Do you dream of being able to afford college, put a downpayment on your first home or start a business without asking your parents? There is so much money out there in the world, and there is so much opportunity to earn lots of money, even if you are a kid!
It is time to start investing and earning an income! We are going to show you how to make money and save as a child and get a Flyte debit card for kids!
7 Ways to Make Money As a Kid
Some best ways to make money as a kid online and offline include:
- Doing Odd Jobs
- Social Media
There are kids all around the world using the above methods to create mini fortunes. There is no reason you can’t earn thousands every month implementing the above methods. Keep reading to find out more about these new ways to make money for kids!
1. Sell in Person or Online
Selling is the quickest way to earn an income! To get started, you can contact local businesses and offer to sell them on a 100% commission-only basis. Businesses are often willing to give up to 30% for sale. Once they agree, all you need to do is pick up your phone and start dialing prospects. Be warned, selling is not easy, but after a few 1000 phone calls, you will quickly figure out what works and what doesn’t. There are top salesmen making millions every year!
Thanks to the internet, you no longer need to go door to door or ring everyone in the phone book. You can sell online via affiliate marketing. This is where you refer people to a company who then makes a purchase, and you get a percentage. To track this, companies will give you a link, and every time someone clicks on your link and then makes a purchase, you get paid!
The most successful affiliate marketers have blogs with lots of traffic and big social media followings. They convince millions of people to click their affiliate links and then rake in cash! If you are just getting started with affiliate marketing, you can get your family and friends to use your link and then slowly build your online presence via a combination of Instagram, Facebook, Twitter, YouTube, TikTok, and your own website. We will touch more on social media later!
2. Do Odd Jobs and Chores
Don’t worry if you are not a natural salesperson you can build a nice little nest egg by doing odd jobs and chores. Start by asking your parents what they need done around the house and then negotiate your rake. Your parents could even set you up with a kids debit card for chores. Once you have run out of things to do at home, knock on the neighbor’s door and see what chores they need done.
Some chores people always need doing include:
- Mowing the lawn
- Washing the windows
- Clearing out the garage
- Cleaning cars
Before you know it, you will have a nice little business, and you will be the most popular kid in the neighborhood. You can even hire your buddies and pay them a percentage of what you are receiving if you want to take your venture to the next level!
3. Make Money with Social Media
Social media is one of the most powerful ways for kids to earn money! The most common way people make money via social media is via advertising a company’s products or by launching their own.
Before you can start collaborating with brands, you need to build up an audience. The quickest way to build a following is to create unique content and post daily. Once you reach around 100,000 followers on platforms like TikTok, Instagram and Facebook is where you can start earning substantial money. Maybe one day you will reach the level of the Kardashians, who command a 7 figure fee for a single Instagram post.
4. Get Paid to Stream on Video Hosts Platforms
Streaming has become a popular way to earn cash, especially with the rise of esports. Streamers will typically film themselves playing video games and talking to their audience, and interacting with the live chat. Streamers make money through a combination of donations, payments from the streaming platform, deals with companies, and selling their own products.
The top streamers have millions of die-hard fans who watch them every day. Due to their massive followings, the most popular streamers are earning millions every year. The biggest streaming platforms are YouTube and Twitch.
5. Start a Blog
You don’t like taking endless selfies? Posting on Instagram isn’t the only way to make cash online. You can also start your very own blog. Modern blogs typically focus on a specific topic, such as a fishing blog, and then become a resource for people. Most blogs derive their traffic from Google and social media. The key to running a successful blog is writing engaging, interesting content that answers people’s common Google queries.
Once you have built up a decent amount of traffic, you can then place ads on your website, affiliate links and even sell your own products such as books, clothing, and courses. You will be surprised at the wealth a successful blog can generate. Huda Kattan successfully turned her small beauty blog into a billion-dollar international business!
6. Save Money
There are two parts to the equation of getting wealthy, earning and saving. It doesn’t matter if you earn $1 million every year if you spend $2 million every year, you will be quickly drowning in debt. Now you know how to earn money, it is time to learn how to save money as a kid!
The best way to save money as a kid is to:
- Live with your parents rent-free
- Avoid eating out
- Don’t waste your money on designer clothing
- Ask for money for gifts rather than presents
- Avoid expensive hobbies
- Find cheap and free entertainment
If you follow the above advice and give yourself a strict monthly budget, you will have no problems saving cash!
7. Learn How to Invest Money
Once you have saved a lot of money, you learn how to invest this capital, so it continues to grow and compound. Easy investing for beginners involves opening an online brokerage account and purchasing a mix of low-risk stocks and bonds, holding these positions for the long term, and continuing to add to your positions as you earn additional money.
To get started, research kids banking apps and get your parents to open investment account for child known as a custodial account. With this account, your parents will control it until you turn 18 or 21, and then it will automatically be transferred to you.
It has never been easier to earn money as a kid, thanks to the internet and the rise of social media and video streaming platforms. However, they are not the only ways to make cash, and you can still earn lots of money selling in person or doing chores. To ensure you don’t waste your hard-earned money, create a strict monthly budget and invest all of your savings using a custodial brokerage account!