Loading...
Answers
MenuI'm 16 years old, and have $500, what can I realistically do to increase this?
This question has no further details.
Answers
Work.
That would have been my 1-word answer, but the site tells me it's too short.
Yes, you could invest your money in the hopes of getting a higher return; and it might work. But any investment entails the risk of loss. And that risk is highest early on when a person is less experienced and doesn't know where to invest.
I wouldn't want you to lose your hard-earned money or have a bad experience at 16 that sours you on taking risks. Realistically, the way to add to your stash without any chance of losing it ... involves finding paid work.
Local jobs for 16-year-olds won't pay a lot. But online you're ageless. If you learn a skill such as web design, video editing, or programming, then you could earn more per hour and freelance as much as you like.
Finish high school first. Never burn bridges and at this time you wouldn't want to do that with your parents. But in the mean time find a niche in a space and devote 100% of your extra energy to it. When I was 15 I had just finished rewiring my entire high school's ethernet system. I brought on 5 other kids my age during the summer and we had guidance from some older staff who showed us the ropes and let us go and do whatever we had to, to get the project done.
Throughout the whole process I learned to ask question and not be afraid to try and fail. My point to telling you this is that with $500 you've got very little to lose. You can always deliver pizzas and make that back in a few weeks. So don't be afraid to try something really crazy to get you somewhere. Also remember to ask for help, advice and be HUMBLE.
Read about starting businesses online, I would say read some books, but with such a limited budget you're better off saving your money for your business. Don't forget to take notes! It helps retain the information you read.
Invest. Grab a copy of Tony Robbins' new book Money Master the Game to begin learning that world.
Iterate. How did you make the $500? Assuming you earned it in some business-like way, find a way to repeat that and find a way to provide that service at a larger scale.
Learn. Read. A lot. The books you read now will dramatically impact the rest of your life.
Intention. I like the perspective of money as energy, and energy needs direction. Know what is important to you (which will change over time) and where you want to focus your energy (financial, emotional, physical, etc.)
Service. Another perspective I like is money as feedback for how much value you are creating in the world. See Wealth Warrior by Steve Chandler for more on that.
Congrats on an excellent start to becoming an entrepreneur! Being here (on Clarity) and jumping in and asking a question (versus just lurking) is a great sign that you are willing to take action.
Here are some of my initial observations and suggestions...
1. Begin with letting go of any assumptions or hangups you may have (or may think other people have) about your age.
2. Consider that the money is only one of your resources. Now write down all of your OTHER resources before you start putting a plan together.
3. Answer these questions (for yourself AND the next time you post a question try to be more clear):
What does "realistically" mean? And in what time frame? And how much risk are you willing to take? And increase by how much?
The best advice I can give (though unsolicited) is this:
When asking a question - make sure you are very clear about what you want AND make sure you are providing sufficient information about your goals and situation.
Best of luck to you!
Invest your money on some good books. Knowledge will take you closer to wisdom, and wisdom is knowing that it takes knowledge to achieve your dream.
Realistically speaking, there's no shortcut to grow $500 to $500,000 or something more.
Get trained on developing mobile apps.
I hired a young man, like you, to build a mobile app for me. He was smart, tenacious, creative and he made almost $3,000 for his first app out of the box that he did in his spare time.
At 17, people thought I was nuts to hire him but...he had character, integrity and drive.
I love this question. First of all don't disregard any information any other expert has given you, all of their answers will help you. However, if you really want to grow your $500 quickly, eliminate all of your assumptions about money. I hate to break it to you but $500 is almost nothing investment-wise.
So what you're really asking is how can I make money from nothing? Realistically, getting a job (which you should do for sustainability purposes) is not a tangible way to generate a substantial amount of income at 16. Investing your money may lead to substantial amounts over a long period of time (at least 5+ years assuming your investment was well researched). If you want to create capital from nothing you need to develop a skill or realize opportunity where most people don't.
I would suggest reading this article on how entrepreneur students create large amounts of capitol on only $5.
https://www.psychologytoday.com/blog/creativityrulz/200908/the-5-challenge
So to answer your question: If you want to create money from nothing you need to begin to think like an entrepreneur and realize opportunity where others may have not.
Explore your interests as deeply as you can before any life situations or institutions re-focus you on things you'll find less interesting. As stated above, a primary avenue for exploring those interests should be work.
Open an IRA and invest most of it. And keep the rest to spend or stash away for when you really want to buy something.
Related Questions
-
If I have a business idea for a large company, how can I give it to them and mutually profit, without them just taking the idea and squashing me?
Probably not the answer you're looking for, but companies have so many unimplemented ideas that the likelihood of partnering to implement someone else's idea is really low. And besides which, the idea is not something that has much value in and of itself. If you're passionate in the idea, build it yourself. That's the only way you can have leverage.TW
-
Whats the best way to find commission sales reps?
This is not my specialty, however, I have been in your position many many times -- maybe this will help. If the product is in-tangible, then look for JV partners on the Internet. Try to find an expert that deals with these JV opportunities (like me). If the product is physical, then look for sales organizations that have networks of sales people across the country. You do the deal with the organization and the independent network of sales people sells your product. It's a sweet setup if you can negotiate a margin that works for everyone. Hope that helps - Cheers - NickNP
-
How do you make money to survive while you are building a business? What are some quick ways to make money with less time commitment?
I love this question. If you have to work on the side while building your business, I recommend doing something you absolutely hate. That keeps you hungry to succeed on your own. You'll also typically save your energy for the evenings and weekends where you'll want it for your business. Don't expect to make much money at your "other job" but you can work it to pay the bills while you build your business. This approach also forces you to build incrementally, and it keeps you frugal. This is not necessarily ideal. Having a bunch of money set aside sounds nice and luxurious, but not having the resources puts you in a position where you have to figure it out to survive. I love that. I started my business eight years ago on $150 and today we do a million a year. Don't wait until you have the resources to start safely. Dive in however you can. And avoid shortcuts. Don't waste your time scheming to make bigger money on the side. Do something honest to live on and create a business that drives value.CM
-
My startup just failed. What could I start to "immediately" generate $1,000/mo?
The quickest path to cash is almost always consulting. Be very specific about what it is you can offer. Don't just offer "business consulting". Find a niche and serve it. Reach out to your network, including friends and family and ask if they need or know of anyone who might want to hear about what your consulting has to offer. That will be way faster than trying to go at it from scratch or cold calling. If you call 100 people in your network this week, you will have a consulting gig within 3 weeks. Good luck, and let me know if you'd like advice on entering a digital marketing/lead generation consulting niche. I've grown from zero to $8,000 of monthly recurring payments in the last 40 days! DaveDR
-
What advice do you give to a 16 year old entrepreneur with a start up idea?
First, hat tip to you for being a young entrepreneur. Keep it up! If you have the funds to build out your MVP, hire a developer and possibly a mentor. If your idea is marketable, you don't need to give up equity by bringing in a co-founder. If this is your entrepreneurial venture, I would recommend you do retain a coach to help you see all the things you may not know. Have you already done your SWOT analysis? Have you identified your target market? What is your marketing plan? What will be your operating expenses? There are lots of questions to ask. If you would a free call, I'd be happy to help you in more detail. Just use this link to schedule your free call... https://clarity.fm/kevinmccarthy/FreeConsult Best regards, Kevin McCarthy Www.kevinmccarthy.comKM
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.