I’m 18 and Make $15,000 a Week Day Trading

Summary

Summary of "I’m 18 and Make $15,000 a Week Day Trading" – The Ramsey Show Highlights

Release Date: March 3, 2025 Host: Ramsey Network Episode Focus: An 18-year-old funded day trader's financial journey and management.

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1. Introduction to the Guest: Amir's Day Trading Success

The episode features Amir, an 18-year-old funded day trader who has recently achieved significant financial success. Amir shares his unique position of making substantial weekly earnings through day trading, seeking guidance on managing his newfound wealth responsibly.

Notable Quote:

• Amir [00:06]: "I'm 18 years old and I'm actually, I trade futures. I'm a day trader, and I've recently started making a pretty large amount of money, and I just want help, you know, managing it correctly and making responsible choices."

2. Understanding Amir's Earnings and Trading Setup

Amir reveals that he averages approximately $15,000 weekly from day trading over the past five months, with a peak earning of $25,000 in the most recent week. He explains his role as a funded trader, where a firm provides the capital for him to trade after a $150 evaluation fee. Instead of investing his own money, Amir operates under a 90/10 profit split, retaining 90% of his earnings.

Notable Quotes:

• Amir [00:29]: "I've been averaging about 15,000 a week for the past five months."
• Amir [01:11]: "It's a 90/10 split. I get 90%, then they get 10."

3. Hosts' Perspectives on Day Trading and Amir's Strategy

Jade expresses skepticism about Amir's success, highlighting the low statistical probability of sustained profitability in day trading. She emphasizes that Amir's current success may be attributed to sheer luck, given that the majority of day traders eventually lose money.

Notable Quotes:

• Jade [01:16]: "Lucky, wild, lucky, ducky... a lot of the statistics show that day traders... statistically, it's less."
• George [01:29]: "97% of day traders who persisted for more than 300 days lost money."

George further compares Amir's trading success to winning in Las Vegas, suggesting that while Amir is fortunate to profit, the sustainability of his earnings is questionable. He urges Amir to consider the long-term implications of his financial choices.

Notable Quote:

• George [01:29]: "If this was Vegas, we'd all be around you going, dude, cash in the chips and walk away."

4. Financial Management and Investment Advice

Amir discusses his financial management, mentioning that most of his earnings are saved in his bank account with minimal living expenses ($1,500 monthly). He contemplates purchasing a 2014 Mercedes CLS for $28,000 and seeks validation on whether this is a responsible financial decision.

Jade advises treating his earnings as a windfall, recommending against inflating his lifestyle prematurely. She suggests parking the money in index funds or a high-yield savings account, depending on his future housing plans.

Notable Quotes:

• Amir [02:03]: "I've got most of it sitting in my bank account... planning on buying a nice car."
• Jade [02:42]: "If you do buy a vehicle because you need one, just buy something that's modest."

George concurs with Jade, highlighting the importance of not tying more than half of one's income to depreciating assets like vehicles. He warns against the opportunity cost of purchasing a car that may lose value quickly.

Notable Quotes:

• George [04:50]: "You don't want more than half of your income tied up in things with wheels and motors."
• Jade [05:24]: "This car to me doesn't sound super inflated... be really smart with it and you're good to go."

5. Future Plans and Educational Aspirations

When prompted about his long-term goals beyond day trading, Amir reveals his ambition to pursue a career in medicine. He is currently studying biochemistry with the dream of becoming a doctor. George speculates that Amir's earnings might be strategically used to fund his medical education, positioning him to graduate debt-free—a significant achievement compared to his peers who may incur substantial student loans.

Notable Quotes:

• Amir [06:00]: "I'm actually currently in college studying biochemistry. My dream is to become a doctor one day."
• George [06:15]: "That would cover all four years... set yourself up for a debt-free future."

Jade supports this vision, acknowledging Amir's fortunate position and encouraging him to continue managing his finances wisely to support his educational goals.

Notable Quote:

• Jade [06:19]: "That money sounds like med school... be really smart with it and you're good to go."

6. Cautionary Notes on Day Trading and Sustainable Wealth Building

Towards the end of the episode, George and Jade caution other listeners against emulating Amir's path in day trading due to its high-risk nature and low probability of long-term success. They reference stories of individuals who have lost substantial amounts through similar trading activities, emphasizing the importance of sustainable wealth-building practices.

Notable Quotes:

• George [07:19]: "Don't look at a mirror and go, I'm going to be the next Amir. No, you're likely to be the next person to call in broke."
• George [07:24]: "Sounds very sketchy... people losing 30 grand, 150 grand, even 300 grand by day trading."

7. Conclusion: Encouraging Responsible Financial Planning

The hosts conclude by reiterating the significance of responsible financial management and planning for a secure future. They commend Amir for his current success while urging him—and listeners—to prioritize long-term financial stability over short-term gains.

Final Thoughts:

• George [07:39]: "Amir got lucky. And lucky for him, he'll be able to pay for all of his med school in cash and be the first debt-free doctor."
• Jade [07:44]: "Be really smart with it and you're good to go."

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Key Takeaways:

• Amir's Success: An 18-year-old funded day trader earning up to $25,000 weekly.
• Risk Awareness: Day trading is highly risky with a low probability of sustained success.
• Financial Advice: Save earnings, invest wisely, avoid depreciating assets, and plan for long-term goals.
• Future Planning: Utilizing current earnings to fund medical education for a debt-free future.
• Caution to Listeners: Encouragement to pursue sustainable wealth-building methods over high-risk trading.

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This episode serves as both a spotlight on an exceptional young entrepreneur's financial journey and a cautionary tale about the uncertainties of day trading. It underscores the importance of prudent financial planning and the value of setting long-term educational and career goals.

Transcript

[Amir]

Brought to you by the EveryDollar app.

[George]

Start budgeting for free today.

[Amir]

So I'm in a bit of a unique spot. I'm 18 years old and I'm actually, I trade futures. I'm a day trader, and I've recently started making a pretty large amount of money, and I just want help, you know, managing it correctly and making responsible choices.

[Jade]

When you say you've been making a lot of money, tell us real dollar amounts.

[Amir]

Well, I've been averaging about 15,000 a week for the past five months.

[Jade]

Okay.

[Amir]

Past week I made 25,000.

[Jade]

Wow. What'd you start with?

[Amir]

So how I actually trade is I'm a funded trader. I'm actually treated as individual contractor, and the firm provides me with capital to trade with after they've evaluated me. So really I just paid for that evaluation fee, which was only $150.

[George]

So you're not investing your own money?

[Amir]

No.

[George]

What. How do you get paid?

[Amir]

So they take commissions off my trades and then they give me the rest.

[Jade]

So what's the rest? What do you get?

[Amir]

It's, It's. It's a 9010 split. I get 90%, then they get 10.

[Jade]

Wow. Listen. Lucky, wild, lucky, ducky. And I say that on purpose because this, I feel like this is sheer luck going on right now. And I only say that because a lot of the statistics show that day traders, I mean, statistically, it's like less.

[George]

Than 5%, 97% of day traders who persisted for more than 300 days lost money. So you are. I have heard that you're not at the 300 day market. And truthfully, I have no ill will. I hope you keep making money making money. Yeah, but the, the key that I would go is like, if this was Vegas, we'd all be around you going, dude, cash in the chips and walk away. All right, you literally, it's like you just won the lottery and now you're playing with other people's money, which does lower your risk. You're not putting your own money. But my bigger question is, what are you doing with this $300,000 you've made in the last six months?

[Amir]

Well, I've got most of it sitting in my bank account. I still live with my parents, so I really don't have many living expenses. I'd say I probably only spend about maybe 1500amonth. I've just been saving it up and I. I've been planning on buying a nice car, but I don't know if that's the responsible thing to do.

[George]

I would have like a house before you put all of your money in a depreciating asset to impress your friends. And trust me, they would be impressed. What's less impressive is invisible wealth where you're like, well, it's in the equity of my very reasonable home.

[Jade]

Have you ever lived on your own before, Amir?

[Amir]

No, never. I'm actually recently just turned 18.

[Jade]

Okay. So I might, I might differ with George only on timeline. Like, I think it's a good idea to buy a house, but maybe not yet. If I were you, my first goal would be like, listen, I'm going to get out of this house, my parents house, and I'm going to go rent for a while and I'd probably park that 300,000 like in an index fund and you know, maybe look at your projection and say, okay, do I want to be a homeowner in the next four years, in the next five years, whatever that is. If it's five years or less, I'd probably put it in a high yield savings account. But if it's more than five years, I might park a good portion of it, you know, just in some sort of index fund and just wait until you're ready to do something. I like George's idea of doing real estate. But if you do buy a vehicle because you need one, just buy something that's modest. Like, I would not use this money as an excuse to inflate my lifestyle into such. That's not real long term yet, if that makes sense. I think you'll be a successful guy. We just don't know if you're gonna make $300,000 a year from here on out. Does that make sense?

[Amir]

Yeah, yeah, I understand it's not obviously a linear thing. I wasn't planning on buying, you know, a supercar or anything. I'm looking at a 2014 Mercedes CLS. It's about $28,000. And I was just wondering if buying that cash would be a responsible thing to do or not.

[Jade]

What do you make outside of like, is this your full time job?

[Amir]

It is now. I used to do like gigs on apps like Doordash and Uber Eats before I became profitable.

[Jade]

Okay, and what did you make when you did that?

[Amir]

Well, it really depended because I was still in high school. And then towards the beginning of this year I was still in college, so I was only working about 20 hours a week. So maybe at most like 1500amonth. But some months I'd go up to like 25.

[Jade]

Here's the thing. I'm all about you buying A car in cash. I would treat this money like the, the windfall that it is. And so in that case, if you wanted to take some of it and buy a car, I'm not mad at that. Do you have any debt? I'm hoping not. No, no, that, yeah, 2014. What would you say, George? I'm fine with it.

[George]

I mean, it's reasonable. The thing that the parameter we look at is you don't want more than half of your income tied up in things with wheels and motors. And the truth is we don't know how sustainable this income is. And so what I would caution you against is losing out on opportunity cost of hey, 28, 000 in a car that's going to be worth 20 a year from now may not be wise when I could put that into xyz. An investment, a future home, down payment fund, what it, what, whatever it may be. So there's nothing wrong with getting a car. I think you're doing it in a reasonable way. You don't sound like a guy who's about to blow up his life to go flex on Instagram. I just know as an 18 year old that would be my temptation.

[Jade]

Yeah, I, I, I agree with George. Yeah, you're 18. You have a lot of time to build wealth. And this is a really, really great head start. As long as you don't lo 150 days. Yeah. This car to me doesn't sound super inflated. It kind of just sounds like, I mean, it sounds like what it is. You were playing at the tables. You got lucky and you got a lot of extra cash on your hands. But be really smart with it and you're good to go.

[George]

Yeah. One last question. What do you want to do with your life? Let's fast forward five years from now. Let's say day trading does not exist anymore. SEC makes it illegal, you know, what are you going to do?

[Amir]

Well, I'm actually currently in college studying biochemistry. My dream is to become a doctor one day.

[George]

Hey, do you come from a Middle Eastern family?

[Amir]

I do.

[George]

I feel that as a Middle Eastern guy. Everyone in my family's a doctor but me. At this point, at least in the.

[Jade]

Medical world, this money sounds like med school.

[Amir]

Yeah, it does sound like med school. That would cover all four years.

[George]

Hey, that might be the reason this money was put into your lap. Not to blow on cool stuff, but to fund med school completely debt free. You know how much of a unicorn that would make you when you graduate, Right? When all your buddies are bragging about like, oh, dude just took on another 50 grand in debt. I'm at 400 grand. Like this is the. These are the conversations my family now has. You know what I mean?

[Jade]

Yeah.

[George]

And so I'd love to see you set yourself up for a debt free future. And to Jake's point, let's. Let's hold on and see what the future holds. And if it is med school, we've got it funded. And mom and dad don't have to co sign student loans to make this happen.

[Jade]

That's pretty awesome. My guy got lucky. It really is the equivalent like you said, George, to go into Las Vegas, somebody gets hot on the craps table. And listen, I am the one telling them to roll again because I just love Las Vegas. But truthfully, day trading, the stats are there. Like there's no arguing with that. If for him, the good thing is it's not his money and it's crazy that he gets to keep 90% of it.

[George]

I want to know what firm is hiring 17 year olds to do this bidding on their behalf.

[Jade]

Sounds very sketchy.

[George]

Sketchy. And I believe Amir. I just think it's what. We've taken many calls on the show jade. People losing 30 grand, 150 grand, even 300 grand by day trading.

[Jade]

Yeah.

[George]

So don't look at a mirror and go, I'm going to be the next Amir. No, you're likely to be the next person to call in broke.

[Jade]

I know. Amir got lucky. And lucky for him, he'll be able to pay for all of his med school in cash and be the first debt free doctor.

[George]

He created his own scholarship fund. Create your free every dollar budget today.

[Amir]

The simplest way to budget for your life.