Kevin O’Leary reacts: 27-year-old entrepreneur making $650K
Lauren SimmonsHe is remembered as a historian many times. Simmons was 22 years old when he became the youngest full-time female trader on Wall Street, and the second African American woman trader in the New York Stock Exchange’s 229-year history.
Her salary was just $12,000, while her male coworkers in the same position earned upwards of $120,000.
Simmons left Wall Street four years later to start her own brand. Last year, she earned $650,000 in author, producer and podcast hosting, as well as being an angel investor, board member, and member of several financial firms. Simmons, 27, is on track for $1 million by 2022.
Simmons’ income streams can be impressive, but Kevin O’Leary is amazed at how she handles it all. O’Shares ETFs chair and judge, O’Shares ETFs chief Kevin O’Leary. CNBC’s “Money Court,” even more.
Simmons attributes her mother’s teaching her how to save 85% on her annual income. This she did even though earning $12,000 per year. O’Leary states that if you start teaching your kids about saving early, they will remember it for their entire lives.
Simmons’ income fluctuates from month to month. She pays rent in advance and other large recurring costs as well.
O’Leary said that O’Leary believes O’Leary is aware she has income risk even though O’Leary claims she’s slamming the ball out of town right now. But that may not last forever. It’s possible that this might not be sustainable forever. You run the risk of losing multiple income streams and being an entrepreneur. So you need to save and invest at the same.
Simmons said she is “very cautious” about investing. This she learned from fellow NYSE traders. She opened her first brokerage accountHe will not be spending any money on cryptocurrency, at least not yet in spring 2020. Simmons stated that she believes digital currencies will last forever and be part of our infrastructure. It is still highly speculation for me right now.
Experts in financial services say that cryptocurrency is risky, speculative and should be avoided. O’Leary, who is an entrepreneur herself, says that Simmons’ more conservative investment mindset is fine.
By journaling, meditation and exercising every day, she also puts her mental and bodily health first.
O’Leary states that the key to success is balancing work with wellness: “Everybody’s supposed to find the special place that keeps them sane in this crazy world.” If you are working long hours and have an entrepreneurial career, it is important to be healthy.