3 answers
Damien
Student
1
Question
Asked
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How can a 13 year old start investing and making money?
I want to start investing and making some money even though I'm too young for a job at this age. Even if I'm old enough for some jobs where can I start?
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3 answers
Paul Goetzinger MPA
Academic and Career Advisor | Freelance Writer | TRIO Program Director
1098
Answers
Tacoma, Washington
Updated
Paul’s Answer
Hi Damien:
When it comes to this question, I have often taught that the most effective way to earn money and build interest is to "pay yourself first". This will enable you to have the money taken out and placed into a savings plan or investment account, without having the temptation of spending it.
I agree, that at an early age, you should focus on general around the house positions, like cleaning windows, cutting lawns, painting, cleaning garages, recycling, and other cleanup jobs.
My savings and investment philosophy for the future, focuses on simple, highly actionable guidelines to manage earned income and channel it into interest-bearing accounts:
#1. The 90/10 Budgeting Rule
• Save 10% Immediately: Take 10% of every dollar earned and route it straight into savings or investments before spending any of it.
• Live on 90%: Allocate the remaining 90% of income to everyday lifestyle expenses, including bills, housing, transportation, and books.
#2. Strategy for Earning Interest
• Automate Your Deposits: Use direct deposit through an employer to automatically transfer the 10% into savings vehicles. This ensures consistency. [
• To start with, utilize Low-Risk Accounts: Start by moving saved funds into accessible, interest-bearing options like Certificates of Deposit (CDs), Money Market accounts, or Savings Bonds.
• Diversify for Long-Term Growth: When you get a fulltime job, in the future, to continually make money from your money, transition beyond basic interest into a diversified portfolio containing stocks, bonds, mutual funds, and IRAs
#3. Earning Income Through Passion
I also emphasized that your primary earning potential is driven by your career path. I have always advised finding a field you love so much you would do it for free. In my view, deep interest and passion naturally breed high performance, and higher financial compensation will eventually follow.
I hope that some of these suggestions have been helpful for you. Best of luck in achieving your future financial goals.
When it comes to this question, I have often taught that the most effective way to earn money and build interest is to "pay yourself first". This will enable you to have the money taken out and placed into a savings plan or investment account, without having the temptation of spending it.
I agree, that at an early age, you should focus on general around the house positions, like cleaning windows, cutting lawns, painting, cleaning garages, recycling, and other cleanup jobs.
My savings and investment philosophy for the future, focuses on simple, highly actionable guidelines to manage earned income and channel it into interest-bearing accounts:
#1. The 90/10 Budgeting Rule
• Save 10% Immediately: Take 10% of every dollar earned and route it straight into savings or investments before spending any of it.
• Live on 90%: Allocate the remaining 90% of income to everyday lifestyle expenses, including bills, housing, transportation, and books.
#2. Strategy for Earning Interest
• Automate Your Deposits: Use direct deposit through an employer to automatically transfer the 10% into savings vehicles. This ensures consistency. [
• To start with, utilize Low-Risk Accounts: Start by moving saved funds into accessible, interest-bearing options like Certificates of Deposit (CDs), Money Market accounts, or Savings Bonds.
• Diversify for Long-Term Growth: When you get a fulltime job, in the future, to continually make money from your money, transition beyond basic interest into a diversified portfolio containing stocks, bonds, mutual funds, and IRAs
#3. Earning Income Through Passion
I also emphasized that your primary earning potential is driven by your career path. I have always advised finding a field you love so much you would do it for free. In my view, deep interest and passion naturally breed high performance, and higher financial compensation will eventually follow.
I hope that some of these suggestions have been helpful for you. Best of luck in achieving your future financial goals.
Angela A
Bank Teller/ Banker
24
Answers
Yonkers, New York
Updated
Angela’s Answer
Hi Damian!
Here are some things you can do as a 13 year old:
Tutoring- Are you good at a certain subject? You can offer to tutor kids for money. Ask to talk to their parents and see what they say. You can say, "Hey, I am really good at math (or whatever subject the person needs help in) and I would like to tutor your child. I am charging (amount) of money. Is that something we can do? If they say its too much, you can make the price lower. If you need help with how much you'll charge, ask your parents.
Babysitting- you can babysit your neighbor's kids or your friends little siblings. Ask your parents if you need some help on how much to charge.
Walking or watching peoples pets- People need to go out places and need someone to watch their pets. You will have to feed the pet and maybe give them baths. Give the pet a walk and play with them.
Washing cars- Ask your neighbors if they want you to wash their car for a certain amount of money. Ask your parents how much to charge for this. You will need a bucket, sponges, water, soap. Wear some old t-shirt and something you don't mind getting messed up because you'll be cleaning a car. You might need a little vacuum too.
Lemonade stands- Look up on Youtube how to make lemonade and buy supplies at the store. Have your parents help you make it if you need help. Get a table, a box for collecting money, cups, napkins, a table cloth, and a sign that says what you're selling
If you're good at making things like bracelets or necklaces you can sell them online on Etsy.
Good luck!
Here are some things you can do as a 13 year old:
Tutoring- Are you good at a certain subject? You can offer to tutor kids for money. Ask to talk to their parents and see what they say. You can say, "Hey, I am really good at math (or whatever subject the person needs help in) and I would like to tutor your child. I am charging (amount) of money. Is that something we can do? If they say its too much, you can make the price lower. If you need help with how much you'll charge, ask your parents.
Babysitting- you can babysit your neighbor's kids or your friends little siblings. Ask your parents if you need some help on how much to charge.
Walking or watching peoples pets- People need to go out places and need someone to watch their pets. You will have to feed the pet and maybe give them baths. Give the pet a walk and play with them.
Washing cars- Ask your neighbors if they want you to wash their car for a certain amount of money. Ask your parents how much to charge for this. You will need a bucket, sponges, water, soap. Wear some old t-shirt and something you don't mind getting messed up because you'll be cleaning a car. You might need a little vacuum too.
Lemonade stands- Look up on Youtube how to make lemonade and buy supplies at the store. Have your parents help you make it if you need help. Get a table, a box for collecting money, cups, napkins, a table cloth, and a sign that says what you're selling
If you're good at making things like bracelets or necklaces you can sell them online on Etsy.
Good luck!
Natalie Carrillo
Community Manager
2
Answers
California City, California
Updated
Natalie’s Answer
Demien, I love the idea that you are already thinking about this! Although you won't be able to open a brokerage account on your own. You can work with your parents to open either a custodial account. This will allow you to start investing. Also, I would recommend to start education yourself, there are a lot of resources online. Have you looked into a Custodial Roth IRA?