4 answers
lane
Student
Dover, Delaware
2
Questions
Asked
1321 views
What are some ways you were able to make money at a young age?
I have a job that pays 10.50 an hour and I make a percentage of the tips, it gets me by but I have trouble believing that this is all I can do, I want to make more, I want to be able to invest but I don;'t know where to start.
Login to comment
4 answers
Flora Frangoudis, NJ CPA
Accounting
33
Answers
Morristown, New Jersey
Updated
Flora’s Answer
Lane, it's fantastic that you're so driven and eager to further your career while still in school by earning your own income. The best guidance I can offer is to take your current knowledge and experience, and aim to apply them in jobs that require your skill and may offer a higher salary. Without knowing your specific skills or educational background, it's challenging to provide tailored advice. However, if you're a hands-on person, you might want to explore more technical jobs which offer higher pay due to higher demand.
When it comes to learning how to invest online, there are trustworthy financial institutions that provide free online seminars. Fidelity Investments and Vanguard are two such examples. A smart starting point for saving for your future could be opening a non-taxable education fund or an IRA, where you can start saving with as little as $100 a month.
Here's to your successful and prosperous journey ahead. Remember, "where there's a will, there's a way to success".
When it comes to learning how to invest online, there are trustworthy financial institutions that provide free online seminars. Fidelity Investments and Vanguard are two such examples. A smart starting point for saving for your future could be opening a non-taxable education fund or an IRA, where you can start saving with as little as $100 a month.
Here's to your successful and prosperous journey ahead. Remember, "where there's a will, there's a way to success".
WIlliam Connelly
Forestry
1
Answer
Rochester, Minnesota
Updated
WIlliam’s Answer
Hi Lane, I'm on the same page with Flora's suggestion. It's not mandatory, but you could consider part-time jobs like dog walking, lawn mowing, or snow shoveling. These tasks could earn you between $20 and $30 per hour. The money you make in a day could be invested in a bank CD or Edward Jones for compound interest, which will generate additional income for you while you continue working.
For instance, after a full day's work, you could spend an hour or so mowing lawns, shoveling snow for neighbors, or even walking dogs as previously mentioned. Then, take half of your earnings from your job and half of your earnings from these side jobs and deposit it into an Edward Jones compound interest account. This account will continue to grow your money over the years. When you're ready to retire, you'll have your 401k and this additional savings to enjoy.
You mentioned that your current job pays $10.50 per hour plus tips. So, working an 8-hour shift would earn you $84 before taxes, plus tips. If you're paid bi-weekly, that's a decent sum every two weeks. If you invest half of this in an Edward Jones account, which currently offers a 5.3% interest rate, you can withdraw your money after a year.
For example, if you receive $15,000 from a relative to buy a car, you could invest $10,000 of it in an Edward Jones account, wait a year, buy a $5,000 car, and still have approximately $10,530 left in the account. You can then continue to invest half of your earnings after that year or gradually invest along the way. This strategy will provide a significant financial boost and could even help you pay off any student loans by the time you finish college.
For instance, after a full day's work, you could spend an hour or so mowing lawns, shoveling snow for neighbors, or even walking dogs as previously mentioned. Then, take half of your earnings from your job and half of your earnings from these side jobs and deposit it into an Edward Jones compound interest account. This account will continue to grow your money over the years. When you're ready to retire, you'll have your 401k and this additional savings to enjoy.
You mentioned that your current job pays $10.50 per hour plus tips. So, working an 8-hour shift would earn you $84 before taxes, plus tips. If you're paid bi-weekly, that's a decent sum every two weeks. If you invest half of this in an Edward Jones account, which currently offers a 5.3% interest rate, you can withdraw your money after a year.
For example, if you receive $15,000 from a relative to buy a car, you could invest $10,000 of it in an Edward Jones account, wait a year, buy a $5,000 car, and still have approximately $10,530 left in the account. You can then continue to invest half of your earnings after that year or gradually invest along the way. This strategy will provide a significant financial boost and could even help you pay off any student loans by the time you finish college.
Alexandra Grashkina-Hristov
International Tax Professional
155
Answers
Boston, Massachusetts
Updated
Alexandra’s Answer
Hi Lane,
It is great that you are thinking about jobs and investing. If you are in school, it may be helpful to speak with some of your teachers and friends about different jobs in the community. As people pointed out, jobs like dog walking or lawn mowing are generally available to young people. You can also look for a smaller business in your town that needs a young person to help, whether it is a bakery, a landscaping business, or even food delivery. Also, some supermarkets or large stores hire high school students on a part time basis as either cashiers or in other roles at the store.
Good luck with your search and keep trying!
It is great that you are thinking about jobs and investing. If you are in school, it may be helpful to speak with some of your teachers and friends about different jobs in the community. As people pointed out, jobs like dog walking or lawn mowing are generally available to young people. You can also look for a smaller business in your town that needs a young person to help, whether it is a bakery, a landscaping business, or even food delivery. Also, some supermarkets or large stores hire high school students on a part time basis as either cashiers or in other roles at the store.
Good luck with your search and keep trying!
Tony Salameh
CBEX
4
Answers
Marlborough, Massachusetts
Updated
Tony’s Answer
Lane- The fact that you are on this site right now and researching and asking questions is a step in the right direction. Learn as much as you can and apply yourself in whatever you can! When you are young, I would suggest starting your own business. Whether it be mowing your neighbors' lawns or raking leaf's or shoveling snow. Providing a service is an easy way to make money. You can also start investing, start small with investment tools on TD Ameritrade or even Venmo. Investing a little bit of money now will be a large boost forward in your financial wellbeing in the future.