be reinvested in more stocks. Netizens applaud their decision, with many saying that it is good that they weren’t too greedy to wait until the stocks got even more expensive before they cashed out. Because if the value plummets, they would surely just get a few dollars.
Thanks to his experience with his GameStop stocks, Jaydyn admits that he’s excited to trade in the future. With Roblox planning to debut in the market soon, the young gamer hopes to buy some shares from this online game hub. Smart move, kid!