Learning early on to earn and use money is a vital practical skill that will be useful to a young person throughout his life.
However, data from Santander UK found that only four in 10 children and young people in the UK have some form of financial education at school. And with around nine million adults across the UK and Ireland already struggling with debt problems, according to the Center for Social Justice, it’s clearly time for children to have more financial literacy.
Although research has shown that children begin to acquire essential money habits and skills between the ages of three and seven, it seems that some are of course financial and some are not, notes private equity director Rachel Provest.
“Some people seem to have the magic touch when it comes to money, others just can’t stand it: it runs through their fingers like water and it looks like they can never earn enough,” says Provest, who just wrote. the practical financial guide for preteens and teens, Max Your Money, with investment fund manager Larry Hayes.
But all young people can learn. “It’s about becoming the boss of the money and not the other way around,” Provest points out.
“If they have access to the Internet, every child can build some wealth before they leave school; we want every child to find out how they can earn more than a decent wage, and often much more.”
Everyone has a superpower that can be used to maximize their profits. Even a 13-year-old player can earn more than a decent salary as a game coach.
And co-author Hayes adds, “The opportunities to make money are extraordinary. There are more temptations, pitfalls and opportunities to make money than at any other time in history. ”
Hayes and Provest suggest that preteens and teens try some (or all) of these tips to earn and get the most out of their money.
1. Look for horrible (but well-paid) jobs.
Take the advice of the richest man in the world, Elon Musk, who according to the authors investigated the most horrible jobs in his area, suspecting that they would pay more. He ended up cleaning a boiler room, it wasn’t fun, but he earned twice the hourly rate of the other work options he had then.
2. Use your superpowers
Discover high-earning work that suits your personality and skills, which can also be described as your “superpowers”. “Everyone has a superpower that can be used to maximize their profits,” Provest points out. “Even a 13-year-old player can earn more than a decent salary as a game coach.”
3. Look for online income opportunities
The list of online income opportunities for children is huge, Hayes and Provest point out, citing examples such as translation jobs if you have a second language, video editing, social media management, music production, video production, singing, coding and online marketing.
Hayes says: “The list goes on and on: a child has earned over a million dollars by becoming a hacker bounty hunter, hacking corporate websites to help improve their security, and one of our children has tested the book and now earns £ 50 percent. hour making TikTok corporate videos. She’s only 11 years old. “
4. Acquire tough skills to increase your earning power
To earn the maximum amount of a job, young people must aspire to acquire skills efficiently and profitably. “The number one secret to maximizing your earnings is to get tough skills, qualifications that show you have a particularly valuable skill,” Provest explains. “The Internet makes this easy, with cheap and often free online courses where you can acquire the hard skills that will increase your earning power.”
She explains, for example, that a dedicated programmer can access a free online Blockchain programmer course and qualify after a few months with the chance to earn £ 700 an hour or even create their own cryptocurrency.
5. Be enterprising
Being an entrepreneur is a lot like playing: you need ideas, a desire to try things, and the courage to take risks, say Hayes and Provest, who point out that this is the description of most preadolescents and teens on the planet. “Being a kid is the perfect time to do it,” says Hayes, “because you don’t have to earn to survive, you have a flexible brain that’s quick to learn, and you know exactly how the next generation thinks.”
6. Don’t just rely on pocket money
The authors say that the cost of living crisis is the perfect time to turn children of spenders into income, so instead of relying on pocket money, they should be encouraged to go out and make their own money.
“The lessons we teach kids with pocket money are pretty awful,” Provest says. “Pocket money is a fairy-tale gift of money (your parents or caregivers simply give it away for nothing) or it is made for household chores. But there is no wage bargaining, no minimum wage. Bosses, your parents, often be horrible bosses who one day are very lazy and the next angry because you didn’t unload the dishwasher.
If parents encourage children to start earning and cash flows (or flows), reliance on pocket money will soon be a thing of the past. “Your kids will go from spending a single mind, always asking for more pocket money and more stuff, to people who perceive how they can start making money on their own,” Hayes promises.
7. Earn on eBay or other selling sites
Even younger children can make money, the authors point out, citing the example of a nine-year-old girl who negotiated access to her parents’ eBay account instead of pocket money. “The deal is simple: if you find something unwanted in the house, you can sell it and get half the money,” says Hayes, who says eBay estimates the average house contains unwanted £ 4,000 worth of “stuff”.
8. Don’t ask “Can I pay for it?”
Hayes and Provest point out that one of the big financial rules is that you should never ask, “Can I pay for it?”, But you should ask, “How can I pay for it?” Provest says, “That way, when you realize what you have to do to pay for it, you can make a rational decision about whether you really want it. It’s about teaching kids to be the boss of money.”
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