BEST Income Ideas For TEENS | How I Turned $500 Into $500,000

Whether it's starting a lemonade stand or 
launching your own product to pitch on Shark Tank,   there are a million different ways 
to earn some pretty decent money   as a teenager. So today let's go through my 
five favorite strategies including the one   that I used to turn $500 into $500,000. 
Alright let's jump right into it.   What is going on everyone I hope you are all 
having a fantastic day. So as someone who was an   ambitious teenager not too long ago I understand 
that it can be a little bit overwhelming with all   of the options that you have in terms of making 
money. We’ll start with the most basic and work   away up to the more insane strategies so the 
first money making method I used as a teenager   was…brace yourself for this one…getting a job. I'm 
not here to sound like your parent and I totally   understand that flipping burgers at McDonald's 
or in my case making Italian ice at ritas   is not the most glamorous thing in the world 
but beyond the financial compensation that you   can get from a teenage job, more importantly 
it's going to teach you the value of money   and again I know I sound like a total parent but 
trust me that will serve you well going forward   and later in your life when you start to make 
a lot more money you'll really appreciate it   because you'll remember the days when you made 
just a few dollars per hour.

Plus when I had a   part time job in highschool I earned just $7.25 
per hour which I realize is still the minimum   wage in a lot of states however there are so many 
jobs available right now many of which will start   at $15 an hour or more so even if you're only 
working just 15 hours a week which is very doable,   even after Uncle Sam takes his cut you're still 
looking at $1000 a month which as a teenager is   all the money in the world… at least it was to 
me. But moving on from there the second option is   where we're going to lump all of the token money 
making strategies for teenagers and that would   be starting a side hustle. There are a million 
options here but you could start walking dogs,   babysitting, washing cars, cleaning houses, 
working as a referee or a lifeguard, delivering   groceries or door dash depending on how old 
you are, teaching music lessons or tutoring,   some kind of online freelancing, and of course 
the most cliche money making method as a teenager   mowing lawns. The sky is the limit here and this 
doesn't have to be some confusing overly ambitious   formal company.

You can just go knock on your 
neighbors door and ask if you can wash their car   or mow the lawn. It really is that simple and 
if you compare the hourly rate you can earn from   something like this compared to the hourly rates 
of working even at $15 per hour you'll likely come   out ahead with one of these common side hustles. 
Plus if you do have more time on your hands and   you're more entrepreneurial, you absolutely could 
turn walking a few of the neighborhood dogs into a   full blown business or mowing a few lawns into a 
lawn care service. Again the sky is the limit here   and the lessons you will learn will once again 
serve you well in the future.

Now those first   two are great tried and true money making options 
for teens but they both involve trading your time   for money and if you really want to maximize your 
income you ultimately want to get away from that.   So let's move into the higher income options and 
work our way up to the strategy I used to earn   $500,000. The third strategy sounds really fancy 
at first but I promise it's not that complicated   and that would be social media marketing. 
Again this sounds really fancy like a proper   adult business but the fact is, a lot of the 
businesses in your area are likely owned by   older individuals who may not be as social media 
savvy as the younger generation.

That's not always   the case but if you are familiar with how social 
media algorithms work and you understand how to   create content or navigate social media platforms 
then you can reach out to local businesses and   offer this social media knowledge as a service. 
This could include starting or running Instagram   pages Facebook pages LinkedIn profiles and even 
starting in e-mail marketing campaign on behalf   of a local business. Again this one is going to 
depend on where you live and what businesses are   in your area but this is another one of those 
things that you could offer to businesses as   a remote service by just emailing them with a 
short elevator pitch explaining how you can add   value to their business.

Income with this sort 
of thing can range drastically but even if you   provide the service for just five businesses in 
your area and each of them pays you $500 per month   to make 5 postings, that's a total of $2500 per 
month or $100 per post and at that pace you'd only   have to make one post per day which shouldn't 
be too difficult. Plus as you learn this space   and are able to produce better results for the 
businesses not only will you continue to receive   recurring revenue from your existing clientele but 
you'll likely be able to charge more in the future   since you have that proven track record.

And if 
you're saying to yourself right now that you have   no idea how to start an Instagram page or optimize 
for SEO on LinkedIn let me remind you that YouTube   is a thing and you can literally learn anything 
by doing a quick video search online. Alright   this next strategy is by far the most simple and 
will provide the highest return despite the fact   that it sounds kind of boring but that would be 
saving and investing in you. Let me explain… if   you're a teenager watching this then chances are 
you've asked yourself the question at some point,   should I go to college and that question 
has become increasingly difficult to answer   within the past few years. And while I am a 
firm believer that you can make a wonderful   living without a college degree and clearly 
there are some incredibly successful people   who are anti college, for your average individual 
it is still a proven fact that college graduates   earn significantly more over the course of their 
career when compared to high school graduates.

pexels photo 9786318

In   fact the most recent report from the Bureau of 
Labor statistics put that wage gap between high   school and college graduates at $35,000 when 
looking at median wages. That means that over   the course of a 45 year career a college graduate 
easily earns $1,500,000 or more when compared to a   High School graduate. Now again we are looking 
at averages here and that is absolutely not   always the case plus this is assuming that 
you are smart about where you go to college   and what you decide to study. But using myself as 
an example, I went to in in State University, took   summer and overload credits in order to graduate 
early, and was able to earn two bachelors degrees   in three years for a total of $48,221.66.

So if 
we view that roughly $50,000 as an investment   that will yield a return of over $1,500,000 
throughout my career that means that investing   in myself is going to yield a better return 
and even investing that money in the stock   market over 45 years at a 7% annual return. 
Long story short investing in yourself and   your own education will almost always yield a 
higher return than any money making strategy or   investment could possibly match assuming that you 
get an affordable degree in a good field of study.   However I realize that is not the most exciting 
thing in the world so getting back to those of   us with that entrepreneurial mindset it's time to 
talk about the money making method I used to turn   $500 into $500,000 and a lot of you probably 
already figured out what this is but that would be   YouTube. Now let's preface this with a few things. 
Number one yes I legitimately spent a few $100 on   a YouTube course, a tripod for my phone, and a 
ring light all for under $500 and after years   and years of work this channel surpassed $500,000 
in top line revenue.

However taxes are a thing so   Uncle Sam gets about half of that and the cameras 
that I now record with cost more than my first   car so while running a YouTube channel absolutely 
can be a very low cost and lucrative business,   it can also be a lot more complex than your 
average viewer probably thinks. But even if   you're saying to yourself that you have nothing 
to talk about or you're shy on camera or you don't   know where to get started I want to encourage 
and remind you that number one I am an introvert,   number two I knew nothing about video 
editing or cameras or YouTube in general   when I first started, and #3 my first video is 
literally me in my college dorm room with my   iPhone and a ring light.

Everyone has to start 
somewhere so if you've been thinking about   starting a channel for a long time then my biggest 
encouragement to you would be just start. My first   video sucks it's still on my channel you're 
welcome to go back and have a good laugh   but you learn and you grow and you have fun 
through that process and despite the fact   that I still have a really small YouTube 
channel in the grand scheme of things,   it still produces a good income and provides me 
with a flexible schedule that allows me to do what   I want when I want.

It's not going to be the quick 
cash grab like going and getting a regular job   and it is going to take some time but it can be 
incredibly fulfilling and rewarding and I can say   first hand that it truly has changed my life as 
cliché as that sounds. So there you have it those   are my five favorite money making strategies for 
teenagers all of which I have used myself but I'd   love to know what you think of these strategies 
down in the comment section and what money making   strategy for teens you feel I left off of this 

Be sure to check out some of my favorite   financial tools using the links down below the 
like button and as always thank you so much   for your time I really do appreciate it so much 
take it easy and I'll see you in the next one!.

As found on YouTube

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