Money Making Schemes

Nagesh answers:

Tutor – up to $100/hour
teach instruments to little kids – Charge $40/hour.

Nagesh answers:

Try babysitting jobs, lawn mowing, car washes, helping next door neighbors with their grocery shopping, etc.

Little jobs on the side will add up fast and bring you extra money. Sometimes you might even tell your teacher at school your situation and maybe they can give you some advice on where to go or might even have something you can help them with.

I am really sorry about your grandma and hope everything works out. That was a really nice thing you did for her and you should feel great about that, what a great role model to other kids your age!

Nagesh answers:

Well, I’m guessing you’re very young like 14, so you could have a bake sell? Or if you’re really that desperate rob a bank?

Nagesh answers:

I’d say a realistic emergency fund should be around 1000 – 3000 dollars. Any less than a grand and you run the risk of having to tap into illiquid assets or lines of credit any more than 3k and you are giving too much opportunity for your money to grow.

The general rules that i follow as far as savings:
emergency fund – 3k in on-line savings account look at HSBCDirect @ 4.5%
unemployment fund – 2 months salary 50-50 stock and bond funds you want to minimize volatility so look for a mean efficent portfolio (look for a MVO optimizer to help)
every month:
first maximize your 401k – regardless of what popular rules of thumbs i think you would be hard pressed to beat 100% stock funds over the long haul.
Once all that is taken care of then tackle roth IRA and 529s for kids.

Thanks
george
cheif technology officer
http://www.doodlebugdezigns.com

Nagesh answers:

The faster you make money depends on the faster you get started. Money isn’t going to just fall in your lap. God knows you have probably heard the expression “money doesn’t grow on trees” over and over again. Am I right? But there are things you can do for money but you’ll have to do them right, not fast. What are your skills? What are your passions??? Here are a few things to DO instead of dream about:

Get to the library (or just google) for books and information on teens and business, jobs for young people, teen entrepreneurs, and whatever keywords will help you. You weren’t born with the information you need so you have to find it out there and let it inspire you. One title of book that I know well is “Fast Cash for Kids” by Bonnie & Noel Drew.

Check out Junior Achievements, an organization that can help with networking and resources.

Ask your parents for help. They know you well.

Look around you for ideas on products and services that people either want or need. Your newspaper can show you trends of people and their money.

Don’t spend every dime you make or you’ll still be wanting money for that laptop (and other things you’ll want or need in time). Money is alot easier to spend than it is to earn.

Stay focused on what you want. Set goals so you can achieve them.

Read stories about other successful teens and what they did but don’t copy them. Your goal is to be better!!! Education is very important to success.

Now, do something today to brainstorm what’s right for you whether it’s a recycling center or selling used bicycles or running an online book store or ???.

Yes, there are things you can do but stop waiting for your ship to come in … Swim out to meet it.