By Rebecca Sebek
During rocky economic times, many adults freak out because they can’t pay their rent, mortgage, and other bills. They’re also worried about buying food. The bright side is you can learn from their mistakes. Most adults (your parents) were taught to go to school, graduate, go to college or university, and get a job. Unfortunately, this isn’t always a full proof plan because companies layoff workers or close down. What do you do? The secret to securing your future is to have multiple streams of income. That’s right! In addition to having a job, you can create a side or many side businesses that will ensure you have a secure and healthy future. Or, you can avoid getting a J.O.B. by creating your own business.
Some teens are as young as thirteen when they create their businesses. For example, my nephew is fourteen and started his own outdoor service company with two of his friends. Since he lives in the Midwest, he shovels snow during the winter and cuts grass during spring, summer, and fall. It’s a win-win situation because yard work always needs to be done and is great exercise!
If you have a passion, why not create a business from it? What do you like to do? What makes your heart sing? Most people, even your parents, work in jobs they loathe. They hate getting up in the morning because they’re not doing what they really want to do. They wait for Friday and dread Sunday. This is no way to live. You don’t have to be like your parents or grandparents. You can earn a living from your passion and wake up each day with a smile on your face.
How to find your passion
Make a list of 10 things your passionate about. Think about what you like to do.
Look at your list and rank your passions from 1 (highest) to 10 (lowest).
Reexamine your list and make adjustments where necessary.
Look at your top 5 passions and think about how you could turn them into a business.
Here’s an example: Let’s say you like to draw or doodle. How could you turn that into a business? You could become a graphic designer by utilizing programs such as Adobe InDesign, Photoshop, and Illustrator. You could design logos for local businesses, even your school. You could illustrate books. If you like to write, you could create your own graphic novel or comic book series and create the illustrations. You could also become a fashion or interior designer.
Do you see how you can have multiple streams of income? In the above example, I used graphic design, but added writing. You could provide writing services in addition to graphic design. You may think you’re too young, but you’re not. Many teens have published books, short stories, and poems. This could be an additional stream of income in addition to your graphic design services. The best part is you’ll enjoy your work!
Another additional stream of income is MLM aka multi-level marketing aka network marketing. Be careful with this because MLM’s are not created equally. Research companies and choose the best one for you.
You’re not too young to learn how multiple streams of income can secure your future. Instead of settling for a nine to five job, create your own businesses or at least create a side business if you want to work for a company when you’re older. Remember, you can secure your future with multiple streams of income. Go for it!
Teens who discover they are good with money may even want to look into online accounting classes.
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