As the title said, I’m 15 years old and have AU$1400 saved up. I no longer have a job and am working on a small business of mine, which has just $300 in revenue in the last few months.
The reason I’m here is because I’m not sure if I should invest in some compounding assets or something else, and if I should educate myself on stocks/dividends before making a decision?
I have read finance books such as Rich Dad Poor Dad, the Warren Buffett Way, and others, so I do know a lot about finance/business considering my age.
I previously had a job as a dishwasher for AU$16 per hour, and so I got $1700 from that after working for 5 months.
If I should ask this on a different r/, please direct me there so I can figure out what I should do :)
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The market is soft right now, so you may want to consider investing in a money market account, or just a regular savings account.
Buy a lawn mower and mow lawns.
Couple of options I’d Recommend:
- Keep it in Savings
- Invest it in an Index fund like the S&P500 or FTSE All World
- Hold it in a Cash Account where you get interest on the total amount (Trade Republic is great for this)
Ideally don’t have your money just sitting there otherwise you’re going to devalue the amount due to inflation!
Honestly, age aside, given what you are doing I’d probably keep it aside for working capital (think of it like an emergency fund for your day to day business spending).
Index investments etc are ways to keep wealth and potentially grow it over time. But it’s not a way to earn money quickly unless you are very lucky. They are good to learn about, and index investing subjectively good advice that entrepreneurs often do with their wealth, but index investing is not entrepreneurship.
So if your goal is to be an entrepreneur, then the entrepreneurial thing to do is to use that capital to help you with your business.
Other ways to spend it:
- Marketing (start small, test, spend more once you found a channel that work)
- Equipment. E.g. Could a new computer help you to be more effective?
- Self learning. E.g. could a $200 online leadership course or $20 Masterclass subscription help you to be more effective.
- Graphic design to improve your small business branding and make you come across more pro.
For some reason, you asking this question is strange to me considering you left this response to another post: “Best bet is just staying in your industry as it will probably give you much better return than going into a whole new industry with much-too-high hopes, as chances are you will be overwhelmed by the required commitment for a small business even if it looks easy to run at the start, especially if its not an already developed business (which would therefore likely be ran mostly by its employees).”
Not strange at all. He does say he is somewhat educated on the topic, but he knows he doesn’t know everything. He probably has some ideas of what to do and is just coming to see if others share the same sentiment or if he should try something else.
Get into flipping stuff like furnitures
I would but I don’t know anywhere i could store the furniture or other things I could flip since my house doesn’t have spare room.
Self educate yourself ideally from free available resources and try to have multiply income at reams in the forms of small business who have a huge potential to grow, learn about vintage fashion it’s a niche which has huge upside in the future, if need more info feel free to discuss
You might wanna get an education. Something in economy(like entrepreneurship and new business) or law could really catapult your future to different heights. 1.4k really isn’t a considerable amount to get anything going on that scope. It’s gonna feed you and pay rent for a bunch of weeks at best.
Becoming successful usually takes a lot of time besides dedication. You don’t wanna be washing dishes barely hanging by working full time without any money to invest in your business ideas.
Make more
Working on it :)
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Save half - put that away to pay your future self for the work you have already done
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Education - find some marketable skill you are interested in and study it. Programming is taking a turn these days with the advent of AI assisted development. Dev however is still needed and a very marketable skill that can be learned with time and practice XR is still a big area - developed with Unity and C# Blockchain is still big - solidity, rust Web is still going - python and JS AI is python, and JS for implementing
Sales is always in demand - selling someone else’s product is a viable way to learn This is soft skills or as we call it - power skills. Learning to get to a yes/no quickly, understanding folk’s drive and goals and build determination and regimen.
- 3D product expansion - testing, creating/customizing other 3D products for sale. I for one have happily paid for an AirTag badge holder that I use everyday. Ex: https://www.etsy.com/listing/1165957764/3d-printed-apple-airtag-1-3-badge-holder There are many enhancements and customizations that could be made If you are into gaming and that’s your community, there is a possibility to 3D print avatars and characters Rarity also enhances the experience - creating one of a kind keychains based on in game accomplishments allows for peoples collector instincts to kick in.
Is there a way to grind (pay someone else to?) for in game achievements and resell those?
As for stocks - you can learn without spending your money if you want to: https://www.investopedia.com/simulator/
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You’re doing awesome. Keep going and learn to enjoy the ride rather than the destination (as tough as it will be). Sending positive vibes
Try to learn how to grab attention with marketing in the digital age it’s key to success, utilizing facebook, instagram, tiktok, reddit anything that’ll get eyeballs on whatever you want to sell once you master this skill it’s just a game of trying different products/services until you strike gold remember not to change too many variables at once and track the traction of each change.
Whole Life Dividend-paying Insurance
So many stupid comments here…
What you should do is dive in head first and make mistakes. That experience is huge if you learn from them.
Good ideas: mowing lawns, power washing drive ways, picking up dog poop. Then use profits to bring your friends onboard and expand from there.
$1400 is not a lot of money, but you can start a multi million dollar business with it. What I recommend doing is first learning sales and marketing. I recommend starting off by getting this book called how to win friends and influence and people.