Austin's Thoughts

Investing

There are a million things to do once you start earning money. You can use your first paycheck to buy gizmos, go out, go on trips, and anything else you can think of, and you should, it's your money! But you should also put some of it away. Even if you just put a small percentage in a savings account each month, it'll add up quickly. The Motley Fool, a pretty good investing education site, suggests investing in the stock market. Not a bad idea either if you know what you are doing. But be careful, and talk to your parents before making any big financial decisions.

Ben Casnocha

Ben, a 19-year-old entrepreneur and blogger, posts an article from The Times, "The loose Reins on U.S. Teenagers Can Produce Trouble or Entrepreneurs," that he was quoted in. The article tries to understand why there are so many young American entrepreneurs, and finds,

"American youths are so successful at entrepreneurship in part because so many older and wealthier people are willing to help them. The broader American success at philanthropy, then, lays the groundwork for American entrepreneurship. By global standards, Americans may have looser networks of friends and family, but Americans are more willing to help relative strangers, and this often helps business."

I think that's one of the reasons why American entrepreneurs are successful, but Ben makes the point that starting your own business is perceived as "cool" which helps inspire teenagers. Either way, starting your own business is a great way for teenagers to earn your first paycheck. Check out Ben's Blog for his thoughts.

Has anybody read his book yet?

Self-Employment

Another way of getting your first paycheck is by creating your own company like Celeste and I are doing, but if you're not quite up for all that, it's fairly easy to offer your services as a baby sitter, lawn mower, tutor, or whatever you're good at and like to do. Much of my first income was generated from walking down my street with a shovel or a lawnmower and my friend Max. Working for yourself is great because the hours are flexible and the pay is generally pretty good. But you might not be able to stay busy for the amount of hours you would like to each week.

Counselor Corner at Northeastern agrees with me and suggests, "Got an entrepreneurial streak and a marketable skill? If being your own boss appeals to you, consider lawn mowing/landscaping, house painting, tutoring, babysitting, or pet-watching."