Long ago I delivered newspapers seven days a week, earning about $200/wk in today’s dollars. I mowed a few lawns, washed cars, painted a house.
There are far more opportunities for teens now than I would have thought of, not limited to mowing lawns, washing cars, doing yard work, cleaning gutters, baby sitting, cleaning homes, tutoring younger students…
Searches on Google using key words “work” “income” “teens” “side hustles” provided a number of web sites, which are themselves “side hustles”. People create web sites, make a few cents a click from advertising on their sites. Alphabet (Google), Meta (Facebook) and others make $billions. That includes gaming sites, if you play video games you’ve seen the ads.
If you’re interested in learning coding, game development, or other computer/internet skills, there are places to learn, free and paid.
First and foremost, whatever you do, do it to the best of your ability, and always with integrity and honesty. Referrals are the best way to increase contacts and new business.
Look for opportunities to volunteer in community, charity or church projects. Volunteering has to be done out of a sincere desire to help others, but it has tremendous benefits for all involved.
What you do with your earnings is at least as important as making money. Establishing a budget is the first step. That requires knowing how much money you have, how much you expect to make, and how you spend it. The last requires keeping records, tracking how much you spend and where.
Save a portion of all you make, two “buckets”, one for short term needs, like not working for a while, the second long term, at least some of it for investing; as simple as multiple envelopes, different expense categories, one for long term.
Banks and other places to save/invest have a minimum age of 18, so it’s necessary to have help from an adult, or wait until then.
A local bank is necessary to transfer funds to online banks, investment firms, or government savings bonds.
Interest rates have increased, online banks pay higher interest. Synchrony is a good one, so is Ally. Investment firms allow you to buy stocks. Charles Schwab is the best for young people IMO.
The Treasury Direct web site allows purchase of federal savings bonds, minimum age 18, but anyone can buy bonds in the names of others. They can be transferred when the recipient reaches 18 and opens an account.
End of Part One
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