Austin boy earns national recognition for money management skills
AUSTIN (KXAN) — As we kick off the New Year, many people have resolutions to save money and pay down debt.
Americans have racked up more than $1 trillion of credit card debt, according to the Federal Reserve Bank of New York.
This has plenty of parents believing now is the time to start teaching their kids how to manage money.
In Austin, 12-year-old Eli Dries is earning accolades for his savvy saving skills.
The 7th grader at Hill Country Middle School was recently named the "Best of the Best" in Texas by BusyKid, a financial education platform.
"Pretty happy that they recognized the work I'm doing and excited that I won the prize,” Dries said.
The prize he’s referring to is a $100 bonus added into his account.
Over the last year, Dries has been making money by investing on the BuskyKid app.
"My grandpa got the app for me for Christmas and we started using it to invest last year,” he said.
His grandfather William Ivers, lives up north in Cincinnati, so they meet virtually on a biweekly basis to discuss stocks.
Thus far, Dries has already saved more than $500 dollars while earning a 20% return on his investments.
The Austin native has been selling stocks from Fortune 500 companies such as Deere & Company, Supermicro and DraftKings.
His father Jim is quite impressed.
"It’s really cool Eli got this tool as a Christmas present and has really gotten into it,” he said.
Jim believes that learning this knowledge now will help his son later in life.
"Most kids aren't even aware of the stock market, finance or any of these things,” he said. “Most of us learn that at a much more advanced age."
Gregg Murset is the CEO of BusyKid, which tries to teach the next generation how money works through real-life experiences.
"It's easy for kids to earn it and burn it,” he explained. “What we're trying to teach them is earning it and managing it by saving and investing."
Handpicked as one of four winners from over 3,500 BusyKid users in the state of Texas, Dries is proud to earn this accolade for his savvy saving skills.
"I just want to keep investing and looking at new stocks with my grandpa,” Dries concluded. “This allows me to spend more time with him."