How can a 13 year old become a millionaire, this was the question my dad asked me. He told me that it is very possible and I can do it by following a few steps. It is possible with a few tweaks here and there and with a lot of work and time spent with your passions. You have to sacrifice hanging out with friends or going out on Friday nights, the easiest way around the world originally, but it is all worth it In the end because you will become a millionaire someday.
How can a 13 year old become a millionaire? – Written by a 13 year old! Over the next several minutes I’m going to give you my blueprint on how a young person can make a million dollars before they turn 18. Why do people say it is impossible to be a millionaire at such a young age? It’s obvious they have never tried or missed the chance to try when young. If you know what to do, and you’re willing to put your mind to it, money can be made.
Stop Unnecessary Spending
We often spend money inwardly, instead of objectively.
For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.
To stop this habitual spending, log down all your spending over the course of a month.
Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?
This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.
Cut-up Credit Cards
Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.
If not, you may want to consider ridding your life of the burden that credit cards bring.
Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!
Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).
Invest Wisely
Consider investing in funds.
Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.
To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.
Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.
Stash Emergency Funds
Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.
If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.
Make it hard to get your cash.
Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.
Be Extra Patient
Patience is the key of financial success.
Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.
So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.
Become a Youtuber
Today, YouTube is the platform that provides recognition to the common man. Whether it’s a teenager or an adult both can choose a topic for entertainment as per their age category and talents.
All you need to do is register yourself with YouTube and upload an entertaining video as per the category choose by you. Once you get famous among the public, Starting a YouTube will start to pay you a certain amount depends upon views on your videos as salary.
There are many people who have started at an early age and now are successful actors or actresses. It is the best business where one can make money as a 13 year old.
Babysitting
In this hectic world where parents doesn’t have time to spare for their kids requires well behaved teenagers for babysitting jobs as they are competitively cheaper than an expert adult.
Teenagers also get easily involved with kids and the kids also love to play with someone of younger age group. You can find yourself jobs on portals like Care.com that link you with parents who are looking for babysitters.
All you need to do is register yourself on their website and upload your schedule as it should match the time when they need you as babysitters. Thus, analyze your daily routine and find a free hour to help others.
But don’t do it for free, charge an appropriate amount for your valuable services.
Gig maker
Gigs are small notes, performances or videos that entertains people and believe it or not many out there are ready to pay good amount for these gigs. There is online portal named Fiverr that provides a platform where you complete smalls task like making audio notes, video clips that are used for entertainment purposes.
These gigs can be sad, funny, annoying or love. You can earn a minimum $5 to complete one task on Fiverr. I think it comes as a good start for a teenager.
Photo Editor
Teenagers love to play games on phones and laptop. Thus, are familiar with latest basic software and games. They edit picture for fun and play with editing software as they play games.
Many entrepreneur need photo editors on intern prices but it is as hard to find water in a dessert. Therefore, teenager who have urge to pursue jobs to earn for pocket money can choose to do such jobs at good prices and enjoy the work.
Do surveys
Doing surveys is a really easy way to make money as a 13 year old. This is because it doesn’t take long to finish one, you can easily do it through your phone (or computer, if you don’t have a phone yet)…and who doesn’t love giving their opinions!
It’s true that there are a lot of survey sites out there that don’t pay much, so aren’t really worth considering. This is why you should limit yourself to doing surveys through sites that you know are legit in terms of how much they pay.
Design t-shirts
Tons of people have made thousands of dollars designing t-shirts and there’s no reason why you can’t do the same.
In particular, sites like Printify make it super simple. Literally all you have to do is create your design and upload it to the site.
Sell things at school
You’ve probably seen people selling things at school for various charitable purposes, but there’s no reason why you can’t do the same to make some money for yourself.
It can be particularly lucrative to do this based on any upcoming holidays, like selling chocolates around Valentine’s Day and Easter or candy canes around Christmas.
You could also sell things that people need throughout the year, like stationery or gum. As an extra tip, try to find things you can buy in bulk, so your profit per item is as high as possible.
Conclusion
People often imagine that becoming a millionaire is something that is out of their reach. A lot of adults don’t believe they will ever have enough money to lead the lifestyle they want. But what if I told you there was a way to become wealthy? What if I told you that despite being just 13 years old, I am already on the path to becoming a millionaire?