Alternative Investing for Teens: Rich Advice for Teens

Hey Cash Kids! Let me ask you a big question... What if I told you that you could be a millionaire one day just by saving a little bit of money each year starting NOW — even as a teen? In this episode, we’re talking to Adam Bergman, a retirement expert who’s helped over 17,000 people invest using self-directed IRAs — including his own kids! He’s going to break down how YOU can start investing in things like Bitcoin, real estate, and even small businesses... yes, even as a teen. We’ll talk about: ✅ The secret power of Roth IRAs ✅ How compounding returns make your money grow faster ✅ Why starting early gives YOU the biggest advantage So if you're serious about building real wealth and taking control of your financial future — you do NOT want to miss this. Before we dive in — don’t forget to like, subscribe, and leave us a review if you're loving the podcast. Your support helps us reach more future millionaires just like you! Alright, let’s get into it. (intro tease) Cash Kid: Hey Cash kids. Welcome back to the Cash Kid Podcast and today we're doing an interview with none other than the Adam Bergman . He's the founder of IRA Financial Group And IRA Financial Trust, which are the leading providers of self-directed IRA plans and 4 0 1 Ks. He's helped over 17,000 clients make alternative asset investments with their self-directed plans. Adam has published nine books on retirement plans and Taxation is a frequent contributor to Forbes and has been quoted in over 250 major publications. He's passionate about educating Americans of self-directed investment plans and passionate about my generation and learning about these types of investment strategies earlier in life. I'm excited to learn from Adam today. So hey Adam. Welcome to the show, and first off, tell us a little bit about  yourself. Adam Bergman: Well thanks so much for having me. Really excited. So I was a tax lawyer and um, for eight years in New York City. Really, um, always wanted to be an entrepreneur. Didn't really know what I wanted to do. And I had the pleasure of being able to help a client who wanted to use his IRA to invest in what's called a hedge fund. Right? It's, a more advanced way to invest. So I was asked to research how he was, able to use his IRA to invest in a hedge fund, and I was totally blown away because. I couldn't imagine myself, always thought of myself as a really, you know, smart guy. I was a tax lawyer of a master's in tax law and I had no idea that you can use your IRA to do alternative assets like real estate or gold or hedge fund. So I quit my job and started IRA Financial about 15 years ago. Cash Kid: you have adults save retirement and really like unique ways. So can you explain just like what a self-directed plan is, but in a way that a kid or teen could understand  it? Adam Bergman: Sure, sure. So I'll, let me double click on that and just give a little bit of history and make it easier to understand. So in 1974, IRAs were created Not a lot of Americans got to save for retirement. Right. It was mostly if you worked at big companies like Ford or GE, you had a defined benefit plan, otherwise you just didn't have a chance. So the government created ERISA, which created the IRA and the 401k, which are the two most common ways to save. So what is the foundation? What's an IRA or an individual retirement account? Basically anyone that has some income that works, that has a job, could open an IRA. So you can be a lifeguard, you can be a basketball coach, you can work at the grocery store. You can do chores for a neighbor, as long as it's really not a parent paying you. You can have income and you can put money into an IRA. And what's the advantage? Well, there's two big advantages. One is you get a tax deduction for what you put in. Meaning if you make $20,000 and you get a $5,000 tax deduction, you only pay tax on 15,000, which is good. It's less money goes to the government. And the second is the most important. It's called tax deferral. That means you don't pay tax when your money is invested in an IRA. So here's a simple example. If you take a hundred dollars and buy Bitcoin, okay, or or Tesla stock, and it goes to $200 in an IRA and you sell it, you don't pay any tax. If you did that in a non IRA account, you would pay income tax on that gain. And if you did that for the next 10, 15, 20, 30 years, you're gonna have a lot, lot less money if you saved in a non IRA. Cash Kid: Right. Yeah. And I feel like that's a big factor, and that's part of one of the reasons that we really wanted this interview is so we could teach people the different, like investment strategies or different ways that you could invest through different platforms. And so being able to show like the unique benefits, I think would be really beneficial for us at our age. So thank you. And, uh, third of all, why do you think it's important for people even young people like us to start thinking about money for the future now instead of waiting till we're adults. Adam Bergman: Yeah, so being young, you have the biggest advantage. I have a 14-year-old and 11-year-old, and they both have Roth ira, so lemme just. Discuss that real quick. So I talked about the traditional IRA where you get a tax deduction. There's something called a Roth IRA, which is an after tax IRA, meaning you do not get a tax deduction, but once you're 59 and a half and the Roth's been open at least five years, you pull out everything tax-free. You never, ever, ever, ever have to pay income tax again on what you save. So here's an example. I like to give examples because I think they make the most sense. So let's take an easy example. How about someone's 15 years old? Okay. And let's say they have a job at the grocery store, and let's say they wanna save a thousand dollars a summer, right? They're gonna spend some money and do some stuff with it. But let's say they just wanna put away a thousand dollars a summer, which is possible, and let's just say for argument's sakes, that from age 15 to 70 years old, okay? So even if they go to college and make more money, the individual just puts away a thousand dollars a year. Starting from 15 to age 70, and let's just say they get an average rate of return of 8.5%, which is pretty good, but not great considering. If you look at like the S&P 500, the largest index in the stock market, it averages over 10%. So if you did that 15 to 70 a thousand dollars a year, eight point a half percent rate of return at age 70, you'd have a million dollars. Okay, so here's how about this, instead of 15, let's say you started at 25. Okay? Instead of 15 years old and you started 25 a thousand dollars, guess what? You only have $450,000. So this is so important. That's why I'm so excited to be on this podcast. If you are young, you have the biggest advantage, and that's time. And the way the retirement system works is the more money you put in and the more time you have, the richer you become. Cash Kid: Yeah, and I think that's one of like one of our main like factors and things that we're trying to get people to do. So I, at my school, I was given the opportunity to give a presentation, so I made a financial presentation about how to make money and what to do with it, and in it, I really hit on the like big impact that, uh, starting early is like one of the biggest benefits you could possibly have because I did the same example I said if you started at 16 and then you started at 26 and the difference is basically almost half as you just explained. And so it really just shows like the important and beneficial factor of starting early. And that's why we like to say it's never too early to start. So what's the difference between regular investing and alternative investing, and could you give us another fun  example? Adam Bergman: Yeah, absolutely. So. When IRAs were created back in 1974, the, the IRS did not distinguish between an IRA that bought stocks, which is traditional investment, anything that's publicly traded, right, like stocks or exchange traded funds, mutual funds, and then alternative assets, which are non-publicly traded, like real estate, uh, gold, hedge funds, private equity, private businesses, lending your friend money. Even Bitcoin is considered an alternative. So it's, it's anything not traded on a public exchange, anything that's not a stock. Cash Kid: So basically, uh, you just, instead of traditionally buying a stock, you'd set it into like maybe a Bitcoin or like a house that's just like not as like publicly traded,  is what you're saying. Adam Bergman: Exactly. it's exactly right. So the reason why the government wants us to invest not just in stocks, but in real estate or Bitcoin or gold or private businesses, is because they want us to diversify, right? The idea is that if you put all your eggs in one basket and something happens to the stock market, you don't just lose 30% of your net worth in one day, which has happened. So like for me, my best investments I ever made and my kids as well, was Bitcoin. I got into Bitcoin over 10 years ago. I started buying Bitcoin for my kids five years ago and that has far exceeded anything they've been able to generate in the stock market. So if they just stuck with stocks, they would've done fine, but they would've missed out on a lot of opportunity. Cash Kid: Yeah. Yeah. And I feel like that's like really true about a ton of things. 'cause I mean then again, like real estate prices are constantly going up. And so when I was first like looking into you and like thinking about other stuff, I really saw how it was just like another way to diversify. 'cause when I talk, I always talk about diversifying in your stocks. But then again, talking about this alternative investing, you can really diversify into. Like make, having stocks, having real estate, having Bitcoin, and having all the different, like other factors, uh, which is like another way to diversify, which I had never really thought about before. So, can, uh, kids and teens actually start investing in alternative things like real estate or small businesses, or is that like just for adults? Adam Bergman: No, it's, kids can do it too. the key is the money, right? So some alternative assets like real estate, you may need, you know, some significant money to, to invest. Like you wanna buy a house, it's gonna be hard to do that with $7,000. So there are alternatives you can do for less money. Like there's bitcoin, like gold, like private businesses, right? There's crowdfunding stuff where you can invest in a startup with just $5,000 at $10,000. So there's a lot of fun stuff that you can do that could potentially really, really maximize your returns, and you don't need a whole lot of money to do it. Cash Kid: Right. Because I feel like that's another like factor. 'cause when I'm talking to kids my age, they're like, I don't have enough money to start. It's not really gonna make an impact. But then again. Just starting early and like just setting in that money and getting in there and continuing to set money in there, it will help grow your money. . But then again, as you just said, maybe you only need like a thousand to $5,000 and you just set it in some gold and stuff. Well that is still gonna go up in price over time. And so I think that that's really important that every kid needs to think about. It's, you don't have to have. A ton of money to start. 'cause you can start by investing with literally just a dollar. Like you in some, uh, investment portfolios. fractional shares. So a dollar is all you need. Even though it might not give you as much, you are still setting money in and can get a return. So just as you said, maybe a thousand, uh, 5,000 or a hundred dollars, it doesn't really matter because you can still grow your money. Adam Bergman: Right. So let, let me just, uh, kind of, um, discuss this one term that's very important to understand. Probably the most important thing, a child or a young investor needs to learn, and that's something called compounding returns, right? I'm sure you've talked about that before. Compounding returns means your money doubles every eight years, assuming a 9% rate of return. It's the power of 72. Albert Einstein said compounding returns is the eighth of the world. You know, Albert Einstein, the smartest guy ever. So what is compounding returns? It makes sense, right? Your money is gonna grow faster when it's not subject to tax. So if you take the two features of being a kid. Meaning you're young, which is an amazing advantage over someone, that's older, and the power of the retirement system, which allows you to invest and generate returns without taxation. If you marry those and put those two together, you have almost a guaranteed way to generate significant, real wealth, real money for your future, for your life, tax free. Cash Kid: So you started IRA Financial and now you have helped manage over $4 billion. Did you always know what you wanted to do with money when you were a kid? Adam Bergman: I was lucky. I had a really smart dad and my dad was really into investing, so we would watch at that point, like CNBC, and he would teach me and I would learn, but the most important thing he taught me was the term compounding returns. And he always said, you wanna save, you wanna start young. The biggest advantage you have is being young, your age. So I started my habits. It's all about good habits, right? Good habits isn't just about eating or health. It's also about investing. And good habits means starting, even if. It's a dollar a day, a dollar a month, a dollar, a quarter, a year. Just start saving, open an IRA, put money in, start investing. You're gonna see your money grow and there's nothing that's gonna excite you more than success. So as your money grows over time, you're gonna say, Hey, this is really cool. This is working. You're gonna put more money in. And I guarantee you it's guaranteed 'cause it's math, it's just, it works. The more money you put in, the more time, the more you invest, the more you diversify you will be. Very, very, very rich. When you're older, it's guaranteed. Cash Kid: I got started by playing a stock market game and I figured out what all I could do with it, and here I am over like three and a half years later from the first time I did that. And I'm talking about it and I think it's just super cool. So do you think that school should teach more about money and investing? And if you could design a class for kids, what would you include  in it? Adam Bergman: Yeah, I, that's my passion. That's my dream, is to actually teach these courses. Yes, we are doing such a disservice to our young generation, and I'll give the example of me. I obviously went to school, I went to university, a really good university. I went to law school. I even have a master's in taxation, so I was in school till I was like 25 years old. I worked at some of the largest law firms in the world, and not once did I learn about compounding returns. Not once did I learn about retirement saving. So yes, we should be teaching kids probably starting in eighth or ninth grade about the power of investing, how it works, what stocks how do you look at a balance sheet? How do you make a decision on an investment? What's an IRA? What's a 401k? Yes. We are really hurting our young generation and it's a crime. Cash Kid: Yeah, because I have talked to a lot of adults and they talked about, like how you just explained that, um, they don't, they were not taught anything. My mom, her senior year was given a pamphlet and was taught how to write a check, and that was all of her financial education all the way through high school. And that was it. I mean. I've seen some better improvement, like how, uh, now it's required in some states that you do have to take at least one financial course, we interviewed someone else and she said that the benchmark for financial education is the fourth grade, which means that we really need to start getting in there and start learning early, and I think that that is, again, one of our passions on the podcast is that we can earn save and the invest money earlier in life. And so we hear a lot about Bitcoin and cryptocurrency. What should our generation know about these kinds of investments and how do you think that they could impact our future? Adam Bergman: Yeah, so I've been, I wrote a book on cryptos. I'm very bullish on Bitcoin. I've been investing in cryptos for over 10 years, without giving people investment advice. I think it's important to gain exposure to emerging asset classes, new technology, whether it's AI, whether it's cryptos, whatever's next, right? It's important as an investor to allocate, and that's why diversification is so important. it's not just important to buy Tesla versus Google versus Apple. It's important to say, you know what, if I have a thousand dollars. I want to allocate that thousand dollars to different investment classes like gold, like Bitcoin, like stocks, like real estate. So you're well covered. So if one asset really goes up, great. If one asset really goes down, it doesn't impact your whole portfolio. So yes, I think young people should get access to cryptos. I mean, that's up to you, depending on your risk profile, how much you wanna put in. But whether it's a dollar or a hundred dollars, I think it's important to learn about the technology and to gain some exposure to it. I think the biggest piece of advice I would say is if you're young, take chances. You have the best opportunity to take risks in you're investing because you're young, so you can make up for mistakes. Where if you're a grandparent, right, and you're in your sixties or seventies. You can't take risks because you're gonna need the money to live, to help pay for your lifestyle 'cause you may not work forever, but if you're young, you can take risks. So that's why I think it's really exciting to invest in alternative assets like cryptos or private businesses, because yeah, there may be some chances that you may not be successful, but that's okay because you have a lot of time to make up for those losses versus when you're older. Cash Kid: You've written eight books about money, and if a kid wanted to learn from one of your books, which one would do you think that would be like the most beneficial for them to start with and why? Adam Bergman: I actually wrote a ninth, but um, so I think it's this one. it's called Seven Figures by 70, and I wrote this, it's a couple hundred pages. I wrote this maybe five years ago, but the principles stay the same. It's all about what we talked about today, that basically if you do these three things, you're gonna be rich, and here they are, start early. That's why being a kid, you have a huge advantage as long as you have some income coming in. Start early, opening a Roth IRA. Be consistent. Number two, right? Get good habits. Even if you can't put in a lot of money, you need to save it for other things, or you need to help your parents out with stuff. That's cool. Put a dollar away. Just keep your good habit. And then third, the most fun. Trust the process. Be patient. Watch your money grow. You do those three things, you're gonna be rich. It's guaranteed, it's mathematics, it's compounded returns. Cash Kid: Mr. Bergman, where can people go to learn more about you and your services that do you offer through IRA Financial Trust and your other business  features? Adam Bergman: yeah, call me. Yeah, it's Adam. So, um, definitely check out the website, ira financial.com. But I think YouTube, like, I always send my kids, uh, they're always on YouTube or TikTok, but. YouTube's probably better in this case. And there's thousands of videos, some long, some short, some boring, some fun, I don't know. But you can have fun with it and kind of pick and choose what you wanna learn about. Um, and it, you don't have to read a boring book if you don't want to, but at least you can learn about the principles. I would focus really on the idea of what's a Roth IRA. The advantage of saving tax free and then the power of compounding returns. Understand it. It's not that complicated. You're doing a great job explaining it, and by the way, what you're doing is so important because if you can just hit your target audience to get kids focused on saving, like we can all be tax free millionaires, all of us. It's not a zero sum game. The retirement system, right? Every one of your friends could be rich. It's not like, oh, only 30% of my friends could be rich in their IRA. No. You all can have millions of dollars tax free. They gotta listen to your podcast though. Cash Kid: Thank you. And so if you wanted to direct people to where they can invest through your IRAs, where do you think that they should go? Like what website or how should they look you up, Adam? Adam Bergman: Ira financial.com is the best place, um, to go. You can learn all about the business. Me. Um, you could learn about an IRA, a self-directed ira. There's tons of great info there and, uh, it's not super intense. So it's pretty short and easy to understand. So one of your listeners can call in and be like, Hey, I'm 16 years old. I have a summer job. I wanna put a thousand dollars away. You know, what can I do? And my team is amazing. And they'll for free, they'll talk to you. Cash Kid: Thank you so much Adam. We really appreciate your time and your expertise. Thank you for joining us on the Cash Kid Podcast and boosting the financial knowledge of fellow cash kids everywhere. And remember, anyone can be a cash kid. You just have to learn how to become one, cash kid out. ​Disclaimer: The information presented represents the views and opinions of the guest. This podcast does not intend to provide personal investment advice. This content has been made for informational and educational purposes only. To make a full and informed investment decision, we advise you to speak with a financial advisor—and for kids, definitely your parents—before investing. EndFragment

Who can be a millionaire? Can I? Can you become one?  Hey guys, welcome back to The Cash Kid Podcast! Today, we’re talking about something that most people think is impossible… but actually isn’t. You don’t have to be born rich. You don’t have to be famous. You don’t even need to have a six-figure salary. But what do you need? That’s what we’re going to talk about. My mom and I recently both read Everyday Millionaire by Chris Hogan, and we’re going to break down exactly what makes a millionaire. The best part? Almost anyone can do it—it just takes smart financial choices, patience, and the right mindset. I learned a TON from this book. It actually shocked me how wrong most people are about who millionaires really are. And trust me, after reading this book, I realized that anyone can do this. No lottery tickets, no trust funds—just smart habits, the right mindset, and patience. Remember, the Cash Kid Podcast is here to teach my generation how to earn, save, and invest money earlier in life. We are going to bust some millionaire myths today. Let’s get started.   [music interlude] Segment 1: What is a Millionaire? Cash Kid:  Alright, so let’s start with the basics. Before we dive into how to become a millionaire, we should probably define what a millionaire actually is.  Most people think a millionaire is someone with a million dollars in cash just sitting in a bank account. But that’s not what it means! A millionaire is someone whose net worth is at least $1 million. And net worth is just a fancy way of saying: everything you own, minus everything you owe. Let’s break it down real quick: Say you own a house worth $300,000, but you still owe $200,000 on it. You also own a car worth $75,000, and you’ve paid off $55,000 of it. That means the total value of your assets is $375,000. But when you subtract what you still owe ($255,000), your net worth is $120,000. And to be a millionaire, that number has to be in the millions! Segment 2: Who Actually Becomes a Millionaire? CASH KID:  Okay, now that we know what a millionaire is, let’s talk about who actually becomes one. Chris Hogan interviewed over 10,000 millionaires for this book. What surprised me the most was who these millionaires actually are Honestly? I thought most millionaires would be people making six figures or more—big CEOs, athletes, or tech geniuses. But in reality, the majority are regular people! They’re teachers, engineers, small business owners… even people working in everyday jobs. Most of them never made over $100K a year! That blew my mind. The idea that it’s not about how much you make, but how much you keep is huge. So many people think they have to have some crazy high-paying job to build wealth, but it’s really about spending smart, saving consistently, and avoiding debt. There’s a myth about millionaires that Chris Hogan debunks in the book and it’s the thoughts that millionaires always lived flashy lives—you know, fancy cars, designer clothes, huge houses. And for my generation, because of social media nd movies that’s what’s drilled into our heads. We feel and see that’s we have to look and live that way to be rich.  But according to the book, most millionaires actually live pretty normal lives. They drive used cars, live in modest homes, and don’t waste money on things they don’t need. Chris Hogan calls it the Millionaire Mindset. They don’t care about looking rich—they care about being rich. Big difference. Most people think that millionaires come from rich families or inherit their money. But that’s so wrong. Did you know that: 🔹 79% of millionaires received no inheritance at all?  🔹 Only 21% inherited anything, and of those, only 16% got more than $100,000.  🔹 And get this—8 out of 10 millionaires came from families that were at or below middle-class income levels.  So basically, most millionaires didn’t start rich—they built their wealth from scratch. That’s a HUGE myth-buster! In Chris Hogan’s book he highlights a lot of stats. One of those is that 1 in 3 millionaires never even had a six-figure income in a single year. And only 7% of them made over $200,000 per year. That means you don’t need a fancy job to get there! So what does that tell us? It’s not about how much you make—it’s about how you manage what you make. I think we all are guilty of thinking well those who work lower salary jobs will just never get ahead or be able to reach millionaire status. But he gives examples of teachers, farmers, construction workers all reaching millionaire status. Segment 3: The Millionaire Mindset Okay, let’s talk mindset. One thing that stuck with me from this book is that millionaires believe they’re in control of their own destiny. They don’t sit around waiting for someone to make them rich. They take control, make smart decisions, and stick with them for years. That’s a big deal. If you tell yourself, “I’ll never be rich,” guess what? You probably won’t be. But if you believe you can, and you put in the work, you’ve got a real shot. Millionaires also don’t blame others for their money problems. They don’t rely on luck or wait for someone else to fix things. They take responsibility and work towards their goals. Segment 4: Smart Money Habits of Millionaires Alright, let’s get to the good stuff. If someone listening wants to be a millionaire someday, what are the habits they should start practicing right now? What do you feel you learned from the book Everyday Millionaire that could affect the habits of your generation? Here are the big ones: 💰 Live below your means – Millionaires don’t spend every dollar they make. They budget, they save, and they avoid debt.  💰 Plan for big expenses – 95% of millionaires plan and save for major purchases, while most people just put things on credit cards.  💰 Invest early and often – Investing is the ultimate wealth-building tool because your money works for you. And I love to talk about investing. Yes! Investing is huge. The stock market will go up and down, but over time, it grows your money way more than just saving alone. It doesn’t take a ton of time. You just set it and let it grow. Sure, there will be recessions and dips, but in the long run, the market always bounces back. Final Segment: How to Get Started Now Alright, let’s wrap it up. What’s the first step someone should take if they want to become a millionaire? Step one: Start saving and avoid debt. Credit card debt will keep you stuck, so don’t use it for things you don’t need.  Step two: Live below your means. If you get $20, don’t spend $20—spend $15 and save $5.  Step three: Invest early. Even if it’s just a little at first, get started!  And most importantly—remember that anyone can do this. It’s all about time, discipline, and smart choices. OUTRO: Call to Action Alright, that’s a wrap! If you liked this episode, make sure you subscribe to The Cash Kid Podcast so you don’t miss our next episode.  And if you’ve read Everyday Millionaire, let us know what you thought! DM us on Instagram @CashKidPodcast or leave a review.  Remember—anyone can be a Cash Kid! You just have to learn how to become one. Cash Kid out!

Have you ever had a GREAT idea to make money—like selling something cool, offering a service, or turning a hobby into cash—but then, something gets in your way? Maybe you don’t have enough money to start, or you feel like no one would buy from you. Maybe you're thinking, "I'm just a kid, how do I even start?"I get it. I’ve been there. And guess what? So has every successful entrepreneur EVER. The difference between them and everyone else? They didn’t let obstacles stop them.So today, I’m going to tell you the 5 biggest roadblocks that stop kids and teens from starting a business—and exactly how to break through them.By the end of this episode, you’re gonna feel PUMPED to take action. No more waiting. No more excuses. Let’s go!Hey, Cash Kids! Welcome back to the Cash Kid Podcast where I’m on a mission to teach  my generation (and some adults) how to earn, save, and invest money earlier in life. This season we’re focusing on kid and teen entrepreneurs. If you aren’t already, please subscribe to our show and share with a friend. Leave a comment from wherever you are listening and head to our website to purchase some Cash Kid merch to help fund our show. This is the best way for us to continue to grow and change the financial direction of the next generation.Alright, now let’s get into the top roadblocks we face in starting a business. Let’s break it down starting with number 1.Roadblock 1: Not Knowing Where to StartOkay, let’s be real for a second. Starting a business can be overwhelming. With so many options, it’s tough to know where to begin. You might think, “Should I sell cookies? Or start a tutoring business? Or maybe create a YouTube channel?” It can feel like there’s just too much to choose from.Here’s the thing—I’ve been there, too. I spent weeks thinking about what I should do, and then I realized that the best place to start was with something I already loved. Do you have a hobby or a skill you’re passionate about? It could be anything—from baking, drawing, or even gaming! The key is to build your business around something you already enjoy. Trust me, that passion will make it so much easier to stick with it when things get tough.And listen, don’t overthink it. I know it sounds like a lot, but sometimes the best business ideas come from the things you already do every day. Do people ask you to help with their homework? Maybe you could start tutoring! Do you love animals? Maybe it’s time for a dog-walking business. The key is to solve a problem—whether that’s helping someone with their homework or providing a service people really need.Rockblock 2: Not Having Enough Money to StartNow, let’s talk about something that trips up a lot of young entrepreneurs—money. It’s true that many businesses need some upfront costs, whether it’s supplies, marketing, or tools. But here’s a secret: you don’t need to spend a ton of money to get started.Let’s use the classic lemonade stand business venture. Most kids who set these stands up don’t have much cash or budget. But they figured out they could use things they already had at home: cups, a table, some lemonade mix, and a pitcher. That was it! They didn’t need fancy branding or a high-end website—just a simple idea and a little bit of effort.If you want to start a business that requires almost no money, consider service-based businesses like tutoring, babysitting, or offering to do yard work like raking leaves. These kinds of businesses have zero startup costs, and you can start making money right away. And once you earn some cash, you can reinvest it into your business to make it even better.Also, if you need a little extra cash to kickstart your idea, don’t hesitate to talk to your parents. Maybe they can help with a small loan to get you started—or even help promote your business to family and friends!Roadblock 3: Not Having Enough TimeI know this one all too well. Between school, sports, hanging out with friends, and just trying to enjoy your free time, finding time for a business can seem impossible. Trust me, I’ve had days where I felt like there was no way I could run my business AND do everything else I love.But here’s the trick: treat your business like any other important commitment. That might mean setting aside just one hour a week to work on your project or business. Maybe it’s after school or on the weekends… I mean… we filmed this episode on the weekend. So, use your time wisely and take advantage of time away from school to work on your business. Do whatever works best for you. The important part is making time for it regularly.You can spend one hour a day wasting time sitting in front of a TV or one hour a day focused on a ways to improve your skills in an area. That equates to 30 hours of progress after one month or 30 hours more of well… nothing. Think about it!And don’t feel like you have to go big right away! Start small and build from there. Maybe you only take on one or two clients at first, or you offer just one product. As you get better at managing your time, you can scale up your business. This way it doesn’t become overwhelming and you quit not long after starting. Roackblock 4: Not Knowing How to Market the BusinessOkay, so you’ve got your business idea, and now it’s time to let people know about it. But how do you actually get people to buy your product or use your service? This is where it gets fun—marketing is like the secret sauce to making your business stand out!First, social media is your best friend here. You can use platforms like Instagram, TikTok, or even Facebook to share what you’re doing and get the word out. But before you go posting all over the place, make sure to talk to your parents about the best way to go about it safely. You don’t need to have your own account—maybe your parents can help you post for you! You can create fun, engaging content that shows off what you’re selling. And, if you’ve got a cool product, don’t be afraid to show it off in action!Word of mouth is also super powerful. Ask your friends, family, and neighbors to help spread the word, and offer special deals for first-time customers to get them excited to try your product or service.Roadblock 5: Fear of FailureAnd now, the big one: What if I fail? What if I make a mistake, or no one likes what I’m doing? Believe me, that fear is totally normal. But here’s the thing—everyone makes mistakes, even the most successful entrepreneurs. And guess what? Those mistakes are where you’ll learn the most!Instead of worrying about failing, I want you to focus on learning. Mistakes aren’t failures—they’re just lessons in disguise. Start small and take manageable risks. Test out your idea with a few people, then see what works and what doesn’t. And if things don’t go as planned, that’s okay! It’s just part of the journey.Find a mentor, too—someone who’s been through it and can give you advice when things get tough. It could be a parent, a teacher, or even another Cash Kid! Sometimes, having someone to talk to can make all the difference in building your confidence.Starting your own business is a challenge, but it’s also an incredible opportunity to learn, grow, and even make some money! Every entrepreneur faces obstacles, but if you push through, you’ll come out the other side stronger and more confident than ever.So, Cash Kids—are you ready to tackle these so called “roadblocks” and start your own business? Whether it’s tutoring, pet-sitting, or selling crafts, I know you’ve got what it takes. And remember, if you ever feel stuck or need advice, the Cash Kid Podcast is here to guide you every step of the way.Make sure to subscribe to the podcast, follow us on Instagram, Facebook, or YouTube @cashkidpodcast, and stay tuned for future episodes.Remember anyone can be a cash kid, you just have to learn how to become one. Cash Kid, Out!Disclaimer: The information presented represents the views and opinions of the guest. This podcast does not intend to provide personal investment advice. This content has been made for informational and educational purposes only. To make a full and informed investment decision, we advise you to speak with a financial advisor—and for kids, definitely your parents—before investing.

Secrets the Rich Know (That We Don’t Learn in School)  Ever wonder why some people always seem to have money, while others struggle no matter how hard they work? Is it luck? A family secret? Or something we’re not learning in school?Welcome back to the Cash Kid Podcast. I’m your host, the Cash Kid, where I’m on a mission to teach my generation how to earn, save, and invest money earlier in life.This is episode 51 of the show, and we’ve covered a wide range of topics, but today, we’re tackling a question that I’ve pondered and others have asked me about. This idea stemmed from a famous financial book I read. What is it, and do the rich have secrets we don’t know about?Let’s dive in. The Cash Kid Podcast is underway!Intro tease:So you’ve got some cash. Maybe from an allowance, or that money your grandma gave you for your 7th birthday. Here you go, sweetie. Thanks, Grandma.Whatever it is, what are you going to do with it? Spend it, hide it away… or maybe invest it? Let’s start learning how to make that money grow.Time to learn how to be a cash kid.I want to make it clear that as a 13-year-old, I in no way think money will buy you happiness or fix all your problems. But debt and not knowing enough about your finances can also cause unhappiness and problems. So the mission here on the Cash Kid Podcast is always to educate, inform, and motivate my peers to take healthy action in their financial journey. And the way we do that is through acquiring good information and taking conscientious action with our money.Now, why should a kid or teen my age care? Just ask your parents. Most will tell you they were taught very little about finances when growing up or in school. Why is that?For Christmas, my parents bought me the famous financial book, Rich Dad Poor Dad. Rich Dad Poor Dad opened my eyes. It compares how two dads—one rich, one not—teach their kids about money. One teaches how to grow wealth, the other stays silent, hoping a job and hard work will be enough.This book illustrates the difference between how the rich talk to their kids about financeswhile the Poor Dad doesn’t. But how can we change this?This is what motivated me at the age of 11 to start this podcast. You see, I was in a special class in the 4th grade that got to play the stock market game for ten week period. We were handed $100,000 in fake money to invest for ten weeks. I felt like a mini-investor. I was totally hooked playing the game. But I realized most of my classmates never got this chance, and that bothered me.A year later, after talking to my parents, reading books and talking to my teachers, I realized it wasn’t just kids who weren’t financially literate… it was adults too. I thought, this can’t continue. And if you don’t think we kids see and realize how much debt our nation, many recent graduates, and families are in…well, we’re watching.So, what can we do?I believe we need more financial education in our school systems. As of May 2025, 27 U.S. states require high school students to complete a personal finance course to graduate. This marks a significant increase from just 6 states in 2019, reflecting a growing recognition of the importance of financial literacy in preparing students for real-world challengesJust last month, I had the opportunity to speak to 100 7th graders about ways they could earn, save, and invest money. Then two weeks later, I got to give the same presentation to 75 6th graders. You wouldn’t believe how many questions these kids had. What was even more encouraging was that we learned that numerous students, after our presentation, the students went home, talked to their parents, and opened savings or investment accounts. Then we heard that one math teacher after learning about us and how interested her kids were about investing, is working it into her curriculum. So, how do we do it?We educate. We talk about it. We find ways to inform.That’s our mission and goal. Let’s close that gap.Thanks for listening. Cash Kid, get curious. Ask questions. Read books like Rich Dad Poor Dad. Be sure to like and subscribe and check out our Cash Kid merch at cashkidpocast.comRemember our motto: anyone can be a Cash Kid, you just have to learn how to become one.Cash Kid, out!

It’s episode 50 of the Cash Kid Podcast!Yep, we’ve covered 50 topics related to teaching my generation how to earn, save, and invest their money earlier in life. It’s my mission to create  generation that’s more informed about their finances, one that asks more questions, smarter money management skills, and less stress.But one things we haven’t discussed is, how does the Cash Kid make money.Now in season 3 of this show we’ve been focused on spotlighting other fellow “Cash Kids” about ways they’ve been making money. And what we’ve learned from talking with this kids and teens is there are so many ways for us to make some extra cash while young. So, I thought I would spotlight some of the ways I’ve been exploring to make some extra cash. Let’s dive in. The Cash Kid Podcast is underway![musical interlude transition]1: My Part-Time JobAlright, I’m not going to lie. I might get a little excited and run down a few rabbit holes when I learn about ways to make money. The most recent was how to create a faceless YouTube channel. This is where you create a bunch of YouTube shorts and post on social to make get a bunch of vanity views and make money on YouTube.  There’s a 16-year-old who touts he’s made millions doing this. He had a simple course you could even take to see how he does it. I watched it. I tried it. It’s harder than it looks.  I’ve had a few other things like that one as well and honestly, I learn a little from doing research and knowing what’s a vital option or what’s going to really take a lot more time and energy that I have to give to make it work. So this focus on ane of the first ways I make money—and that’s through working at the concessions stands at our local sporting events in my town. I found out about this by seeing kids my age and hearing them talk about working here. I thought I could do it to so I texted the Owner and I got the job.Now, don’t get me wrong, juggling school, a podcast, and a job can be a lot. But working at the concession stand has been a great way for me to generate income. It’s steady, predictable, and gives me the freedom to invest in my other business ventures. Funny fact, one night I was working the concession stand at a high school basket ball game. I had a customer ask if I speak French. Well turns out, I am currently taking French and I was able to take his order in French. He tipped me $5 bucks!(Say something in French)If you’re looking for a steady income, and old enough to work, consider getting a part-time job at places like Publix, your local concession stands, or any other businesses in your area. Even if it’s just a few hours a week, it’s a great way to start making your own money and learning how to manage it. Lesson Learned: What’s a lesson learned from this venture. Keep your eyes and ears open! I learned about this one from a friend discussing it and then researched it myself. There are always opportunities around you to make money—you just have to be ready to take them.2: Buying, Selling, and Trading Sports CardsAnother way I make money is by flipping sports cards. I sell through two platforms: eBay and Whatnot. You’ve probably heard of eBay, and Whatnot is an auction-based site where you can buy and sell cards in real time.Flipping sports cards is easier than most people think. I spend about an hour each week searching for cards at a low price, buying them, and then reselling them at a higher value. Setting up an account on these platforms takes a little time, but once you’re in, it’s super easy to list, sell, and ship. Plus, both sites offer prepaid shipping labels, making the process even smoother. With this I have learned to speak in front of a live audience, how to ship items, how to be prompt and professional, and people skillsIf sports cards aren’t your thing, you can do this with sneakers, vintage clothing, or even collectibles. The key is to buy low and sell high! Lesson Learned: Selling sports cards taught me how to talk to a live audience and present myself well so that customers trust me and want to buy from me. Confidence and communication are key!3: Selling 3D-Printed ItemsAnother way I make money is by selling 3D-printed items. Two Christmases ago, my brother got a 3D printer, but after a couple of months, he lost interest. I saw an opportunity after watching Instagram videos of people selling 3D-printed products, so I put that printer to work!I started making small fidget toys and selling them to my peers and on eBay. Within two days, I had already made $100. The best part? The printer does most of the work! I just load the filament, press a few buttons, and wait for the products to print. The profit margins are high—sometimes 400-500+%! Also, I had the opportunity to sell at a local business at thier Young Entrepreneur week. And  made around $150 in like 2 hours!If you have a 3D printer or anything else lying around that you can repurpose to make money, go for it! There’s always a way to turn something you already have into cash.Lesson Learned: A lesson I learned here is  to use what you already have! Sometimes, making money isn’t about finding something new—it’s about seeing the potential in what’s right in front of you.4: The PodcastOf course, one of the hardest ways I make money is through this podcast. I’m not gonna lie. Sometimes I wish some rich donor would just email us and say, “I think this concept is great. Here’s some money to help you run your show and make it easier.”But no donor has showed up yet. (laught)Running the Cash Kid Podcast isn’t just about hitting record—I have to write scripts, research topics, manage social media, and engage with all of you. It takes a lot of time and effort, but I absolutely love it! Many told us a podcast is more a labor or love, and we get that now.Building a podcast or any content-based business takes patience. But once you grow your audience, you can monetize through sponsorships, merchandise, and ad revenue. Speaking of which—if you want to support the podcast, visit our website, check out our merch, and spread the Cash Kid love! Every share, every listen, and every purchase of merch helps us keep bringing you awesome content. Find everything at cashKidpodcast.com, then hit merch.Lesson Learned: The lessons I’ve learned from running a podcast are innumerable honestly. Time and dedication will always bring more results. The more effort you put into something, the more rewards you’ll see over time.Final ThoughtsSo, let’s recap the key lessons I’ve learned while making money:Keep your eyes and ears open – Opportunities to make money are everywhere!Learn to present yourself well – Whether it’s flipping sports cards or pitching an idea, communication is everything.Use what you already have – Sometimes, your next business idea is sitting right in front of you.Time and dedication bring results – The more effort you put into something, the more you’ll get out of it.Alright, Cash Kids, now it’s your turn! Are you ready to take what you’ve learned and start making your own money? Whether it’s through a part-time job, flipping items, 3D printing, or even starting your own podcast, there’s always a way to get started.Make sure to subscribe to the podcast, follow us on Instagram, Facebook, or YouTube @cashkidpodcast, and stay tuned for the next episode. Remember—anyone can be a Cash Kid; you just have to learn how to become one.Cash Kid, out!

/* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Aptos",sans-serif; mso-ascii-font-family:Aptos; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Aptos; mso-hansi-theme-font:minor-latin; mso-font-kerning:1.0pt; mso-ligatures:standardcontextual;} I bought Tesla stock at the age of 10…. And then things tanked. I’ve been ready to hit that sale button so many times on this stock. Did I though? I’d really like to talk to Elon Musk about how my generation could affect his stock and the future of Tesla. Let’s talk Elon.  A new episode the Cash Kid Podcast is underway. Welcome back to another episode of the Cash Kid Podcast. I’m your host, the Cash Kid. We took a little break.. as well… I’m 13…I go to school full-time… I kind of really like to make good grades… and I made my school’s tennis team and so my parents wanted me to take a break before recording more episodes.  But, I’m back and it’s time to talk about Tesla… and my Tesla stock in particular. If you didn’t know, here on the Cash Kid Podcast our mission is the teach my generation (and some adults) how to earn, save, and invest money earlier in life. The whole premise of this episode and the Cash Kid movement started because in the 4th grade I was allowed to play the stock market game as a class challenge in school. I immediately fell in love with stocks. I was fascinated how the price of a company’s stock could go up and down and how someone like me… a 10-year old at the time… could take the money just sitting in my wallet, invest it and then make more money. But really, this is what set the idea in motion. Within a few months, I discovered an app called Greenlight where I…who was 10 at the time, could purchase fractional shares of a company and I could purchase stock in a company to try and get a gain. Now have you ever put money into something, thought it was going to the moon, and then—BOOM—it crashes? That’s exactly what happened when I bought my first Tesla stock at 10 years old. I was pumped! I had saved my money, did my research, and when Tesla split in 2022, I finally got my chance to buy a full share for around $250. But then, something happened that I did NOT expect… Tesla dropped.  Hard. Suddenly, I wasn’t making money—I was losing money. And as a 10-year-old investor, let me tell you, watching your first-ever stock go from a bull market to a bear market is like riding the world’s scariest rollercoaster—except your money is on the line!Alright, let’s take it back to 2022. I had been saving up money, learning about investing, and watching Tesla for a while. But before I could invest, Tesla’s stock price was over $1,000 per share—which was way out of my budget. But then, Tesla announced a stock split. If you don’t know what that means, it’s when a company splits its shares to make them more affordable to investors. So instead of being $1,000 per share, Tesla dropped to around $250 after the split. And I jumped on it right away! I was so excited because I thought, “This is it! Tesla is the future! I’m about to make BANK!” But investing doesn’t always work like that.  Not long after I bought my Tesla stock, the market tanked. In late 2022 and early 2023, the stock market was struggling. Inflation was up, interest rates were high, and people weren’t spending as much money. It was what some called a mini-recession—and Tesla was hit hard. My $250 stock? Dropped by over $100. And as a kid investor, let me tell you, that hurt. I started thinking, "Did I just make a huge mistake? Should I sell before I lose even more?" And honestly, part of me wanted to call up Elon Musk and say, "Dude! What is going on? Fix this!"  And my Mom says daily I would get in the car after school, open up my Greenlight account and check the price. I was obsessed over how it was performing. But here’s what I learned—the stock market isn’t about quick wins. It’s about patience. One thing I realized is that a company’s stock price isn’t just about numbers—it’s about people’s confidence in that company. And Tesla? It’s tied to Elon Musk like no other company. Whenever Elon does something big—whether it’s launching a new car, buying Twitter (which he did in 2022 now know as X), or making a statement about politics—the stock moves. For example: When Tesla was booming in 2021, people had HUGE confidence in electric cars. More people were buying Teslas, and investors saw the company as a tech powerhouse. Boom—stock price went up. But when Elon started focusing more on Twitter in 2022, investors started pulling back on Tesla. Some people thought he wasn’t as focused on the company anymore. Stock went down. Then, in 2024 and 2025, with the upcoming presidential election, Elon’s political opinions started making headlines, which made Tesla stock swing wildly again! This made me realize—stock prices aren’t just about how well a company is doing. They’re about how much people BELIEVE in the company. And Tesla? It’s one of the most emotional stocks out there.  So back to my story—when Tesla dropped, I had a choice: 1.    Sell at a loss and accept that I made a bad investment. 2.    Hold on and wait it out. I chose to hold. And my parents may have done a lot of convincing me as I was ready to hit that sale button… many times.  Because here’s something I learned—just because a stock goes down doesn’t mean it’s never coming back up.  And guess what? It did. You’ll hear this a lot and it’s best you drill it into your head with investing. The best results in the stock market don’t come from quick trades. The saying goes, “It’s time in the market, not timing the market.” By 2025, Tesla had recovered. The stock went from struggling to climbing back up. And today? I’m in the green! And Elon… I’d really like it to stay that way. You know… just one young investor here, why should you care, but really… my generation is routing for you. Here’s another BIG lesson I learned: never put all your money into just one stock. Tesla is great, but imagine if I had put ALL my money into Tesla and it never recovered? I would’ve been in big trouble. From the beginning though I knew to diversify—which means spreading your money across different stocks or investments instead of just one. That way, if one stock struggles, the others can help balance things out. And in fact, because I did this, even though my Tesla stock was down, my other stocks were up and those gains outweighed the lose of Tesla.  So, what’s the BIG takeaway from my Tesla stock rollercoaster? Investing is a long game. Stocks go up and down, but patience pays off. Big companies like Tesla move based on confidence. If people believe in Elon and his company, the stock goes up. If not, it may go down. But remember there are of lot of other people behind that company working hard to keep it in the green and moving forward. Don’t panic, do your research on Tesla and be informed about what’s really going on… instead of making purchasing decisions on emotions. Which brings me to the next point. Don’t panic sell. Just because a stock dips doesn’t mean it’s dead. And most importantly—diversify! Don’t put all your money into one stock. Oh, and Elon—if you’re listening, I’ve got some thoughts! My generation isn’t just watching—we’re investing, and we’re your future Tesla buyer of your cars and stock. So maybe one day, we can sit down and chat about that! Alright, Cash Kids—what’s YOUR investing story? Have you ever bought a stock and seen it go up or down? Hit me up in the comments and let’s learn together. And if you liked this episode, make sure to hit that subscribe button, follow the podcast, and share this with a friend who’s curious about investing. Because learning how to invest now could change your entire future. Keep hustling, and I’ll catch you in the next episode! Remember, anyone can be a Cash Kid, you just have to learn how to become one. Cash Kid, out! Disclaimer: The information presented represents the views and opinions of the guest. This podcast does not intend to provide personal investment advice. This content has been made for informational and educational purposes only. To make a full and informed investment decision, we advise you to speak with a financial advisor—and for kids, definitely your parents—before investing.

At just 11 years old, Eli Everts has turned his passion for building into a successful business! In this episode of the Cash Kid Podcast, we dive into Eli's journey as 'The Assembly Man.' Learn how he started assembling furniture, toys, and more to earn his own money. Eli shares his love for Legos, the tools he uses (like his dad’s drill!), and even how he balances schoolwork with his side hustle. If you're a kid or teen dreaming of starting your own business, Eli’s story will inspire you to turn your unique skills into a money-making venture! 💡 From the importance of marketing (shoutout to Eli's mom!) to the joy of helping others, this episode is packed with tips and motivation. Don’t forget to like, comment, and subscribe to the Cash Kid Podcast for more stories about young entrepreneurs turning their passions into profits! 💰✨📌 Follow Eli’s advice: Think about your talents, find problems you can solve, and start building your dream business today!

Cash Kid: [00:00:00] Hey everyone, welcome back to the Cash Kid Podcast. Today, we're highlighting the ultimate teen entrepreneur, a 17 year old who's running his own car detailing business and making serious money while still in high school. Not only is he handling multiple clients, but he's also managing a team of employees, proving that age is no barrier when it comes to entrepreneurship. Cash Kid: With big aspirations to plan to go to a business school. This senior is already on the fast track to success. We're excited to dive into his story, how he grew his business, and what the future holds for him. This is an episode you won't want to miss. So let's meet today's Cash Kid. If you aren't already, be sure to follow us on Instagram, Facebook, and YouTube at Cash Kid Podcast. Cash Kid: Or sign up for our mailing list at cashkidpodcast. com. Stay tuned. The Cash Kid Podcast is underway. Cash Kid: Eli Slaton, welcome to the show. And first off, tell us a little bit about yourself.    Eli Slaton: Thank you for having me. My name's Eli Slaton. Um, I'm 17 years old and [00:01:00] I'm a mobile car detailer in Birmingham, Alabama. I love working on cars. And so that's what I do for people. I help clean up their cars and get them how they like them. Cash Kid: How did you come up with the idea to start a car detailing business? Like, how did you get it off the ground?    Eli Slaton:I've always loved cars. There's something about bringing a car back to life that's just satisfying. I noticed that many people didn't just want their cars washed, they wanted them detailed, really taken care of, inside and out. That's when I thought, Hey, I can do this as a business. I started small, just detailing cars for friends and family and in my community. I used what I had at first, basic supplies and a lot of hard work. But as I made money, I reinvested it into better tools and equipment, which helped me deliver even better results. Word started to spread and more people wanted my services. That's when I realized this could be something a little bigger than I [00:02:00] thought. I officially started my business, and then from there, it's just been consistent improvement and growth. Yeah, that's really interesting about how you took something that you weren't sure about, and then you ended up turning it into like a full grown business. Cash Kid: So, you've grown your business now from the point to where you're managing employees. What's it like being a teen and running a team? How do you keep everything so organized?    Eli Slaton: Yeah, managing employees as a teenager is definitely an interesting experience. Uh, right now I have about 10 part time employees, and each one plays an important role in making sure our clients are happy. At first it was overwhelming, and I think about how to organize everything. Scheduling appointments, assigning tasks, and keeping track of details. It was kind of overwhelming. But, I quickly realized the importance of systems and communicating. I use scheduling apps and tools to stay organized, and I hold regular meetings with my team to make sure that we're on the [00:03:00] same page. I also try and lead by example. If I, if I want my team to go above and beyond for our clients, I need to show them what it looks like. It's not always easy, but it's rewarding to see my team come together and deliver high quality detailing services.  Cash Kid: Yeah, I mean, you really have to keep them in line, but then you also have to manage them and get your entire business going. Eli Slaton: So, being a senior in high school while running a successful business might keep you busy. How do you balance school, work, and your personal life? Balancing school, business, and personal life has been one of the biggest challenges for me. Being a senior in high school means I have to focus on my classes, but running a successful business with over 300 clients now and a team of employees means I have a lot of responsibilities outside of school. What helps me most is staying organized. I use a business planner to map out my day and make sure I'm [00:04:00] prioritizing my important tasks. For example, I might use a couple hours in the morning to work on schoolwork, and then focus on detailing in the afternoon, and still make some time to relax and hang out with friends and family. Eli Slaton: It's really a balancing act, but when you care about what you're doing, you'll find a way to make it work.  Cash Kid: That's really important because if you can't balance school and do your business, you might be doing too much because school is still very important. So what challenges have you faced as a young entrepreneur, especially when it comes to managing both clients and employees? How did you overcome those challenges?  Eli Slaton: Yeah, starting a business as a teenager definitely comes with some challenges. Uh, for me, one of my hardest parts was gaining credibility as a young entrepreneur. Some, some clients and even potential employees doubted me at first because of my age. I had to prove myself, try to prove myself by delivering [00:05:00] consistent and high quality services while also being professional as best I can. Another challenge was learning to manage a team of employees. At first, I tried to do everything myself, like answering calls, detailing cars, and scheduling appointments. But I quickly realized I needed to delegate trust to other people. To overcome this, I invested time in training my employees so they could meet high standards I set for my business. Every challenge taught me something valuable and helped me to become a better entrepreneur.  Cash Kid: Yeah, I feel like if you never had challenges in your business, really you weren't able to like, learn or have the skills to like, overcome something. So being able to have a challenge is always like, don't think of it as a bad thing, but think of it as a way that you can overcome and build better skills. Cash Kid: So, you're making big money with your business. What's your approach to pricing and how did you scale up to where you are today? [00:06:00]  Eli Slaton: Yeah, when I started, I kept my prices competitive to try and attract as many customers as I could over time. As I gained more experience and my reputation began to grow, I was able to adjust my pricing to reflect the premium services that I try to offer. Um, a big part of scaling my business has been offering different detail and packages that allow clients to choose the level of service that fits their needs. Whether it's just a basic detail or something more advanced like ceramic coating and paint protection, paint correction as well, upselling services and like headlight restorations or pet hair removals, they also help increase revenue. Today, all of the clients I've loved doing their cars, and I've tried to build a business that's not just about making money, but about delivering value and creating [00:07:00] happy, loyal customers.  Cash Kid: So, what are some leadership skills you've learned about managing employees, and how do you motivate yourself with a team to deliver a great service? Eli Slaton: Yeah, running a business has taught me a lot about leadership. One thing I've done, or one thing I've learned, is to be a good leader. It isn't about telling people what to do. It's about trying to work alongside them. And showing that you care about their success. For example, I make sure to take the time to train my employees and check in with them regularly because I want them to feel confident and supportive. Because that really translates into their, their service and work ethic toward by clients. Motivation is also a key part. And I like to set goals for the team and try and celebrate when we do hit those goals. Um, so like something as simple as getting a five star review, um, on Google, [00:08:00] we're trying to just "Hey team, we've done a great job on this one. Let's, let's go out to eat," you know, something like that. Yeah, it's leadership's definitely something I'm still learning. Um, trying to get better at.  Cash Kid: Yeah. I mean, when you set a challenge, you probably want to have like a reward for it. Cause otherwise it's not as motivating. So being able to try to get a five star review and then go out to like dinner or something. It sounds like a great idea or a way to motivate your employees. So you've gained a lot of real world business experience. How do you think these skills will help you when you go to business school? And what are your long term goals?  Eli Slaton: Well, this running this business has really been the best real world education that I could ask for. I've learned how to talk to customers, market my services. Manage money and even negotiate and navigate through challenges that with hiring and training employees. [00:09:00] These are skills that you don't get in the classroom always. Uh, so I know they'll help me when I go to business school, my longterm goal is to keep growing as an entrepreneur in marketing. And I want to expand my detailing business and possibly, possibly even explore other industries. Um, I'm passionate about creating opportunities, whether it's for myself, my team, or my future clients.  Cash Kid: Yeah, so what's next for your car detailing business? Do you see yourself expanding or are there other entrepreneurial ventures you want to pursue in the future? Eli Slaton: Yeah, my I'm excited about the future of my detailing business. One of my goals is to expand our services and maybe even open up a dedicated detailing shop while still keeping our mobile detailing option available. I've also thought about franchising the business so other young entrepreneurs could follow a similar, a similar path, almost a [00:10:00] turnkey business for them to just start creating revenue at a young age. I've always loved to look for ways to grow the business. So, what do you do with the money you're earning? Are you saving, investing, or reinvesting it back into the business? Like, what are your financial goals? Yeah, right now, most of my money I earn goes back into the business. I try and reinvest 70 percent of it as much as I can, whether it's upgrading the equipment or buying high quality product, uh, be it marketing takes up a lot of budget. Reinvesting is really what keeps the business growing and moving at the same pace. At the same time, I'm putting money aside in savings and learning about investing. My goal is to build a strong financial foundation now so I can continue to expand my business and explore new ventures in the future. I want to make sure that hard work [00:11:00] is going to pay off in the long run.  Cash Kid: Yeah, definitely having a financial goal is a way to keep your business on track, as well as making sure that you're financially set up for life. What advice could you give other teams who are thinking about starting their own business? Especially ones that involve managing employees and scaling up.  Eli Slaton: My advice is really simple. Start now. Don't wait until you feel completely ready because the real truth is you'll never know everything about business, especially at the beginning. I'm still learning stuff and it is completely okay to learn as you go. Focus on something you're passionate about and take it one step at a time. I try and surround myself with people who are like minded and who support you. Don't ask or don't be afraid to ask for help and advice from people for sure. Most [00:12:00] importantly, I'd say be patient and stay consistent. Building a business takes a lot of time and if you stick with it though, it is well worth it in the end. I can totally agree with everything you just said there.  Cash Kid: Is there anything that we haven't asked you that you would like to share with our audience? Eli Slaton: Just stick to it, uh, keep it, keep trying, learning. Uh, YouTube, it teaches you a lot. Um, I, I actually learned how to do most of my detailing stuff on YouTube in the beginning. So if there's something of particular interest to you, learn how to do that skill. Or that service really, really well. And then get to the point where you can sell it to your friends, sell it to your family and take it to the next level. If it's something you enjoy.  Cash Kid:Eli, we appreciate your time and your expertise. Thank you for joining us on the Cash Kid Podcast and boosting the financial knowledge of fellow Cash Kids everywhere. Remember anyone can be Cash Kid. You [00:13:00] just have to learn how to become one. Cash Kid, out.

Did you know teens like you are cashing in on creative side hustles and making serious money? And no, we’re not talking about boring chores or allowance! Stay tuned to learn how you can turn your skills into cash without waiting to grow up! Hey, Cash Kids! Welcome back to another exciting episode of the Cash Kid Podcast! I’m your host, the Cash Kid, and today we’re going to dive deep into how you, as a teen, can start your very own side hustle and begin making money right now. That’s right! You don’t have to wait until you're an adult to have cash flow coming in—whether it's for a new game, saving for something special, or even just making some extra pocket money.   But, the big question is, how do you actually start? Don’t worry—I’m here to break it down step by step. From coming up with your big idea, to setting goals, to selling your product and managing your money like a pro.   Now before we go any further, be sure to hit that subscribe or follow button from wherever you are listening to the Cash Kid Podcast to help us continue to grow the most savviest financially generation ever!   Alright, let’s get started! Number 1: Create the Idea – Find Your Hustle   Alright, first things first: You need an idea. But how do you come up with one? Think about what you enjoy doing.   Are you the go-to math whiz in class? Maybe tutoring younger kids is your hustle. Or, are you great at making TikTok videos? You could teach other teens how to create engaging content!   Or maybe you’ve got a creative side and love making jewelry, art, or even baking. These are all awesome places to start! Here’s a little secret: You don’t have to invent something brand new to start a side hustle. Sometimes, the best ideas come from things you already enjoy or skills you’ve already got.   Ask yourself these questions: What do I love doing in my free time? What am I good at? Is there something that my friends or family always ask me to help them with?   The key here is to choose something that excites you because it’s going to take some time and effort, and you’ll want to enjoy the process! For example, just two episodes ago, we spotlighted teen entrepreneur Sadie Norris who runs who own baking business. She loves baking and turned something she already enjoyed doing as a way to make some extra cash as a teen. Number 2: Discover and Learn Skills in Your Chosen Area   Ok, so now you’ve got your idea— let’s now become an expert at it!   For any side hustle, you need to build your skills so you can do a good job. Yes, people may still pay you if you are a cute kid and they feel sorry for you… but we want to get great at our craft.   The good news is that you’re never too young to learn, and there are so many free resources out there! Like YouTube for example which is where I’ve gone to learn a lot about running this podcast.   If you’re offering a service, like babysitting or dog walking, you can check out YouTube tutorials, or even ask your parents or friends who have experience.   For creative businesses, like making jewelry or crafts, there are hundreds of online courses, guides, and even communities that will help you learn more.   Maybe you want to start an online store—well, learning how to take great photos of your products, write catchy descriptions, or marketing yourself on Instagram is key.   And guess what? There are tons of free online courses and videos to teach you how to do just that.   Never be afraid to ask for help, and don’t rush the learning process. The more you know, the better your hustle will be.   Number 3: Start Your Business Plan – Make it Real   Now that you have an idea and some skills under your belt, it’s time to create a plan. Don’t worry—this isn’t some boring school assignment. Think of it as your roadmap to success.   Here’s a simple business plan for you to follow: Name Your Hustle: What are you calling your new side business? Pick something catchy that reflects what you do.   Set a Goal: Do you want to make $50 by the end of the month? Maybe $200 for a special purchase? Setting a goal will keep you focused.   Price Your Service or Product: What’s your time worth? How much do you need to charge to make a profit after covering any costs? Do a little research and see what others are charging for similar services or products.   Create a Schedule: Are you going to work weekends? After school? I would suggest also running this by your parents so you’re aware of any family commitments as well and don’t cause additional stress down the road with being overbooked.   Find the Tools You Need: If you’re selling products, you might need supplies. If you’re offering a service, what equipment or space will you need?   Once you’ve got your plan in place, it’s time to take action.       Number 4: Get  What You Need – Make Your Product or Offer the Service   So, now it’s time to gather everything you need to actually launch your hustle.   Whether it’s buying supplies for crafting or setting up your website to sell stuff online, get ready to put things in motion!   If you’re making products, make sure to make a few prototypes first. Are they high quality? Are they something people would want to buy?   Test them out on family and friends to see what they think!   If you’re offering a service, maybe offer a few free gigs or discounted sessions to build your reputation and get some reviews. Word of mouth is your best friend.       Number 5: Find Customers or List Your Product – Get the Word Out!     Now that you’ve got your product or service ready to go, it’s time to find customers. This is the fun part—marketing!   First, start with people you know. Tell your friends, family, and neighbors what you're offering. Word of mouth can be powerful. You can also use social media (with your parents’ permission) to spread the word about your side hustle.   A lot of the kids and teens whose stories we have shared here on the podcast about their side hustles have noted how their parents use their Facebook or Instagram to help promote their kid’s business. It’s actually how we find most of our guests or fellow Cash Kids to interview on the show. When it’s coming from a parent’s account, it gives a level or trust right away. So, the marketing tactic seems to work!   Share photos, testimonials, or even a behind-the-scenes look at how your product is made.   If you’re selling a physical product, you might want to list it on websites like Etsy, Depop, or eBay. If you’re offering a service, like tutoring or dog walking, post flyers in your local area or on community message boards online. Also, talk with your teachers at school and let them know you are offering a tutoring service. Many times they keep a running list to share with parents when they ask for tutoring services.   The goal is to get your name out there and start attracting customers! Number 6: Start Selling and Making Money   Okay, now you’re officially in business!   It’s time to make your first sale. Remember, in the beginning, it might be a little slow.   That’s totally normal! The more you work at it, the more you’ll improve your skills and build your reputation. You might even want to offer a special discount for your first few customers, just to get things going.   The most important thing? Keep hustling and stay consistent. The money won’t always come overnight, but if you keep providing value and doing a great job, you’ll build up a steady flow of cash.   Like my friend Eli who runs his own car detailing business. He started out just doing family and neighbors cars to now having enough business at age 17 that he has employees working for him to handle all his orders.   Number 7: Expand, Save, and Invest – The Next Step   Once you’ve started making money, it’s time to think about the next steps.   You could reinvest your profits to make your side hustle even better! Maybe buy better equipment, or spend money on advertising to reach more people.   And don’t forget to save! Set aside a portion of your earnings in a savings account. You could even think about investing your money if you’re old enough to open an account. But remember, the key is to save and grow your money!   Lastly, if your side hustle is doing well, you can start thinking about expanding—maybe turning your hustle into a bigger business. But that’s a story for another episode! Conclusion:   Alright, Cash Kids, that’s all for today’s episode! Starting a side hustle as a teen is a great way to make money, learn new skills, and set yourself up for a financially successful future.   Whether you’re selling handmade items, offering services, or starting a digital business, the possibilities are endless. And remember, the key is to have fun, stay motivated, and always think about how you can improve.   Thanks for tuning in to the Cash Kid Podcast! Don’t forget to share this episode with your friends and subscribe so you never miss an exciting new episode.   Remember, anyone can be a Cash Kid, you just have to learn how to become one. Cash Kid, Out!   Disclaimer: The information presented represents the views and opinions of the guest. This podcast is for informational and educational purposes only. It does not provide personal investment advice. Speak with a financial advisor—and for kids, definitely your parents—before making any investment decisions.

S3E5 How to Start Babysitting as a Teen: Make Money and Build Responsibility.   Cash Kid: [00:00:00] Welcome to the Cash Kid Podcast, where we highlight young entrepreneurs who are finding creative ways to earn, save, and invest money early in life. Today we are featuring another awesome teen who's balancing it all, school, babysitting, and even carpool pickups to make some extra money on the side. If you aren't already, be sure to follow us on Instagram, Facebook, and YouTube @ Cash Kid Podcast. Cash Kid: And sign up for a mailing list if you haven't already. Now, this student is proving that you can take on responsibility, help out your community, and learn valuable life skills while still being a student. Whether she's babysitting kids after school, or helping out with carpool runs, she's finding smart ways to bring in cash, while managing her busy schedule. Cash Kid: In this episode, we'll dive into her story, how she got started, and what it takes to balance work and school life. So let's jump in and meet today's Cash Kid. Kennedy Teal, welcome to the show. And first off, Kennedy, tell us a little bit about yourself. Hey Kennedy Teal: Cash Kid, it is so great to be on. [00:01:00] Thanks so much for asking me. Kennedy Teal: Um, so yeah, I'm Kennedy. I'm a junior college student at Sanford University and I come from Johnson City, Tennessee, which I've loved, but I also love Birmingham. It's been an awesome home and yeah, I'm studying interior design and I love babysitting since the very beginning of like my preteen years. So thanks so much for asking all these questions. Cash Kid: Yeah. So, um, what really inspired you to start babysitting and offering, like, carpool pickups? Was it something like you've always wanted to do, or did the opportunity just, like, come up unexpectedly? Kennedy Teal: So, a little bit about myself some more is that I'm an oldest of six kids. So, I've kind of just always been around kids. I've been used to, like, kids. I've been babysitting since I was probably nine for my siblings, so I've just kind of been in that role forever, and I've also loved it, and it's come a little bit naturally to me. So, I think probably when I was around 14 years old, I started just babysitting for my community, and for my church, and for small groups, and [00:02:00] stuff like that. Kennedy Teal: So, like, little jobs. Like, small groups that I didn't have to drive towards, but I was still, like, hanging out with kids and stuff like that. Um, so yeah, it was something that I've always kind of been infused with since I was younger. Um, but yeah, I loved it. Cash Kid: That's amazing and how, like, you kind of, like, was something that you went to and then you turned what skills you have into a way to make money. That's kind of like all that we're talking about on the Cash Kid Podcast. So how do you balance school babysitting and carpool duties? Like what is a typical day or week look like for you? Kennedy Teal: Yeah, good question because it can be a lot. But gladly, my work, my school schedule works very well with me. Um, so my typical week kind of looks like my Monday, Wednesday, Friday. Kennedy Teal: I have class from like 8 to 3:30. So most of those days I am in class all day. Um, occasionally I will do some pickups after those 3:30 classes. So, if like someone needs to go to tennis or horseback riding or something like that. I do pick up a few of those shifts in the later [00:03:00] afternoon. Kennedy Teal: Um, but Tuesdays and Thursdays are my main days that I just go from like probably 8 until 6 or sometimes even 9. Um, so yeah, I've roped off those days so that I can just fully like, Um, not all of those hours are used every week because my weeks kind of look different each week. Um, so sometimes Thursday mornings, I won't babysit, so I'll be able to like go to a coffee shop and do some homework. Kennedy Teal: Um, or like in the evenings, I'm not used as late, so then I can get some homework in as well. So, it's a balance for sure, but just trying to figure out what works well for me. And since I have been doing this for a while, I kind of know my limits and my balance and what works for me. So, yeah. Cash Kid: Yeah, I totally agree with that. It's just like time management, it’s such a big and important factor whenever you're starting a business or a side hustle. So, what has been the most challenging part of juggling all your responsibilities? How do you handle it when things get overwhelming? Kennedy Teal: Yeah, that's a great question because I don't even know if I do handle it very [00:04:00] well. Kennedy Teal: Um, but I think since I'm just used to this, like it's something that just is so second hand. So, it's so natural, um, that I don't even kind of blink twice about it. Like I've been balancing this. Since high school, so high school, I had a block schedule as well. So, I went from eight to three and then I would go babysit in the afternoons. Kennedy Teal: So it's something that's kind of just routine and I have gotten used to it and I've learned kind of my balance of like what, how much schoolwork I need to commit to the project or what I need to do for this or that. Um, so it definitely is challenging, but I think just kind of knowing myself and my limitations. Kennedy Teal: Um, but I also would say babysitting is an awesome job because it is so flexible and it doesn't ever feel like work to me. So, like that is such a big blessing that like I get to go to work after a long day of classes, but it doesn't feel like it. Like I get to go hang out with kids or I get to go drive them to their sports or whatsoever. So it feels like it's very manageable and I can balance it because it's not a crazy strenuous job, you know what I mean? Cash Kid: [00:05:00] So what skills do you think you've gained from babysitting and doing carpool pickups? Have you learned like anything that will help you later in life? Kennedy Teal: Absolutely. I've learned multitasking. I've learned responsibility. I've learned patience. I've learned Leadership, I've learned how to address adults and have those conversations. I've learned how to you know, like figure out kids and how to address them if they're like having a meltdown in a park, you know. Just some things like that, um, that are great social skills for me. Kennedy Teal: Um, so yeah, I think I've been able to like have those experiences that help me very well and I think that those are all going to just grow me as a person as an adult as a mom as Um, a business woman, like if that's something that's in my future. Um, so I think all of those are very beneficial attributes. Cash Kid: Yeah, I totally agree with that. The more skills you can make as a kid, the easier your life will be. So, what do you do with the money [00:06:00] you earn? Are you saving it, spending it on something special, or maybe even investing it? Kennedy Teal: Yeah, great question. For me, my weeks do look a little bit different with babysitting. My hours do vary, um, which is something that I don't mind at all. I kind of do like the flexibility. I like that that each week is different, that I don't have a schedule. start and end time that it's kind of changing, um, it makes each week kind of seem different and interesting. So, with that being said, my money and my income does fluctuate each week. Kennedy Teal: So, it's taught me how to be very responsible and very planned with how I spend my money. So, it is something that I do have to look at kind of at the end of the month and kind of see what I'm like making on an average and how I can spend that wisely, how much I need to save, how much I need to give. And then what do I have left to spend on coffee and some new earrings, you know? Kennedy Teal: So, there's definitely a balance. Um, but it has taught me a lot of responsibility and being [00:07:00] very, um, cautious with how I spend my money because it's not a set income. Cash Kid: Yeah, um, so babysitting and carpooling requires a lot of trust from parents. How did you build that trust with families, and what advice would you give to other teens who want to start similar jobs? Kennedy Teal: Yeah, absolutely. I think what helped me in the very, very beginning was I started taking on jobs that were around the parents. So, like, babysitting at a small group. So, like, they would drop their kids off in the basement and I would play with them. They would come and check in on them. So, they were seeing how I was interacting with their kids, engaging, keeping them safe being in a very calm and peaceful kind of mindset for them. Um, and I think that grew my credibility. So those parents could see that I was trustworthy and responsible with their kids in a kind of safe environment with them near. And so, since kind of, since I was 14, I kind of just grew and grew and grew with how my relationships with those parents. Kennedy Teal: Um, and then that just led to references. So, like, people would pass [00:08:00] my name on to this person and this person. So, it just kind of like grew my credibility. Um, since starting in such a small spot. Um, but yeah, it's grown and now I'm a junior in college and have awesome families and, and awesome references because they are just, they are so awesome to me. Kennedy Teal: Um, so yeah, it's something that is Kind of weird to work through of like, how do I even get started? How do people trust me? But I think it also is something about like you feeling confident about how you are and how you enter a room and how you interact with the kids. It really is all about the kids. That's kind of the only thing the parents are looking at is how you engage them how you get on their level. It’s like liking what they like. Kennedy Teal: So, like my little girl that I babysat she loves to get, uh, Dutch braids in her hair. So, like, the first day I came and started, she was like, Do you know how to braid hair? And I was like, well, of course. So, like, we immediately, like, got on the ground, and I started, like, braiding her hair. Um, so just things like that I think parents are looking for, and I think that builds a lot of trust [00:09:00] in their hearts when they see that you're engaging, and you get on their level, and you're not, like, better than them or whatever. Cash Kid: So, do you see yourself continuing with like these jobs in the future? Or do you have like a different business idea or like career in mind as you grow older? Kennedy Teal: Yeah, I definitely see myself finishing out college babysitting because it is something that I just truly love. And I hate that I do feel like I see an end mark in this kind of chapter in this career. Just because I will probably have um, a career in interior design when I graduate. Um, so that doesn't mean that I have to give up all of my babysitting job. I'm sure I'll do some date nights here and there and free time on the weekends. Um, but I do see kind of my career and my day to day shifting once I graduate. Um, so that is something sad, but, um, I've also loved it and it's not going anywhere. Like, you know, I'm still around, so. Cash Kid: Do you ever find it hard to like keep up with schoolwork or have you found ways to stay organized? Kennedy Teal: I [00:10:00] definitely love my planner. That is what keeps me very, very organized. Kind of at the beginning of the week, my families are awesome to send me dates. Um, and because my schedule is a little crazy and cramped, I'm really blessed to have people sending me dates like in a month in advance. Okay. So, I can kind of just schedule in things very far in advance so that when my week comes I know what's on the list. I know how to prep for that Um, and then I also know my class schedule and I know my other responsibilities outside of school and babysitting so definitely invest in a planner get all your dates set up. Kennedy Teal: Um, and then, yeah, the biggest thing is if you can get your families to give you heads up for in a far in advance, that is very, very helpful with staying organized and not getting overwhelmed with school because you know what the next and next, next week's look like. So. Cash Kid: Yeah, so what advice would you give to other teens who are thinking about starting their own small business or side hustle, like babysitting or carpooling? Kennedy Teal: Great question. [00:11:00] I would say start it. If you love babysitting, if you love doing your little niche, just, just go for it. It's all about confidence. Um, it's all kind of about people. Like, if you're good with people, if you can talk to a person like you're doing right now, like, you can start anything. Um, so yeah, I would say confidence, grace, patience is all very key. Kennedy Teal: Um, but anyone can do anything, and babysitting is such an awesome gig. And I would encourage anyone to go ahead and just start. Plunge, get your name out there. There's amazing Facebook groups out there that you can join to like get into these Facebook clubs that help you, um, you can put your name out there and people can reach out to you or you can reach out to other people. Kennedy Teal: Um, and then yeah, I think there's some awesome apps too, but my favorite thing is just referrals. So, like getting that one family will literally give you the rest of the referrals that will get you through the, the rest of your career. So yeah. Cash Kid: Like whenever you're trying to start a business, just go for it. Because even if it [00:12:00] fails, you have mistakes that you know, that you won't make next time. And if it goes well, then you have skills that you know how to use and apply to your day-to-day life. Yes. Um, so Kennedy, is there anything that we haven’t asked you that you'd like to share? Kennedy Teal: Oh goodness. I think you've done great I feel like you've hit all the points and I've been able to like show babysitting such a great light So yeah, thank you. Cash Kid: Kennedy. We appreciate your time and your expertise Thank you for joining us on the Cash Kid Podcast and boosting the financial knowledge of fellow cash kids everywhere And remember anyone can be a cash kid. You just have to learn how to become one. Cash kid, out!