Hollywood Actress-Turned-Day-Trader Talks Shop With Westfield Financial Advisor

While traditionally neither young Hollywood starlets nor typical teens are known as keen investors, veteran financial advisor and Westfield resident Mitch Slater recently found some young adults who are devoting their free time to becoming more financially savvy.

As part of an ongoing series for FinLitTV, Slater had the opportunity to talk with 16-year-old actress-turned-day-trader Rachel Fox, founder of the stock blog Fox on Stocks. The 'Desperate Housewives' star who recently appeared alongside Daniel Craig in 'Dream House' told CNBC's 'Squawk on the Street' that while her interest in finance was originally inspired by her parents, she quickly "fell in love" with the concept of the stock market. Fox's site includes blogs such as 'When Should I Sell My Stock? How to Know When to Sell Your Stock' as well as eight basic videos geared toward novice investors.

"I discovered Rachel on Twitter a few months back—before her interviews on FOX and CNBC actually," Slater explained. "She and I started conversing back and forth and I was very impressed with her passion for understanding the markets and, more importantly, her desire as an activist to get educated and be more financially literate. In her business, most actors leave everything up to their agents and since she is a minor—parents. She took it on her own accord to learn more about the markets."  

Fox isn't alone. Ben Banks, a 17 year old, from Charlotte, North Carolina has also forsaken other traditional teen pastimes in favor of broadening his knowledge of the financial markets.

"He (Banks) has read numerous books on technical analysis and charting the markets and blogs and tweets about his daily findings," said Slater.

Is day trading an unlikely hobby for teens? Slater says no. 

"It is not surprising to me to see kids taking an interest here. The entrepreneurial spirit is alive and well in today's youth," he said. "The real issue here is that over the next decade or so over $41 trillion (unprecedented) will change hands and these young inheritors, 'Millenials' as they are known, have to prepare for this tsunami of transferred wealth.

"I think it is great that kids like Ben and Rachel and many others are beginning to push the envelope at an early age. Having mandated Financial Literacy in New Jersey Schools recently is just the first step to helping with this transition. Obviously, social media helps get these messages out but I have warned these young adults to tread carefully before ever using real money."

Slater, who shared this video in April in honor of Financial Literacy Month, added that there's no substitute for experience and getting a strong financial education. The financial advisor offers some recommended reading: 'One Up on Wall Street' by Peter Lynch or 'Buffett: The Making of an American Capitalist' by former Westfielder Roger Lowenstein.