SEATTLE — Young people are looking to the stock market as an opportunity during the coronavirus pandemic.
27-year-old Luke Wechselberger of Seattle runs several online businesses and says he jumped when he saw the impact the virus was having on the market.
“Disney and Six Flags, you know, all these theme parks are shut down and I got Six Flags for like $12 [a share], normally it’s a $55 [a share] stock and it’s already up to $19 [a share],” he said.
He’s not alone. A CNBC article notes several of the major online brokers reported significant first-quarter gains of new, young users going after stocks impacted by the pandemic.
“If you’ve taken time to gain knowledge there are some very good opportunities," said JP Maroney, the CEO of Harbor City Capital. He has 30 years of experience investing in the stock market.
Maroney says he sees younger investors diving into the stock market as a good thing.
“You know, I think the younger generation gets a bad rep,” Maroney said. “The rules are new, it's totally different, and maybe that’s playing in favor of the millennials who don’t have any past history.”
Wechselberger’s online businesses allowed him to make significant investments to see a good return, but he encourages people to understand the risks and know their true ability to invest before doing so – something Maroney echoes.
“Know yourself, that’s where you start. Know your tolerance level, what you can handle, you have to make smart decisions,” he said.