How to become rich as a teenager

Below are some basic ways on how to get rich as a teenager, but remember it’s not a get rich quick scheme.

1. Start small

You don’t have to wait until you become big before you start thinking on how to become rich as a teenager.

You can start with the little you have. You can save the little or invest the little you have.

Nothing is too little, nothing is too big, You just have to be optimistic that what you have can push things.

Start whatever you feel like doing small, You can start up a business of your choice, show case your talent etc. It doesn’t have to be big.

Things gets bigger from being small. We can never make things big if we don’t start from small.

2. Hard work

Hard work pays if you believe it does, Don’t start something and relax, you need to invest more in your self to be able to start out in your niche.

Starting up is not enough, You have to keep pushing to get there.

It is a good thing to start up but, it is better to continue pushing whatever you believe in. People who have made it in life didn’t just establish and relax. They ventured into promotions which cost them a lot.

Facebook and other social Media is an avenue for promotion. One can reach billions of people within few minutes.

3. Avoid using credit cards or learn to use it sensibly

Credit cards are very important yet it can make one spend carelessly.

To enable you save, you need to be cautious of how you use your credit cards. if you know you can not control how you spend whenever you are with your credit card, then it is better to forget using credit cards.

A friend once told me, “Usulorinform, do you know how much I spent today in a hotel? It was over N30,000 and It’s like I am doing yahoo”

I later discovered he spent so much because he was trying to impress a particular girl and he had his ATM card.

So, you need to void any possible things that allows you to spend carelessly.

Some of the thing which make teenagers spend a lot are;

  • The motive to impress a girl or a boy
  • He is shining, I want to shine too
  • He is dating a bigger girl or boy, maybe I need to change mine too
  • We are the city or street kings , and many, many other factors.

Mind how you spend. Good spenders have higher portion in the city than a reckless spender.

Still on how to become rich as a teenager.

4. Respect people that has made it

As they say “respect is reciprocal”. In this line, you have to respect anybody you feel has made it. Forget the age, forget the height, forget the body size. Just humble yourself and learn from the persons experience.

Wealth aspirants must be ready to submit to successful people in the society.

Failure to submit is an insult to what you are chasing.

5. Pray to your God

One thing I am convinced about in life is that there is a cause and an effect.

Sometimes, you need to acknowledge that Something don’t just happen. Something caused it to happen.

The reason is not far fetched, It is because Chi I mean Oluwa (God) has approval of it. Prayer works depending on ones faith and if not faith then grace and if not grace, hey, they can’t be nothing except that grace.

An adage says..

If you forget who has made you what you are then you are asking for a way back to where you are coming from.

One must pray to his God and must always acknowledge that same God once success comes.

6. Do well in school

I know school is not the only way but, do you know that school can save one from being poor both at young age or when one gets old?

Whatever you have learnt in the school isn’t a waste. You just have to do well in school, Come out with good grades and who knows, companies and organizations may be looking for just YOU!

7. Be persistent and optimistic

One thing I have learnt from successful people is that they are always stable, they are standby, they are like rock. They are always decisive in nature.

If you make up your mind to become something, there is no how you are not going to become that thing.

One can only attain what he has pictured in mind, He continues to chase it until it become a reality.

8. Accept reality and be humble

One thing with most young people is that they never want to accept the the fact that they are actually what they are.

Don’t forget that if you are poor, you are surely poor.

This may seem pessimistic but, the real truth is that you are what you are. You need to accept that and then work towards becoming rich. Only with this believe will you be able to become rich at a young age.

Always humble yourself since you don’t have what you need, If you want to be successful in life at a teen age, you must learn to be submissive and humble.

Humility is not for the poor, it is for those that understand the meaning of being poor.

9. Support and encouragement

Young people are mostly triggered by the support and encouragement they get from parents or guardians.

They see their parents and guardians as god. So, if parents encourages teenagers to become rich at an early age, then I don’t think there is going to be any hindrance.

One Colombia teen said in a tweet post..

“I wish my mom could for once kiss my neck whenever I shows her my academic performance”

10. Save and invest money

Do you know that saving money and investing money are two different things?

Do you know that you can save and become poor but, you can not invest properly and be poor for life, learn to invest your savings, This will enable you to become rich at an early age.

You can invest your money in: stocks, crypro currency, real estate, Farm investment and business. But it will be better if you meet an expert in the field to guide you.

Related: Top 10 Small Business Ideas You can start Today

7 Factors that cause poverty

If you want to be rich work hard and smart. Many of us work very hard but will still remain poor why?

Poverty is the fault of the individual.

1. Low self-esteem:

Thinking you do not have the deposits that greatness requires, believing that success is selected and it is only meant for people who possess better education or connection.

2. Ignorance:

Not knowing what to do exactly being clueless about identifying better options in ability to meet complexities of life with wisdom and superior knowledge.

3. Negative mindset:

Thinking about yourself in the realm of smallness, using your present circumstances to estimate your maximum point of reach in life. Accepting the opinion of your fellow humans about you.

4. Fear of unknown:

Trying to have all the answers better making a move, observing the wind for too long. Attaching importance to criticism and opinions and spectators. Inability to detach yourself from outcome.

5. Arrogant ignorance:

Thinking you have all the answers even at 30, feeling too big to seek for help on unfamiliar terrain, using age, certificate or status to qualify and assess men whose words are useable and transformational.

6. Weak and lazy prayers:

Asking your creator to do what you have being empowered to do, thinking you should fold your hands because you are waiting on God, thinking that your creativity is not a divine expression but carbal exercise.

Not appreciating the universal laws and principles. Serving God because of your existential needs not because of the joy of relationship. Serving him because of what he has and not because of who he is.

7. Loyalty to a fading method

Inability to spot imperfection in your excellent and best ideas of yesterday. Doing the same thing over and over again but expecting different result not flexible and adaptable. Being scared towards the arrival of change.

I believe you derived a lot of value from this article on how to become rich as a teenager, see you at the top.

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Matt Wegrzyn the Domain Trader

Matt started buying and selling domain names when he was 17, by the time he was 19, he became a teen millionaire. He started buying forum domains, which were already one of his areas of expertise because he used to be a developer of a website called ColdFusion -a set of tools used to design websites- which helped him a lot further down the line of the domain market.

Matt used the money loaned to him by his parents to start Bodis.com, a domain parking website, domain parking is simply creating a domain name that is not associated with any service to reserve it for reselling it when an opportunity presents itself. His domains are worth millions of dollars now. Matt was a strong believer of the concept of never giving up and advises all the upcoming entrepreneurs to never give up on their dreams.

Video

Online Teen Jobs Sell Your Product

My sister started a book-folding company, and my niece, who is a teenager, does a decent amount of work with it. They sell their book folding patterns on Etsy, through an online FB group, and in other places — it’s doing well, and my niece is gaining lots of experience with selling a product online!

Warning: this is not a get-quick-rich way to earn money online. It takes time to build a product, figure out the marketing and distribution, and sell it for a profit. Still, it’s worth mentioning and possibly your teen working on in their spare time. 

#1: Etsy

Age Requirement: 18 unless a parent or guardian is a co-owner of the shop, then 13 and older

Requirements:

Job Responsibilities: Kids running an Etsy shop will need to learn how to list their stock, advertise, interact with customers including answering customer complaints and questions and ship out products. Teens sell everything from cat toys to felt dolls to handmade artwork and many more items.

How Am I Paid, How Much, and When is Payday?: Your teen can receive payment either through a check sent in the mail by the buyer or Etsy Payments. With Etsy Payments, the buyer chooses their method of payment, and the money is deposited in your teen’s bank account. If the teen is under 18, the parent/guardian will need to give their own bank account for receiving payments. Be aware that Etsy takes a 5% transaction fee from every sale and another 3% plus .25 payment if you use Etsy Payments. Payments take 3 to 5 days to reach your Etsy account.

#2: CafePress

Age Requirement: 13 and older. Those under 18 must be supervised by a parent

Job Responsibilities: Users can create slogans, logos, graphic designs and pictures to put on products. The more creative your teen is, the better!

How Am I Paid, How Much, and When is Payday?: Users can earn a royalty on each product that they create and sell, can earn monthly performance bonuses (base price sales of $100 to $500 earn a 10% bonus), or can earn 5% of Marketplace sales. Users can be paid via check (requires a $100 minimum on earnings) or PayPal (requires a $25 minimum on earnings.) Payment is made within 60 days of when the money was earned.

12. Session Musician

Are you particularly good with a musical instrument, especially one that would lend itself well to performing artists?

If you can, you might be able to work as a session musician. These are people who play in a music group but aren’t necessarily part of the group.

You get paid on a per gig basis.

Tips for the Teenage Hustlers

  • Start NOW – When I was younger there were a lot of things I thought I couldn’t do because I was too young. I was wrong and I wish I would have just started.
  • Have fun – You don’t need to get rich off your first side hustle. Have some fun with it and find out what you enjoy doing. You’ll learn a lot.
  • Experiment – As a teen, time is on your side. Experiment with the different opportunities above and once you find something you enjoy doing, don’t give up right away if you’re not making money with it.
  • Consistency and perseverance is key!
  • Learn from your mistakes – When you start something new, you’re bound to make mistakes. Instead of getting discouraged, figure out what went wrong and learn from it.
  • Do the best work possible – If you want your business to grow, you can’t do crappy work. When you do good work, people notice, and your business grows.
  • Be creative – Use the ideas above as a starting point and put your own spin and creativity on them. The more unique you are and the more you stand out, the better your chances of success.

20. Making YouTube Videos

If you’ve ever made a video on YouTube, you may be able to turn this into a steady revenue stream.

There are even videos that teach you how to make videos.

You create videos, set them up with Google AdSense, then earn income as people view your video, and click on the ads displayed.

You can even create videos that can provide you with affiliate income from various service providers.

The videos can be on any subject you can think of. It can be some sort of how-to video, or it can be about specific topics, like movie and music reviews. You can even create a portfolio of videos, each earning you a little bit of revenue every month.

10. Sell Clothes on Poshmark and Depop

Teens who are interested in fashion and clothing may want to make money by selling clothes online. Poshmark and Depop are two popular platforms, but you could also sell on eBay and Mercari, or sell to people in your local area by using Facebook Marketplace and other sites like Craigslist

Some of these platforms will require you to be 18 or over or to receive payment via PayPal, so you may need a parent’s help with getting set up.

The best way to get started and gain some experience is to sell some of your old clothes that you no longer wear. That way you’re not spending money on inventory, and you can get a little experience with virtually no risk.

Once you have an idea of what prices items are likely to sell for, you can look for underpriced items at thrift stores and closeout sales. Of course, you don’t want to overpay since you’ll need to be able to sell the item for a higher price to make a profit. You’ll need to look around and only buy items that you’re confident are underpriced.

Here are a few key things to keep in mind about setting up a clothes flipping business:

  1. Determine the shipping costs ahead of time so you don’t lose money.
  2. Don’t overlook clearance racks. You may be able to get some new items that you can resell for a profit.
  3. Take excellent photos. Your photos will be one of the most important factors for making the sale.
  4. Optimize your listings by including all the keywords and phrases that people might use to search for the item.

One good thing about selling clothes online is that it’s possible to start making money almost right away. You won’t need to spend months building a business before you start earning. Also, many teens are very familiar with current fashion trends, so you may be able to easily identify items that are underpriced.

Watch Out for Scams

Unfortunately, the online world is full of scams. When you’re hopeful about starting a new online job, you could fall victim to one of these schemes.

To avoid this, stick to the ideas on my list or vet your job opportunities with these questions:

  • Is the job asking me for money? Whether you’re being asked to buy software or invest in a product, you shouldn’t be parting with money in order to get a job. This is a huge warning sign.
  • Does the employer want me to meet in person? You shouldn’t need to meet an employer in person to become a virtual assistant or a graphic design freelancer. If you do need to meet someone in person, make sure you’re meeting in a safe, public place. And make sure your parents or guardians know what you’re up to.
  • Does it seem too good to be true? You won’t make a hundred grand a year as a proofreader. You won’t become a millionaire by working the survey sites. Over-the-top promises may be strong signals that the job isn’t for real.
  • Are there too many personal questions? Your mother’s maiden name, your middle name, your Social Security number, your bank account numbers… all this info shouldn’t be required for you to get a part-time job or a side hustle gig. Be careful sharing personal data. Identity thieves love to steal credit profiles from young people.

One of the best ways to avoid scams is to source your side hustles from vetted sites. The Steady app compiles legitimate local and national gig economy jobs to help you start earning extra money. It’s 100% free and worth a try if you’re not sure where to start looking.

 Steady   Steady brings together a large selection

Steady Steady brings together a large selection of gig economy jobs and makes it easy for you to earn extra money.

What to do with money as a teenager

So you’re a teen who’s figured out how to make some money – which is great!

Now it’s a question of figuring out what to do with money as a teenager.

Here are some ways we’d suggest splitting your earnings.

Keep some for fun things

Having your eye on a financial goal is fantastic. In fact, if this is you, you’re literally already in a better position than many adults who are struggling to manage their money.

But it’s fine to also save some of your money for fun things. That way, you’ll stay motivated to keep making money and also have the chance to live your life a bit.

Save most of it

It’s good to keep a financial goal in mind during all your hard work. As once you get there, the fact you’ve worked so hard to achieve that goal will make it all the more sweeter.

This is why it’s a good idea to save most of your money. If you’re earning cash in hand, keeping it somewhere safe should be fine, but consider opening a bank account instead to store it there.

Generally, you can open a bank account from 14 years old, but until you’re 18, you have to have a legal guardian as a co-owner of the account.

Invest part of it

As mentioned earlier, starting to invest as a teenager is seriously one of the best things you can do for your financial future.

One of the most important features of any investment is time – that is, having the time for your investment to compound (i.e. grow) in value.

So starting as a teenager definitely gives you enough time to do this.

And if you’re wondering what should a teenager invest in, look into low-cost, reliable options like an index fund.

This is what many adults – including me – base their entire investment portfolio on. So do some research into what that is and how to get started and start setting yourself up for future financial success.

5. Sell on Etsy

In general, you need to be at least 18 years old to sell on Etsy. However, teens who are 13-17 can sell on Etsy with “appropriate permission and direct supervision” of a parent or legal guardian, according to the site’s terms of service. In this case, your parent’s information will be used to create the account and your shop’s “About” page must list the adult as the shop owner. 

Although there are a few hoops you need to jump through, this does work (I have a niece who sold on Etsy as a teenager by following these guidelines). Once you’re set up, you can start making money by selling your handmade, vintage and/or digital products.

Some examples of things that teens can sell on Etsy include:

  1. Stickers.
  2. Printables.
  3. Jewelry and accessories.
  4. Art and wall prints.
  5. Original t-shirts.

Starting an Etsy shop is a good option if you’re into arts and crafts or using your creativity. You can use your talents and work on the types of things you enjoy. 

Building a profitable Etsy shop will take some time, but it provides excellent long-term potential. If you’re looking to create a business that can generate some money in the short term while also opening up more doors for the future, Etsy could be a good choice.

Additionally, you’ll also have the option to expand by selling your products on other platforms or directly from your own website, if that’s something you want to pursue.

For more details, read our guide on how to make money on Etsy.

In conclusion

Getting the first job is exciting and frustrating at the same time. Moreover, it is pretty challenging to find a job nowadays due to numerous layoffs. Therefore it is a great idea to focus the attention on online jobs for teens so that you or your dear teen can make money from home.

Conclusion

Making money online can help you earn some extra side hustle money, but it can also help you escape your 9 to 5 job so you can become a full-time entrepreneur. By brainstorming online business ideas and choosing to start an online business, you gain more financial freedom, improve your financial security, and inch closer to living life on your terms.

If you're looking for more online money making ideas, don't forget to check out Shopify's post on 25 Easy Ways to Earn Money From Home

It really is possible to earn a living online if you work hard and stick with it. So, which side hustle will you try out first?

How Can I Earn Money as a Teenager (Online)?

I just briefly want to mention what types of jobs to look for if you’re doing an online search for how to earn money as a teen.

Here are some great ways for your teen to make some money:

  • Product testing paid gigs
  • Teen apps for gigs
  • Surveys/focus groups for teens
  • Website testers
  • Write reviews for new songs and products
  • Video game testers
  • Online tutoring
  • Assistant online
  • Taking photos with your phone and reporting on-the-ground info

Now, let’s move into actual online jobs for teenagers!

Pssst: once your teen starts earning money? Here’s 7 money conversations to have with your teen after they get that first paycheck. 

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