If you want your children to be active investors who will snap up shares of McDonald's, PepsiCo, and Microsoft with their extra money, they'll first need to secure some extra money. (Note that if a teenager invested $1,000 in McDonald's 20 years ago, he or she would have more than $10,000 today. PepsiCo has increased in value more than 20-fold in that period, while Microsoft has increased more than 250-fold.)
Here are a bunch of ways that young people can generate income, excerpted from our Teens & Their Money area. Send any teens you know there for a vast array of helpful -- and free -- guidance.
- Pet-sitting. When someone in your neighborhood goes on vacation, there's often a pet that needs looking after. With people working longer hours these days, some will even pay you to visit their pets during the day and take them for a walk.
- Tutoring. Some teens report that they earn anywhere from $5 to $20 per hour tutoring. If you're good at a subject, you may be able to earn money by helping others to understand it.
- Jobs matching your interests. If you enjoy working with young children, see whether any day-care centers near you need help. If you like the great outdoors, check with your local parks department. If you like movies or recreation, look into movie theaters or amusement parks.
- Serve the elderly. Not only might you find work in a nursing home or retirement community, but you might also serve older people in your neighborhood. Many older people can't get around much. They may welcome your services delivering groceries, running errands, or doing odd jobs around their home.
- Be a computer guru. Many people buy computers and have a lot of trouble setting them up and trying to use them. Even if you have an intermediate familiarity with computers, you might offer your services as a local computer consultant. You can set things up, solve problems, answer questions, teach programs, and show people how to send and organize email, upload digital photos, buy something online, use Instant Messaging, and conduct online searches.
- Caddy at a golf course. This not only helps you learn more about a sport you might enjoy, but it also gives you the chance meet a lot of adults from whom you might learn more about the business world. They could be turn out to be valuable connections that help you land other jobs.
- Delivering newspapers. If you sign up to deliver a lot, which may be more possible in areas with apartment buildings, you can make a good bit of money. Some teens make $100 or $200 per week or more.
- Use your skills. Think about what you're good at and try to teach other adults or children. You might offer piano lessons, horseback riding lessons, or Spanish lessons. Maybe you can juggle and entertain at children's birthday parties. If you play an instrument, perhaps you could play at weddings or other events. If you write, you could try to sell articles to magazines or newspapers.
To get your kids interested in saving and investing their money -- and perhaps to ensure that you'll be treated to a first-class nursing home one day -- consider giving them a copy of our book The Motley Fool Investment Guide for Teens: 8 Steps to Having More Money Than Your Parents Ever Dreamed Of.
And remember to send them to our corner of Fooldom for teens, too.
Microsoft is a Motley Fool Inside Value recommendation.