Earning Money

Get a job. It sounds simple but all those adult adults seem to make a huge fuss about it.

Types of jobs you can do

If you are under the minimum employment age, you can do chores around the house for money:

  • feed the dog
  • mow the lawn
  • poop scoop after your dog
  • empty litter boxes
  • clean up the yard
  • water plants
  • weeding
  • get the mail
  • take out the trash

Jobs for Teenagers

  • hamburger flipping
  • mowing lawns
  • sorting taxes
  • waiting tables
  • stocking shelves
  • bagging groceries
  • restaurant dish washer
  • bat boy
  • pizza delivery
  • movie theater usher
  • life guard
  • TA
  • babysitting
  • walk the dog

All of these jobs pay, but if you don’t save money or you don’t follow you budget, you will not get the profits you planned out. Most importantly, you have to apply for most of the teen jobs. Filling out a resume may be required and the same with a job interview. The most important thing to do is be persistent with applying to jobs. If you don’t get the first job, keep applying for more jobs and eventually, someone will shake your hand and say, “ Congratulations, you are hired.”

    Budgets

    Road map to success

    Have you ever tried to go someplace without a road map. It isn’t very easy or smart. A budget is like your road map to financial success. It keeps you on your path to becoming a millionaire. A budget is a financial tool you will use a your whole life.

    A budget is basically a snapshot of all the money that comes in (income) and all the money that goes out (expenses).

    1. Create a journal for your budget. It can be anything from an old paper bound spiral to an online budgeting format. It doesn’t matter as long as it is kept separate from other things.
    2. Create a format for your budget. A T-chart is preferable.
    3. Estimate your total income and expenses for the month.
      Income:
      Say you can bring in $100 dollars a month.
      Expenses:
      You want to upgrade your baseball equipment. You spend $30 on a glove, $40 on a bat, and $2 on a ball. You spent $72 on baseball equipment so you save $28 that month.
      Save:
      With the $28 you decide to save it and put it in your savings account.
    4. Now make a page for all the months of the year.

    Bank Accounts

    Questions to ask about opening an account

    Bank accounts can be complicated.

    Once you have a chunk of cash, you can go to a bank or credit union and ask a few questions. Some of them include:

    • What interest rates do you offer for savings accounts? (It will be low but that is okay for now.)
    • How much money do I need to have to open a savings account?
    • Are there any fees for withdrawing?
    • Do you offer online banking?
    • Are there maintenance fees?
    • Is there a minimum balance required?

    Resources

    Good resources for finding banks or credit unions that cater to kids are:

    Nerd Wallet: Online review of interest rates and account features.

    The Simple Dollar: Tips on different kinds of accounts for kids.

    BankRate.com: 5 steps to opening an account for kids.

    Million Dollar Mindset

    Do you want to be a millionaire?
    To increase your chances you can develop a Million Dollar Mindset (MDM for short).

    What is an MDM?

    An MDM is a type of thinking:

    1. Earn money
    2. Spend less than you earn, and only buy what you need
    3. Save and invest