Do you want to have an extra $100 in your pocket?
Would you like to have the financial freedom of going out with your friends to movies, restaurants, or the mall without worrying about spending $10 here or $20 there?
Most teenagers are always looking for strategies to make money. Yes, strategies are important but you probably don’t understand the big picture behind making money.
There are really only a few real ways to make money (I’d like to call them secrets) – the rest are just strategies or variations of these methods.
Once you know these secrets, your mind will open up. Are you ready for the secret?
What is the secret to making money?
The big secret to making money is to add something of value to another person. The more value that you add to other people, the more money you will make. So how do you make more money?
- Lemonade Stand: Add a little value to millions of people (you need to sell a lot of lemonade)
- Real Estate Agent: Add a lot of value to a small number of people (you need to sell a few really expensive houses)
- Car Manufacturer: Huge potential = Add a lot of value to millions of people (you sell a very expensive product to many people)
Lemonade Stand Concept
Let’s say you are selling lemonade on the side of the road on a hot day. A car drives by and purchases one of your cups of lemonade.
You are adding value to the driver because you’ve quenched their thirst, but they may only pay you $1 for the cup of the lemonade. In order for you to make a ton of money, you need to sell thousands of cups.
Chances are you don’t have that much traffic driving by…
Real Estate Agent Concept
Let’s flip the switch a little bit and say you are a real estate agent. When you are a real estate agent you sell houses for other people by presenting the home and marketing it to other buyers.
Unfortunately, you don’t deal with millions of customers when you are a real estate agent.
In fact, it may only be a handful of people, but the purchase price of a house is fairly expensive and therefore adding a lot of value to only a few people you going to make thousands of dollars for any sale!
Maximizing Income: Lots of Value to Many People
The ideal situation makes the most money is to add a lot of value to as many people as possible. Car manufacturers did this quite well – especially the early adopters.
Take a look at the world around you and how many cars you see on the road?
Look at how much people are willing to spend by a car – it’s thousands!
When you multiply thousands of dollars by billions of cars, you get serious numbers!
The same concept applies to Facebook, Google, iPhones, and video games.
What you should focus on to make more money
I know you probably won’t be a car manufacturer within a year.
However, as you look to your journey of making more money, find areas where you can add a lot of value (high priced items). If you can’t find those areas that look for areas where you can add a little bit of value to many people (scale).
In the beginning, you’ll probably struggle and you’ll need to pick up low-value tasks to be able to make money on the side.
Eventually, your nest egg will grow and then you can go ahead and evolve that into a smaller company that’s a little bit of value and eventually to a bigger company that has massive value!
To get you started here’s a little bit of a list of the things that you can do to start earning money quickly.
List to make money as a teenager
- Pet Service
- Bake Sale
- Yard Sale
- Mow Lawns
- Clean Cars
- Make Videos on YouTube
- Shoot or edit videos for businesses
- Start a Podcast
- Become a photographer
- Tutor others (music, math, reading, science, sports)
- window washing
- handyman assistant
- paint houses
- clean gutters
- garbage service
- help with electronics
- summer camp counselor
- personal assistant
- dog walker
- breed animals
- raise and sell livestock
- find items locally and resell them on eBay
- create crafts and sell them on Etsy.com
- find golf balls and resell them back
- cut up firewood and so it
- find free stuff in the classifieds and fix it up
- Sell your produce at the farmers market
As you can see there’s a mix of different things that you can do to make money. Some are going to pay more than others and that really comes down to the value that you can bring to other people.
The more value than something has, the more money you make because you are solving a bigger problem.
Then you need to repeat the process and scale.
How do you scale your income?
When I say scale, I am talking about growing your income because as an individual you can only grow so far. You only have so much time in a day between school, family, or your daily activities.
If you are a babysitter and you live in a neighborhood where you know multiple parents need babysitting services, you could tell one of your friends that you will give them a client or connect them with someone for $10 bringing you more money by simply a referral.
This now allows you to make $10 for every person you refer and creates a win-win relationship. The parents on your street get a babysitter, your friend gets a job, and you make $10 bucks.
Just don’t give away all your clientele and make sure you keep some for yourself so they can still have some cash coming in to use the next time that you go hang out with your friends.