A recent call on “The Ramsey Show” delivered a shocking back-to-back contrast. One caller had just explained how they were surviving on $850 a month. Moments later, a 22-year-old named Zack called in to say he was making between $30,000 and $90,000 a month by day trading futures.
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From Finance Major To Full-Time Trader
Zack explained that he studied finance at Lipscomb University in Nashville and started trading with just $3,000. “I decided to use my initial investment for evaluations with a few prop firms,” he said. “You use their capital and get to keep 70 to 90 percent of the profits.”
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He's been trading live accounts since February or March and says it only takes him three to four hours a day. “A bad day would be me breaking even or only losing about a thousand or two,” Zack said.
George Kamel, one of the co-hosts, asked the obvious question: “If you’re so good at this, why not use your own money?” Zack’s response came down to caution. “I was raised a Ramsey kid,” he said. Instead of using his own money, he trades with firm capital to avoid personal risk. “I don’t have $150,000 I want to invest, and if someone else is going to take on the risk for me… the less risk and the more success, then that's kind of where I was going with it,” he added.
A Young Trader Thinking Ahead
Zack said he currently has about $50,000 in liquid savings, no debt, and lives on around $4,000 a month. He also said he’s putting aside 40 percent for taxes based on advice from his CPA godfather.
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Now he wants to get into real estate and “maybe do some fix-and-flips.” However, he wants to do it outside Middle Tennessee, as “it’s not cheap right now.”
Co-host Rachel Cruze jumped in with caution: “We always say if you’re going to go beyond your primary residence, you want to do it with cash.”
She advised Zack to focus on buying a primary residence first and avoid loans for flips, citing how Dave Ramsey himself went bankrupt by borrowing heavily in real estate. “That's the wrong way to do it from Ramsey's standpoint,” she said.
While Zack said he might take out a loan to flip a property and pay it off after the sale, Cruze pushed back: “Cash is everything,” with Kamel warning, “I would not count on this gravy train of day trading for too long.”
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