Teens learn a lot about managing money by having their own money and the freedom to make decisions about how it is used. According to a survey by Piper Jaffray, teens spend an estimated $2,600 per year. Teens use these funds for food, clothing and entertainment. To help teens get more experience managing money, here are some income generating ideas to consider:
Work in a job available for tweens or teens. Explore the gig economy opportunities like Fiverr or TaskRabbit. Create an opportunity by solving a problem in the marketplace or by offering your services in a more competitive way (price, quality, location, hours of operation, reliability) than currently available.
Share your opinion for gift cards and cash. Check out this list of survey companies compiled by swiftsalary.com• Swagbucks (13 years old and up) – One of the most well-known and trusted survey sites around. They’ve paid out over $330 million to their users since they started.
• Treasure Trooper (13 years old and up) – This site has a cartoony and fun look, and they’ll pay you for answering questions, playing games, and more.
• Ipsos i-Say (14 years old and up) – One of the longest-running survey sites, founded in 1975.
• VIP Voice (13+ USA) (18+ CA) – Earn points that can be used to enter sweepstakes.
• Toluna (13+) – Earn money with tons of different surveys, and a refer-a-friend program.
• MyPoints (13+) – Earn money taking surveys, watching videos, reading emails, and more!
• Survey Junkie (13+) – Short, simple surveys that pay well.
E-Poll (13+) – Founded in 1997, E-Poll has surveys about celebrities, sports, and entertainment.
Sell your things or your unique creations. Sell something you own that you are no longer using. Or sell something you have created like food, art, photography, stories, screenplays, applications, etc. Think about your special expertise like a note taking system or a design pattern. Consider bundling interesting information that could be useful to others. In 2000 an entrepreneur named Dany Levy started a simple email newsletter. She profiled great restaurants and products. In 2008, Daily Candy had over 2 million subscribers. Daily Candy was sold that same year for $125 million. Or EstateSales.net an information aggregator that charges sales companies $79 to advertise their upcoming estate sales.
Invest your financial capital for the hope of future income. There are a few places where investors can start investing with Stockpile for as little as $5. Robinhood also allows investors to start small and purchase fractional shares of a company. Not certain you are ready to risk real resources? Simulate trading using the Wealthbase app.
Teach your specific expertise. Are you an expert in a specific academic subject? Can you share other skills? Teens today are the first cohort of digital natives and have an inherent comfort with technology. Can you help someone learn how to use an application or device? My Teens teach their grandparents how to use technology all of the time. Think about things you know well that you’d love to share with others.