Monday, May 19, 2008


I thought I'd talk about earning money this week, following on from my article on Compound Interest which highlights the fact that the earlier you start accumulating money, the more you stand to gain from your savings.

To add to your savings, you can do more than rely on on your allowance. Some common ways of earning money for young people:

1. Baby-sitting.
People would be relieved to have someone help out and take care of their young kids once in a while so that they can take a break, or run out to do some errands.

2. Doing chores for family and neighbours.
Look around for a need and ask if you can fill it. For example, if a neighbour has an overgrown lawn, ask if they'd like you to take care of it.

3. Tutoring those younger than you.
This is a great way to earn money, and learn something yourself. Tutoring helps reinforce what you yourself learnt, and you'll be honing your communication skills at the same time! Even better, you'll be helping someone else do better in school.

4. Starting a small business using your skills.
If you're especially talented at making something, you may want to look into selling what you make.

5. Part-time job
A great way to get a steady income. Check out jobs around your neighbourhood. You can usually find jobs helping to stock stores, or cashiering duties, sales assistant jobs, etc.

Have you found other great ways of earning money? Do share with us here.

Gentle reminders:

* Make sure that your studies don't suffer as a result of all these other chores/jobs/schemes. After all, as we've discussed before, education is one of the surest ways of earning a higher income in adulthood.
* Also, don't be tempted to make money by illegal means.
* Get-rich schemes are usually too good to be true. So don't be taken in by those.

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