Kids have infinite possibilities to make money and keep majority of the money to be invested in their future. They have less bills to pay and less obligations that need to be met, which allows them to grow a successful business. This is definitely not a get rich quick scheme, but this gives you a step-by-step plan for your child to make their first million.
1. Research The Habits Of Millionaires & Do Exactly That
Millionaires and billionaires live a different life because they have daily habits that keep themselves productive and available to continue making money. The most valuable tip I have received from successful people is to constantly read books that help your mind gain knowledge and insight about how to create the best version of you as well as your life. Next, those successful businessmen and woman build seven sources of income, so that they make money on autopilot, while they are sleep, and just in case another method of making money fails. Lastly, rich people do not act like they are rich. They actually act like they are broke and work 80 - 100 hours just like financially challenged people do. They drive cars and live in homes with the same or a smaller price tag than the average family because the money is put back in the business, into their bank account, or in investments. If you would like to read more habits of the rich, view this article by Entrepreneur and Fast Company.
2.Start A Business
As mentioned in my blog post 15 Hustles For Your Child To Make Money, there are so many business ideas that they are endless. Your child could start a Social Media Marketing Agency (SMMA), be a product creator, or a influencer, which includes Instagram, Youtube, and blogging. I have one business that has several sources of income that I am working on building. Under the A Young Legend brand, I am a paid speaker, blogger, social media influencer, and soon to be author. Stay tuned! I am developing five sources of income that can help me invest back into my business. You can start your business with $0.99, which is described in How $0.99 Can Start A Business, just by purchasing a domain name for your free website and beginning to put out quality content for your audience.
3.Invest Back Into Your Business
As mentioned in step 1, wealthy people do not spend the money made form their business on materialistic things because they invest back in their business and in their personal growth. Eventually when their business makes enough to invest back and pay themselves a hefty amount, rich people then buy what they want. Even if your child made $5 in profit, put that money towards Facebook, Instagram, Youtube, or Google ads to build their audience and make more revenue. If your child decides to pay themselves, make sure they invest in courses, books, and activities that make them a better boss, business person, and helps grow their network.
Your child should start saving for college, a home, and retirement as soon as possible. The earlier is always the better option, especially to set them up for financial success. They can start investing in life insurance policies and retirement accounts now. Make sure to explain to them why it needs to maintained and how it can be used in their favor in the future. When they get ready to buy a small condo or invest in a property to flip, they should begin saving for a down payment and ways to build their credit now.
5.Invest Your Money
When your child makes enough money to start investing in the stock market, other businesses, or real estate, support them. Everything they do to create a financially healthy future starts with your help and ends with their dedication to keep going. The stock market is great way for them to grow their money along with inflation, which is what wealthy people do to grow their money past generations of inheritance. Your child can also start another business to add a source of income to their list and create residual income. Finally, real estate is the way to go for long-term investments when your child reaches 18 because land value drastically increases over a lifetime.
Now that you have 5 steps for your child to be a teenage millionaire, they have options to make a successful future for themselves. With your assistance, they can pursue their passion and make choices that ultimately make them happy. Sounds amazing right? Wouldn’t you want that for your child?