How To Make Money At 15 Year Old Online

How to make money as a 15-year-old online. Well, let's get an online store started. So let's talk about how you do an online store and how when you're under 18 years old and you're not quite that adult, right? In that teenage years, how do you start setting them up for the right structure and path? And parents, you're going to have to be involved to do this properly. Kids, you know what? If mom and dad aren't going to support you, do it anyway. Just call our office. We'll be your adoptive parents for a little moment while we help you get up and running. So let's talk about how you get that online store and what does it take to get that up and how would corporate structure work if your parents are open to that? Including banking, debit card versus credit card. I mean, there's a whole system to that. In fact, I cannot encourage you enough. All of you get makeyourkidsmillionaires.com. You got to get the book. It's got 87-point checklist. It has all sorts of structures and what I did for my kids when they were zero, zero born to 20 years old. And so how do you do that? Then the second thing we're going to talk about is how do you invest early? What are the financial tools? What can you start doing early to put your money away? And if your parents are entrepreneurs and have a company, how can you be employed by them so you can get a Roth IRA at teens, which I want you to get one of them early. You say, yeah, but I can't use the money till late in life. That's the point. Most people blow their money early in life. I want you to have a Roth so that you could tap into that in your 60s if everything else falls apart in your lifetime. Last thing we're going to talk about is just engaging in the entrepreneurial spirit, looking and seeking mentors and models. I was blessed at 17 years old to meet Dennis Waitley. He gave me the book Think and Grow Rich when I got introduced to this world of like, oh my gosh, there's people who actually want to better themselves. They want to become millionaires. They want to be wealthy. They want generational wealth. I was never taught any of this, which most of you weren't either. So let's begin. How do you help these kids get up to speed? So mom and dad, you're not the only bank account. Number one, how do you even begin online store? What are the kids' interests? What are your hobbies? What are you really good at? I have a lot of teenagers who are great at different sports who teach anywhere from speed training to a very specific sport training. I have actually a niece who I know teaches like volleyball and spiking skills, digging skills. I have football players who teach all sorts of different skills. So you can do that. I have other teenagers who teach about nutrition and hydration. And I have a lot of teenagers of our clients, our adult clients who do social channels. So what are you interested in? What are the topics? What gets you excited that you can actually build an online store? Parents, how you have to do this if your kids are not 18, I would intentionally, I don't care how many kids you have, it's an LLC per kid. Because at 18, I want you to hand it off to them. Now, do you hand off all of it? No. We'll have a whole conversation about that as you become a client, we get closer. But in the beginning, just start a simple company, probably an LLC. Or if you're in California, it's probably an LLC is an S Corp. I mean, depends what you want to do, but the parent has to own, the kids can be involved and actually named on the company. They just can't start it because they also can't start their own bank account. They're going to have to have a custodian account. Now, what I do when my kids weren't old enough is I would put them as a signer on the account. Now, could they legally sign any documents sub 18? No, but that's not the point. The point is you want the behavior of it to get going. So inside of that, now you can start writing things off like your phones, like the equipment that you might use for your online stores. You can start doing business trips. You can write off their 16 year old vehicle because they're going to need a vehicle potentially for their business. So it depends on which area you pick, getting a corporate structure and getting the behavior in that child is critical. Now, do you use a debit card or a credit card? Well, I'm a huge advocate for credit cards because you actually, number one, you're using other people's money for 30 days. As long as you pay it off every month, you're in a 0% structure, which is perfect. So you have that. But more importantly, there's some what I call liability protection, that if you bought something, purchased something, whatever you did, the credit card company will back you, especially if it's the big card companies, which I'm hugely advocate of, which is like American Express, Discover, Chase, Citibank. If you use small little banks, they probably won't protect you. And for sure, if you use a debit card and the money comes straight out of your bank account using your money from day one, purchase one, and there's no protection because if anything was misused or mispurchased, they're not giving you money back. It's hard to get a refund in a debit card. So again, you'd go to my search bar and you can look at how to use credit cards, how to use debit cards, when to use what. But let's look back at the business. What are they interested in and how can you very quickly get up to speed and get some products or services out online? Being an affiliate is a huge, fast way to do it. And being again, in direct sales. Again, you're going to have to be 18 to sign into a direct sales company. I have four links below in the description that you can sign up for any of my direct sales companies. You can become an affiliate of our books, our games, all of our products. So sell our stuff. What a better way can you learn financial literacy than be immersed in the very content that you want to learn? And so be an affiliate. But however you get that store up, whether you do Shopify, Amazon, eBay, research the different stores, you can do Etsy store. I have people who do a Pinterest store. I have one woman with her and a couple of kids are making three, $400,000 and it's just a Pinterest store and it's a bunch of mommy bloggers. So, and they're just reviewing products and giving opinions on whether the product's good. I have teenage girls that are giving opinions on whether the makeup's good or some different facial products are good for acne or whatever they're doing. So again, what's interesting to you? What do you want to post about and be in a consistent conversation about? The next thing is investing. So the pattern I want all of you teens, whether you're 12, 13, 15, whatever age you're in, is as you make money, yes, you can spend part of it, but I need you to start investing. You say, well, how do I do that? Well, if mom and dad have a company and you have this company set up, you're going to be a very small employee of the company. So in fact, teens, if you make less than $12,550, I think is around that number, you don't have to file taxes. That keeps you out of the tax structure until you're 18 years old. Now the company will have to file tax, but you as an individual won't have to file that first $12,550. So I think that's the number. You can look it up online, but it's in that ballpark. But as an employee, you get to get a Roth IRA. What's a Roth do? You can put about 7,000 away a year. And you say, well, that's not a lot. I know. But if you buy, like I did, I bought cryptos. I bought some great stocks. When the stock market fell down 30%, you could buy in low. And those are runaway trains, meaning no tax and it's tax-deferred, tax-free for the rest of your life. So the Roth is a great structure to just start accumulating. And if you've never used a compounding calculator, try one out. Just put in $200 to $1,000 and then contribute $50 a month or $100 a month. I mean, think about it, all you teens that are listening to this or parents listening. $1,000 a month is only $2.50 a week. Divide by five days, it's $50 a day. My kids have made that, I mean, since they were in their pre-teens. $50 a day for a kid is not that hard when you're set up and your structure is right to make that kind of money. So in the investing world, I have two apps that I want you to get. There's a bunch of free stuff on GravyStack, which teaches you how to set up missions and gigs and get paid. So it's not just from your parents, but it's actually a great tool for structuring your initial entrepreneurial venture. And then iFlip, it's a software, which it teaches you to trade in the market. And there's a portion of iFlip that you can actually just do your own stock trading for those of you that get really interested in that. But I highly, highly, highly encourage you, cannot advise you, I'm not an advisor, that if you aren't going to get up with the market and go to bed with the market, I would not be a trader. Because you're going to get, the risk of that is too high if you don't know how to short out the market and get out. So start your investing early. And I say anything under 18, you put 50% away. So you can spend, give charity, do whatever you want for the first 50%, but the second 50% goes away for investing. So you can compound. So as you're 18, you get to get out of the house and go on your own, whether you go to college, whether you go get a job, whether you start a business, whatever you want to do. Before I go into my last point about living in this entrepreneurial structure and being mentored, it's great. I love when I have teenagers on my call and put them in my program. By the way, I'm going to give you a link to my Millionaire Intensive. You say, well, I'm just a teen. I know, but when you start getting this content in your head, it gives you more choices as you grow as an adult. Say, I don't know how many adults look at me and say, man, I wish I would've learned this in my teens. So learn it now. Like, stay on this channel, subscribe to this channel. And to make it fun, invite 10 of your friends to do it and then be on the channel on a regular basis and talk to your friends. Did you watch Laurel's video today? What did you learn? What are we going to do? Like, get a friend group together and do something over the summer. Do something on a regular basis that you can get together and make money. I have even musicians making money and they're selling their music and then they have merch stores that are associated to them. Those are teenagers that are doing that kind of money. But how do you do that if you have parents that are typical job people taught by Susie Orman, Dave Ramsey, which is stay safe and stable and don't, my gosh, you know, the chances of this ever happening are impossible. That's not true. So you're going to need to find people like me who, you know, you, the kids are our charity. So as your parents become clients of ours, you kids go for free for the rest of your life. You never have to pay any tuition. So if you can get your family involved in this conversation, that's the best because our ultimate goal is generational wealth. But for a lot of you, I know you're just thinking, well, what do I do today? Again, I want you to brainstorm you and a group of your friends. How could you do $50 a day, which is $2.50 a week, which is $1,000 a month. So there's no reason anyone under 10, I'm going to say between 10 and 20 for sure can't make that kind of money. I mean, my daughter helps with our neighbor's chickens. She does tutoring. She has formal tutoring clients. She's got nannying. She's got babysitting. She does all sorts of, teaches some kids how to put on some makeup because she used to be an amazing dancer. So what could you do? That's where I want you thinking, what brainstorm, what are other people doing to make money and who do you want to end up being like? But I can tell you, you've got to consume these kinds of books that are not being taught in school. And you've got to consume these kinds of books. And any of you that are 10 or older could read The Millionaire Maker, make your kids millionaires and start getting this jam. But being around other entrepreneurs is the most powerful thing you could do because entrepreneurs talk to entrepreneurs, employees talk to employees. So who do you want to be when you grow up? Do you want to be a little of both? Lean on the entrepreneurial side and lean into investing. And don't be shy about going out and getting some internships. Like if you want to be in real estate, then go work for a local broker, right? We give internships. A lot of our clients give internships. I have a construction company and real estate company in Kansas. We give internships. We've had Georgia Southern men come out from the football team and actually spend a week over their spring break in the summer learning the business of real estate. So get engaged and get a mentor, get internships as fast as you can. I've had mentors since I was 17. So all of you can do it because I did it and it's your turn. If you have any questions, go to asklaural.com, A-S-K-L-A-U-R-A-L. I don't care how old you are. Ask a question, make a request. We'll be back with you right away. And if you really want to join our membership of Ask Laural and come live and have a little conversation with me and bring your parent. Talk to you tomorrow.