How Can I become Rich as a Teenager

There are  two rules to become rich as a Teenager. Rule number one is to  buy or create assets and  number two is to  avoid liabilities. Assets are things that put money in your pocket and liabilities take it out. Buying a phone is a liability. It will cost you money each month for the service. Building an online business is an asset and something kids can do.

1. Rent your stuff

Have you ever wanted to buy a paddle board or a kayak? Generally, something like this would be a liability, (something that takes money out of your pocket) however, if you rent your paddle board at the beach it becomes an asset. Do some research to learn what things you can rent. Then start saving your money or maybe you could get it as a birthday present

2. Start a real business

When I started writing this I was going to say you can’t become rich by starting a lemonade stand. Well, that’s not true because I interviewed two kids who created a real business out of selling lemonade. They made enough money one summer to buy a car and they weren’t even old enough to drive it.

Instead of selling their lemonade in there front yard they sold frozen lemonade at community events and made bank. You can start a real business by mowing lawns, babysitting or pet sitting. You just have to run it like a real business.

3. Buy income producing tools

There are tools and equipment that can allow you to make money. A few ideas would be a wire stripper, a Cricut, and a button maker. All of these tools can be used to make money. Once you have one of these tools you can basically print money by stripping wires from electricians, selling crafty vinyl cutouts and even custom buttons. Tony Hsieh, CEO of Zappos did that as a kid now his net worth is $900 million.

4. Invest in Stock

As a kid, you can invest in stocks and mutual funds as long as your parents help you set it up. A cool app I found is called Stash. You can begin investing as little as $5 dollars. You must be 18 or older but that’s where your parents come in. 

5. Start an online business

As a kid starting an online business is one of the best ways to become rich. EvanTubeHD makes over $1.6 million a year with his YouTube Channel. You can start a website or build a social media following on any of the social platforms. Learn how to make money with an online business here