More DOLLAR$ AND $EN$E Blogs
- Til DEBT Do Us Part
- Bank On It
- Retirement Planning Starts Sooner Than You Think… like NOW!
- Pay Yourself First
- Financial Storms
- A 'TAXING' TOPIC
- Free or Fee?
- Money Tips: Review Part Two
- Money Tips: Review Part One
- Is Money Important?
- Give Yourself Credit
- INVESTING - Make Money While You Sleep
- Hey Big Spender
- I'm not afraid of the Big Bad Money
- Need vs Want
- Shhh... Money Makes the World Go Around
- Quiz - What's your money style?
- Summer's here...NOW SHOW ME THE MONEY!
- Can Money Make You Happy?
- $AVE ME!
June 2007 Blogs
- Real Girl - Emily
- I tried smoking. Now how do I say no?
- What Colours Mean - Yellow
- Junk Drawer Syndrome! clear the clutter
- Sometimes I really DON'T LIKE my Mom!
- Struggle for Identity - being a young woman during the times of the Renaissance
- Ask a Guy - ask a girl out, getting ready in the morning, are fashion models perfect, girlfriend preferences
- Not all FATS are created equal!
- Body Image - Am I Good Enough?
- How Can I Feel Better and Get His Attention?
- Inspirtational Girls and Women - Silken Laumann
- Summer's here...NOW SHOW ME THE MONEY!
- A Summer to Remember
- Forever in Blue: The Fourth Summer of the Sisterhood
- Ecological Footprint... how big is YOURS?
- Career Watch - Personal Trainer
- Be your own Goddess - Bast
- Rowing
Summer's here...NOW SHOW ME THE MONEY!
DOLLAR$ and $EN$E, June 2007, by Brian Bogaert
Summer’s here…
NOW SHOW ME
THE MONEY!
Thanks for your letters! This article is written in response to your requests to learn ways to make more money this summer, (without having to rob a bank!).
As you know, the typical way is to find a job that pays you to perform a service. It could be part time or full time like babysitting, walking dogs, yard work, working at a fast-food restaurant, a retail shop, helping out at a family business, or being a camp counselor at the YMCA, a swim instructor or a lifeguard. These ‘jobs’ are where you are paid an hourly or per-sale rate. Having a ‘job’ makes you some extra cash and teaches new skills, but you also pay the price of time (more about that in a minute). Jobs can be hard or fun, depending on what you choose.
Volunteering is another option. It’s when you work and don’t get paid. Sounds a little nuts, but in reality it can be very helpful. You get your foot in the door at a place you may want to work at in the future and you gain some valuable experience (the toughest thing for teens to hear is: ‘I’m sorry, you have no experience”). It’s also something many employers look upon favourably.
This article wouldn’t be DOLLAR$ and $EN$E without learning something cool and new about money. So we know that ‘jobs’ are what most people do to make money in our society today.
What about the idea of setting up some kind of business so that you get paid without having to do all the work!?
This is a VERY important concept that you can utilize for the rest of your ‘working’ life. What if instead of actually babysitting for instance, you found babysitting jobs for your friends? Why would you want to do that? Because you can make the same amount of money getting other people to do the work, while you find and manage the jobs! Let me explain. Jobs use up time… so the more money you want to make at a ‘job’, the more hours you have to work.
How about an example? Say you have 2 months off from school in the summer (8 weeks). At a best-case scenario, you babysit for 8 hours a day, 5 days a week, while parents are working. And let’s say the going rate is $10/hour. If you worked every single day for those 8 weeks, you could make:
$10 x 8 hours/day x 40 days = $3200
Not bad for a summer job! But you would have to give up EVERY single weekday of your summer vacation…how fun is that?!
Here’s the other way to make money and have more free time… what if you found babysitters and the people who needed them, and you made a deal where $1/hour went to you and the other $9 went to your friend who did the actual babysitting? Your friends need the work, people need the babysitters, it’s a win-win situation! Could be the same for yard work or dog-walking or anything else where you find the jobs and match them with people to do the work. This is the beginning concept for running your own business.
Be aware that it has its own challenges! It will be your name and reputation on the line. Make sure the people you choose do a good job and show up on time. So how does only $1/hour make you the same amount of money if you did the babysitting yourself? Let’s say you found 10 friends who babysat for you for those 2 months. You made your $1/hour for every hour they worked. Add it up:
$1 x 8 hours/day x 40 days x 10 friends = $3200
See! You make the SAME amount of money and YOU aren’t the one doing the work! How cool is that?! Now you have time for other things or to do another job and make even more money (especially if you’re saving up for College or University!)
The best part is, you are helping a lot of people by being resourceful and smart. Friends get jobs they otherwise wouldn’t know about without you. Customers easily get services they need through a trusted source: you!
The power behind running a business is that there is no limit to the amount of money that can be made (as long as there are customers who need your services and workers to do the work). The limit to having a ‘job’ is you are only one person and you can only work so many hours in a day. There is a maximum and you’ll be exhausted. If you can grasp this concept and make it happen on even a small level, you are on your way to business success and wealth. Anyone can do it, even you!
MONEY TIP #2
Working smart will make you more money than working hard!
~ Brian