How old were you when you began asking your parents for ways to make money? Kids learn at an early age that money will buy them all sorts of things. While they may not have a very concrete understanding of taxes and living expenses and budgets, they do understand that most people get paid for working.
The normal course for growing up and getting a job used to look something like this: finish high school, graduate college, and then get a job in order to buy a house and start a family. Nowadays, thanks to technology and the ability to reach more people, a four-year degree is not always required to start a business or begin making money.
Young people who want to make a living have less holding them back than adults with more responsibilities. They really have nothing to lose if they commit themselves to a project or idea, except perhaps their time. Adults are often cautious about new enterprises because they have the very real fear of losing their house, or not being able to provide for their family. If your son wants to pursue an avenue of income, encourage him to do so while he has so few responsibilities and so much time on his hands.
Take Moziah Bridges, founder and CEO of Mo’s Bows. At age 9, he began working with his mother and grandmother, making bow ties to sell. By age 11, he had already made $55,000 in revenue. He was able to get the attention of FUBU founder Daymond John, who has been mentoring Mo for the last four years. Fast forward to now, and Mo’s Bows has now acquired licensing deals from Cole Haan, Neiman Marcus, and the NBA, just to name a few. He is on track to earn 7 figures from the NBA deal alone, and he is just 15.
Sewing is not for everyone. Your son may want to sell his baked goods, like 10-year-old Cory Nieves of Cory’s Cookies. If he prefers working on computers, he could look into web designing like 14-year-old Zachary Weisenthal of Zach’s Web Designs.
If he has a passion for something, encourage your son to pursue it. It never hurts to start early.
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