11-Year-Old Jersey City Whiz Kid Offers Free Financial Advice To Thousands Online

People all over the world looking to learn about stocks, bonds and even how to improve their credit score are turning to a sixth grader from New Jersey. CBS2's Lisa Rozner reports.

Video Transcript

- People all over the world learning to learn more about stocks, bonds, even more how to improve your credit score, are now actually turning to a New Jersey sixth grader.

- We are told that April is Financial Literacy Month. And CBS 2's Lisa Rozner met the finance whiz today.

- Some popular options for investing are stocks, bonds, and real estate.

LISA ROZNER: Every week, 11-year-old Rishi Vamdatt breaks down finance topics for kids and adults from his home in Jersey City. He researches, writes, and does the voiceover for short videos centered around characters Super Cooper and Wall Street Willie. His parents, career bankers, fact check and do the animation and uploading.

- [? Hey, ?] Wall Street Willie, what are taxes?

LISA ROZNER: His free YouTube channel and website, Easy Peasy Finance, have taken off.

RAAG VAMDATT: This time last year, we had around 500 subscribers, which has grown to almost 5,000 now. And, obviously, COVID helped.

LISA ROZNER: He got hooked at six years old.

RISHI VAMDATT: My dad, he had some books about finance just lying around. And I started reading them.

LISA ROZNER: This is the first finance book Rishi ever read. Not only did it help him learn about finance, but it helped save his parents some money. He learned his parents could dispute a $500 fee on a flight they had to change due to an illness.

RENU VAMDATT: He told me that, mama, there is a built-in travel insurance in credit cards. So if you've used a credit card to pay for the tickets, you could get those 500 back.

LISA ROZNER: And they did! He also told his parents to stop spending money on birthday parties when he was seven.

RENU VAMDATT: He was like, how about this, we spend half of it on gifts for me that I like.

LISA ROZNER: And the rest? Invest. He teaches others about compounding interest.

RISHI VAMDATT: If you start investing when you're 20, and you invest $100 a month, by the time you're 60, I think you'll have, like, over-- almost $700,000. I am investing for my retirement starting now. If you start investing as a kid, it'll really be beneficial as an adult.

LISA ROZNER: Rishi gets an allowance of $11 a week invested into an S&P 500 index fund. He wants to teach other kids how to do it too. Next, he's writing about annuities. And way into the future, one day, he hopes to become a business owner. In Jersey City, New Jersey, Lisa Rozner, CBS 2 News.

- Think he's well on his way. Fun fact, Rishi does not have a credit card yet. But, listen to this, he knows all about improving credit card scores. He says a common mistake people make is canceling their cards even when they stop using them, which, who knew, can bring down your credit. You just taught me something.

- I think he can-- he speaks to my level of knowledge.

- Yes, that's-- easy peasy, that's it.

- Yes, that's what I need.

- Keep it simple.

- I'm going to go order some books.

- Yeah, good idea. That's it for the News at--