Young people are thinking carefully about how best to invest their incoming $1,400 government relief check.
Many 18 to 34-year-olds are considering sending their stimulus to the stock market. A survey by Deutsche Bank found 37 percent of Main Street investors will put in about 170 billion dollars. Derrick Kinney, financial expert and host of the “Good Money with Derrick Kinney” podcast, says this new crop of investors are considering which industries will fare the best in 2021. He has some advice.
“Also think about what people have not been able to do for the past year. They’ve not been able to travel. So, I do expect to see airlines, hotels, casinos, anything were there’s travel involved would likely be opportunities,” Kinney said.
Young investors are also likely to turn to social media for advice. In January, these groups forced the trading app Robinhood to abruptly stop trading in heavily shorted stocks, like GameStop.