Posts Tagged ‘Mentality’

Money savvy teen would like to learn!!?

May 13th, 2012 2 comments

I want to become rich…yes, everyone has this dream, but I actually read about techniques, save my money and such. I have 1,000 dollars in a CD, roughly 700 in savings, and over 200 dollars at my house, which I am about to deposit into my savings. I get this money from mowing lawns. From this I get 95 dollars every two weeks plus I do the occaisional garage sale. I would have more, but I have to pay for every "extra" thing I want. I am a big sports card collector, and I probably have 200 dollars worth of that, but the value of my cards is bound to go up, but thats a different story. I also worked for my own computer which I got for a neighbor in exchange for doing their lawn 5 times (100 dollars worth of work). I have other stuff, but I need to get to the point:

I am looking for answers from older people such as: I want to go into business. Besides business and finance, what other degrees should I go after? I am also learning spanish because a good bit of the population will be mexican/spanish when I get older. Also, I know there is no guaranteed way to make money, but what businesses are a safe bet to turn profits? I would own my own card store, but I assume that won’t work out seeing as how ebay and other sites have pretty much destroyed that business for store owners. Also, do you older folks have any tips that you have learned over your lifetime that would help me succeed.

Again, I am not one of those normal teens that says: "How can I make quick easy money…I don’t want to do hard work for it, maybe I can do online surveys or something." DUH. I am a motivated person who wants to and will work to succeed
I get 95 dollars every two weeks from mowing the lawn
I mow 3 neighbors lawns

First, you should feel good about being on the right track. You aren’t falling into the "get rich quick" mentality – doing well, especially in your own business, takes hard work and a lot of effort. Also, having an interest in making money at your age is great.

There are so many types of businesses to choose from, what you first need to decide is what types of businesses fit your talents and desires. I have owned an ad agency, manufacturing company, consulting business, and restaurants. As it turned out I hated the restaurant business – it was the same thing day after day and way too long of hours. I prefer being able to travel and more variety. But the point is you need to think about what you want.

Business is the best education to get; if you want to take other classes do it because you are interested. A second language is a good idea. You should also learn computer skills – how to design a web site, etc. That will make you self-sufficient and you won’t have to pay someone to do that stuff for you.

There is no "safe" business. The world changes – sports card stores, video stores, book stores and many others were thriving not that many years ago and are struggling to stay afloat now. Information products are low cost to get into, you can sell them online and you can change them as market demands change. I know a guy that came up with a book and video on how to install a security system in your home – he is making a good living from selling that online.