Financial planning can be scary for some, but these advisors are on a mission to educate women and BIPOC on money management and investing.
In June of this year, Alexander E. Kearns was an average 20-year-old student at the University of Nebraska. In his free time, Kearns began exploring the popular financial trading app named Robinhood. With negligible background knowledge, the app offered Kearns leverage in the neighborhood of one million dollars to begin trading. Upon finding a negative cash balance of $730,000 on his account, Kearns committed suicide.
“How was a 20-year-old with no income able to get assigned almost a million dollars’ worth of leverage?” Kearns wrote in a letter shared by a family member. “The puts I bought/sold should have canceled out, too, but I also have no clue what I was doing now in hindsight.”
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