There are many ways to make money as a kid, however, it is highly recommended to ask your parents for permission to jump into these endeavors, and it is also recommended to look into the legal issues and qualifications you need to do what you want to do. So, without further ado, here are 5 ways to make money as a kid.
The first way is to either ask for an allowance or to get paid for your chores. This is a simple way to make a little money, as your parents might want to give you some money to learn how to spend it and invest it smartly. The other way is to get paid for your chores, like mowing lawns, washing windows, babysitting, etc. Once you think that you can do even more to earn money, you can also do these for your neighbors and people in your area.
The second way is to learn what many people like to call a “high-income skill”. These include programming, photo editing, among other things. With these “high-income skills”, you can make money freelancing on sites like Fiverr (not sponsored), or you can get hired by a company to do things that they need to have done. Some people have made millions freelancing, however, on some sites, there are age restrictions on if you can freelance. Check the website’s terms and conditions before starting.
The third way to make money is to invest and save. This is not a get rich quick scheme. However, if you plan on becoming wealthy in the long run, this is a great way. That being said, there is a risk involved with investing. A solid knowledge of stocks, bonds, index funds, and the like will help you succeed in investing. You will have to invest at the right time, invest at a constant rate, and take advantage of compound interest, where you reinvest your interest. This is basically an interest on your interest. For example, 12-year-old Susan wants to retire by 67, and she invests 1000 dollars and 50 dollars monthly at a rate of 12 percent annually for 55 years. By the end of those 55 years, Susan will theoretically have 4 million 400 thousand dollars in her retirement account. The key is to start early.
The fourth way to make money is to get a minimum wage job. This will only apply for most of our 8th-grade students. In California, 14-17-year-olds must have a permit to work, and the employer must have a permit to employ. There are also restrictions on how many hours you can work per week and on how many hours on school days. Look at these restrictions before applying for a minimum wage job.
The fifth and last way to make money is to start a company or a small business. This is a bit risky. Your business may fail, however, if you have the drive, the knowledge, the mindset, and the determination, then you might be able to make it. There are many ways to start a business including dropshipping, which is basically online retail, or you could come up with a problem in the world, or just even in your community, you could start a business. Stay updated on the talon online for an upcoming article on how to start a business.
It is natural to want money as a teen. You want snacks, security, or just to buy shoes to flex on them. These aren’t the only ways you can make money. If you have a certain skill set, such as game programming, you can also make a hit app, but not many people have this drive and skill, so we did not mention it. The secret is to start today.