At the age of 22, Lauren Simmons became the youngest full-time female trader on Wall Street and the second African-American woman trader in the history of the New York Stock Exchange. Although her status then was historic, she would soon find out that she was being underpaid compared to her male colleagues.
As a trader at the New York Stock Exchange, she was earning $12,000 while her male counterparts took home some $120,000. Feeling underpaid, she vowed not to take less than $120,000 a year and left trading to establish an LLC.
Since forming her company, she has gotten deals on a book, movie, TV shows and two podcasts, according to CNBC Make It. She’s also landed speaking engagements and brand deals that can bring in six figures. She recently got a hosting gig with the streaming series “Going Public.”
In 2021, she moved to LA and earned $650,000 and she is now on track to become a millionaire. She is projecting to make $1 million this year from her speaking engagements, partnerships, brand deals as well as returns on her investment.
Her wealth accumulation is due to a saving strategy she learned from her mother. She saved up to 85 percent of her income while earning $12,000 in New York City. She also did not spend money on going out. “I like for my money to be out of sight, out of mind so I won’t spend it,” she said.
In 2020, Simmons began investing in the stock market during the pandemic downturn while keeping her emergency fund, savings and retirement money all in one bank account, according to CNBC Make It.
Simmons looks into the future with more optimism as she hopes to negotiate more deals and invest in more startups. The 27-year-old is also hoping to have an investment property in Florida and probably a house of her own somewhere else.
Simmons grew up with her mother and two siblings in Marietta, Georgia. In 2016, she graduated from the Kennesaw State University with a bachelor’s degree in genetics and a minor in statistics. A report on Forbes notes that Simmons originally aspired to go into genetic counseling but changed her plans when she moved to New York.
With her qualification, Simmons worked as an Associate Business Analyst and Sales Manager at Saks Inc. and joined investment banking and institutional brokerage firm, Rosenblatt Securities, in New York City in 2017.