How To Make Money Like These Kid Millionaires

$38,000. $40. $20 million. By YouTube. If that doesn’t work,
I would do Twitch. If that doesn’t work, I
would just be a teacher. Hi, I’m Neha. I’m an officially certified
accountant and your unofficial money master. And every week I look at
interesting ways people are making money today and how you can
make some of that money too. Cause today – a millionaire
at 12 years old. Yeah, you heard me right? Twelve. So how are kids making money today? Let’s take a look. 41% of young people say that they plan
to embrace the entrepreneurial spirit and start
their own businesses. They see their own ideas as
the ticket to steady work for themselves as well as others. So without being old enough to
even vote, what kinds of things are these kids selling? Okay. What do we have here? We have some slime. Oh, slime is everywhere. Moving right along. Uh, Me and the Bees. Okay. This is a personal favorite of
mine, just because I love the story. This is Mikaila’s company. She just signed an $11 million deal
with Whole Foods, so it’s like a lemonade stand on steroids. Oh my gosh, it’s so good. And this is soap made by a
company named Angry Bees. They make soaps,
lip balms, lotions. Kid owned and operated with a
little help from our parents. And then also these little erasers. Just so cute. There’s also these two sisters,
Fatima and Amna who have this book Anything is Possible. One of the things they do is source
art from remote parts of the world and then share it. Very cool. Get it girls. And also, uh, this company that
creates clothing with a message, it’s called SheClothing. Equality Now. Amazing. There’s also so many other things
like tee shirts, coloring books, toys, socks which we saw,
notebooks, skateboards. And the list goes on and on and on. So I’ve done my research and
everything about how kids today are making money, but I can’t say I’m
a total expert because when I was a kid, I made money probably like
the rest of you made money. So babysitting, tutoring,
working as a cashier. So I decided to go
directly to the source. At 14 years old, Laura and her
friends started a business called SheClothing. All of their profits go towards
charities working towards helping women. She got me up to speed about
how kids today are making money. Roll the tape. I think still like one of the most
common things in terms of making money is really just, you know,
getting a pretty ordinary job. But I still see a lot of kids who
really want to try and actually start something themselves and feel
like they’re in the driver’s seat of their own business. I mean, for us, I know a lot
of other kids who’ve started businesses, it’s not about the
profit for us it’s a lot about gaining that kind of
real world experience. And it’s also just
about giving backs. And so we are trying
to pay that forward. Awesome. I mean, of course money is an
inevitable part of the business, right? But the true profit
lies in the experience. And I thought it was interesting
what Laura said about kids actually wanting to start
something themselves. The numbers prove it too. These days, 55% of elementary
school students say they want to start their own business and they
have more access to information than ever before. So how are they leveraging
these tools to start their own businesses? Well, I talked to this young
guy named Carson who started his company at 11 years old. What the heck was I doing at 11? Not starting my own company. He started making skateboards
that fit into his locker and his business really took off
when he put it online. So I made a video on my phone, kind
of talking about Lockerboard, and I post that on my Instagram account. And overnight I grew about 300
followers and everyone wanted to buy my Locker boards. So I quickly made a website
so they can buy them. And it worked. Carson has sold over a
thousand skateboards. His company is valued at $325,000
and he’s got a 20% profit margin on the boards, which sell
for between $98 and $128. I mean, not everyone’s going to
have that level of success, but no matter where you end up,
everyone has to start somewhere. Righ? For the Gill brothers, it was at
the sidelines of their baseball and football games. At the ages of 13, 10 and 7. Yes. Seven. They sell room sprays,
diffusers and candles. Like this one. I’m getting, I’m getting
a lower note of Earl grey. I want t o use the word acidic, but
it doesn’t actually describe the candle. Smells really good. I like it. When their allowance wasn’t
big enough for video games. Their mom said they’d have to make
up the rest of the money on their own. So they started a business. But it’s not always so easy. I talked to them about the
challenges and benefits of starting a business so young. The challenges are, it takes a lot
of our free time and um, and we spend more time making
candles then playing around. A since we’re kids, a lot of
people buy it just because. Just because we’re kids
and they think it’s cute. And once they smell it,
they get to really like it. And start buying it. So from Locker boards to diffusers,
there are lots of businesses being made today, but this isn’t always
the way kids have made money. So let’s go back. Way back before low-rise jeans
before the internet to nearly a century ago when kids started
making pocket money by chipping in with household chores. The industrial revolution taught
us that kids did not belong in factories. So when kids did earn money, they
were doing things like paper routes and cutting lawns, and as the sands
of time pass through the hourglass, kids kept doing
these kinds of jobs. Right up until today, where old
school gigs like lemonade stands, and dog-walking continued to
be a source of inspiration. Which brings us to today where kids
have never known a world without the internet. With 94% of teens accessing the
internet from their phone daily. And 71% of them using more
than one social media platform. That means if you’re starting a
business, scaling them up online is second nature. So we’ve heard about a lot of kids
today who are building businesses for the future. I think it’s time for tip time. Tip number one. Draw inspiration from
the world around you. Be it solving a problem that you
have and other people might have as well, like fitting a
skateboard into your locker. Or tapping into groups of people
who you see often to promote or sell your product. Looking at the world around you
is always a good place to start finding ideas. Tip number two. Don’t be afraid to
keep it old school. Mikaila from Me and the Bees didn’t
have to design an app or disrupt a major industry to turn a profit. She just made really good lemonade. Which isn’t too far of a cry from
lemonade stands that kids have been basically building for generations. now. Tip number three. The internet is your friend. So using things like Instagram to
market your product are a really great idea. And since the online world is a
world that young people are very familiar with, use
that to your advantage. And actually let’s
hit you with one more. Here’s a bonus tip from Laura. I think one of the last things I
would say is build connections. I think that people think that when
they’re building a business, it’s kinda something they
have to do on their own. But as I took on this challenge,
we realized how important it was to really, you know, reach out to
other people, reach out to other businesses, reach out to just
anyone who was kind of doing the same thing, whether it was social
justice or clothing, and just like talk and gain experience. I love it. Okay, so time for my
favorite part of the episode. It’s unboxing time. So Alex, my producer, like every
episode has gotten me a gift to unbox with you. Uh, it’s a kid run business
that’s had a lot of success in the industry. Alex, where’s my gift, please? Yeah, we are matching. Oh, thank you. Okay. Let’s see what it
is, Lara, not Laura. Okay. God, I hope I didn’t rip it. They asked me to open it nicely. Oh God. Oh my God. So cool. It says it’s Neha not Nee-haw. Oh my gosh. This is why you were asking,
do people mispronounce my name? They do. Oh, that’s why it’s
Lara, not Laura. That’s the name of the company. This goes back to tip
number one, right? So draw inspiration from
the world around you. If you’re having a problem, there’s
probably other people who are having the same problem as well. People were calling Lara Laura, so
she did this thing and now no one will call me the wrong
thing because I have a pin. This is what I have to say. So what do y’all think? These kids for sure have me
questioning all my life choices. And with 61% of high school
students saying that they’d rather be an entrepreneur
than an employee. And 45% saying they want to invent
something that will change the world. I personally am very, very
excited about the future. Thanks so much for tuning into
this episode of New Money. If you like what you saw, check
back next week when we’re going to be releasing another new episode,
and in the meantime you can comment, like, subscribe and hit
that bell icon for notifications and comment below how you made
money as a kid or how you’re currently making money as a kid. Are you a kid with a business
that I should check out? And are there any topics that you’d
like me to cover in the future? Let me know in the comments.

11 thoughts on “How To Make Money Like These Kid Millionaires

  1. Awesome video. I wish I knew that when I was a kid ๐Ÿ˜. PS: The future millionaire in the intro is my cousin Shahan ๐Ÿ˜๐ŸŒŸ๐ŸŒŸ

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