Dan Martell - 8 Ways To Make Money (for Teenagers)

00:00:00.000 All right, all right, all right, all right, all right.

00:00:12.440 Eight ways to make money for the teenagers 0.64

00:00:16.120 in this community.

00:00:17.240 This video is gonna help all the emails I get.

00:00:21.480 It's incredible, the comments on my videos

00:00:23.680 of people asking me, like young 12 year olds,

00:00:27.320 13 year olds, 14, asking me about life and business

00:00:30.680 and strategy and how do I make money

00:00:32.220 and what's the right way to approach it and all that stuff.

00:00:34.220 The question I get asked all the time

00:00:35.660 is what business should I start?

00:00:37.420 So I thought about my own two boys.

00:00:40.720 I have two little boys and when they become teenagers,

00:00:43.620 if they were to ask me, and they probably won't

00:00:45.720 because most kids don't do that with their parents.

00:00:48.420 They don't ask for advice and that's cool and I get it.

00:00:50.420 I'm ready, I'm getting ready now for like 10 years from now.

00:00:54.320 This video is for them and it's for the teenagers in the crowd

00:00:58.060 or the parents that want to forward this on to them.

00:01:01.160 You know, I think the problem is a lot of people are hungry.

00:01:04.800 They want to build businesses but they're scared.

00:01:06.700 They have no ideas of what's going to work and they really

00:01:09.340 don't want to waste their time.

00:01:10.340 What I'm going to share with you guys is eight very practical,

00:01:13.400 no cost, simple but effective strategies that regardless which

00:01:17.820 one you decide to do will build a better foundation for the rest

00:01:21.980 of your entrepreneurial career.

00:01:23.420 Now, I wanna say that I first think as a global rule or ideas

00:01:29.200 that most people underestimate how talented, skilled,

00:01:33.740 knowledgeable, willful, passionate a teenager can be to create.

00:01:39.940 And I remember reading the biography of John D. Rockefeller,

00:01:43.580 one of the wealthiest people in the history of humankind.

00:01:47.980 And in the book, there's a story where his father,

00:01:51.820 who is a complete train wreck came back from being on the

00:01:54.560 road for six months and literally gives his son $40,000

00:01:58.360 that he made and said I need you to build a house for your

00:02:02.260 family, for your mom, for your brothers and just like take care

00:02:05.500 of it and then boof, he's gone.

00:02:07.700 Can you imagine a 13 year old with the cash sitting there

00:02:11.700 going I now need to build, I mean I think of myself and where

00:02:15.380 I was at 13 and there's no way that would have ended up in a

00:02:19.280 a good scenario, and he not only pulled it off,

00:02:22.880 it taught him so many lessons about keeping track of things

00:02:26.860 and hiring people and monitoring progress and quality

00:02:30.060 and all these things, I mean, at 16,

00:02:32.220 he became the assistant bookkeeper to a big company

00:02:36.940 that was doing a lot of shipping,

00:02:38.600 and it was through that effort and energy

00:02:40.600 and many other things that brought it to a point

00:02:43.240 by the age of 40, he was one of the wealthiest people

00:02:45.900 in America, and I can't not think

00:02:48.780 that story when I think about what's possible.

00:02:51.440 So I wanna share with you, especially the teenagers,

00:02:53.820 a key lesson.

00:02:54.660 This is like three things you need to understand

00:02:56.580 about entrepreneurship because it's really

00:02:58.220 what guides everything else.

00:02:59.620 One is you start off trading time for money, okay?

00:03:03.960 You have time and energy and expertise or whatever

00:03:06.360 and you're gonna take that time

00:03:07.600 and you're gonna trade it for money.

00:03:09.300 The second thing you get to, it's like stages.

00:03:11.440 Stage one is time for money.

00:03:12.740 Second stage is money for time.

00:03:15.600 That is all about leverage.

00:03:17.280 So it sounds kind of weird because you got to do the first

00:03:19.320 one first to get the money, but then you start trading money

00:03:22.880 for time to get more leverage to kind of increase the value

00:03:25.920 you create in a period of time.

00:03:27.900 Then the third stage, and this is the magical one,

00:03:30.260 this is where you trade money for money, right?

00:03:32.820 This is where you take your capital you've built up and put

00:03:35.500 it into an investment and that investment generates more

00:03:38.060 capital so that you can continue building your wealth.

00:03:41.000 Now, this video is not about wealth dynamics.

00:03:43.900 I just wanted you to understand that so as you think about the

00:03:45.980 different businesses to approach you,

00:03:47.320 understand how entrepreneurship works.

00:03:49.860 Time for money, money for time, money for money.

00:03:52.880 Now, let's start off with the first idea I have for you.

00:03:55.260 Events, okay?

00:03:56.460 Events are like the no-brainer.

00:03:58.100 I'm a big fan of bringing people together.

00:04:00.060 But think about this, you could host a yard sale, okay?

00:04:03.340 Where you organize the neighborhood yard sale

00:04:05.760 and take a commission so you have no things you need.

00:04:09.440 You can actually work with the neighbors

00:04:10.640 to bring their stuff.

00:04:11.840 You could, you know, borrow all the tables.

00:04:13.800 you could essentially put it on, market it,

00:04:16.040 promote it for free in today's world,

00:04:18.240 and take five to 10% commissions

00:04:20.400 from all the sales that go through,

00:04:21.840 especially if the neighbors don't even have to be there

00:04:23.480 and you take care of the negotiation.

00:04:25.040 So that's a no-brainer.

00:04:25.880 Fairs, organizing a fair.

00:04:28.280 If you're into sports, action sports,

00:04:30.140 imagine if you organize like a competition.

00:04:32.420 These are all ways that you can take something

00:04:34.580 that you know about or you're passionate about

00:04:36.280 and make money from, so that's number one.

00:04:37.660 Two is services, so people talk about lawn care

00:04:41.960 and painting and all that stuff,

00:04:43.400 And those are cool, but I think there's even more interesting

00:04:47.100 subtleties like gift wrapping or just asking.

00:04:53.740 Now here's the trick, because we talk about trading money

00:04:56.240 for time.

00:04:57.140 The trick is to go to neighborhoods that have big houses.

00:05:00.160 And the reason why is the people that typically live in those

00:05:02.760 homes have discretionary income.

00:05:04.760 That means they make more money, hopefully, than they spend.

00:05:07.820 And they're always looking for ways to trade money for time.

00:05:11.500 So you become that option for those places.

00:05:14.100 So service type businesses work really great in more affluent

00:05:17.800 or wealthy neighborhoods.

00:05:19.200 Number three is affiliates.

00:05:21.440 Now, I'm not talking about the internet joint venture

00:05:23.540 affiliate type stuff.

00:05:24.740 I'm talking like legit companies.

00:05:26.320 Did you know Best Buy, if you're into electronics,

00:05:28.280 Best Buy has an affiliate program.

00:05:30.880 Amazon has an affiliate program.

00:05:33.080 Pretty much any major retailer has an opportunity for other

00:05:36.820 people to promote or sell their products and get paid cash as

00:05:41.100 a commission to doing that.

00:05:43.340 So if you're already sharing on social media

00:05:46.180 with your friends certain products,

00:05:47.480 you can actually get paid for doing that.

00:05:49.340 So that's number three.

00:05:50.180 Four is reseller.

00:05:51.680 This is where you, you know, old school,

00:05:54.680 I wouldn't say do it today, is newspaper routes, right?

00:05:56.780 You resold somebody else's product.

00:05:58.680 But in a broader scheme, and I'm not suggesting this is like

00:06:01.820 direct marketing or network marketing,

00:06:04.180 that's an opportunity.

00:06:05.500 I think you probably want to go with a more stable

00:06:08.420 type of business.

00:06:09.760 but essentially you become a sales rep

00:06:12.000 for somebody else's product.

00:06:13.060 So somebody's built something already and you resell it

00:06:15.700 and I think that's a great opportunity to get in,

00:06:18.000 get some training typically that comes with it

00:06:19.800 and become an entrepreneur.

00:06:21.380 Number five is creating content.

00:06:23.740 Now, have you ever seen, there are people

00:06:27.480 that make million dollar plus a year doing unboxing.

00:06:31.380 I discovered this because my kids on the YouTube kids,

00:06:34.960 YouTube for kids on the iPad would sit there

00:06:37.960 and watch people, kids, unbox toys.

00:06:42.960 And it's probably at the point now

00:06:44.240 where the toy manufacturers send the kids the toys,

00:06:47.200 so then we have to buy the toys,

00:06:48.500 and literally there's tens of millions of views

00:06:51.940 on these videos.

00:06:52.980 So just the idea of blogging a YouTube channel,

00:06:55.940 creating content, creating essentially an online community,

00:07:01.240 and monetizing that through different mechanism,

00:07:03.560 affiliates, or selling your own product,

00:07:05.480 or advertising is a huge opportunity

00:07:08.980 and I think it really just comes down to the creativity.

00:07:11.320 Number six is flipping.

00:07:14.320 Flipping is all about buying and selling

00:07:16.660 and my favorite story to tell,

00:07:18.960 and because truthfully my brother Pierre

00:07:20.820 is probably more entrepreneurial than me growing up,

00:07:23.800 he bought his first car I think when he was 12

00:07:27.540 and it was like a Ford Eagle,

00:07:29.940 which is like a hatchback type,

00:07:32.900 it almost looked like a tank that was a car.

00:07:34.840 It was really an interesting design.

00:07:37.440 Don't even know why he decided that was a car.

00:07:39.320 Maybe he got a good deal on it.

00:07:40.640 But he bought the car to fix it up

00:07:42.940 so that it was ready when he became like 15, 16.

00:07:45.420 And what ended up happening is he had it

00:07:47.660 and somebody offered him more money

00:07:49.060 than he paid for it, so he sold it.

00:07:51.060 And that was when he really got the idea of flipping

00:07:53.700 and he just kept doing this.

00:07:54.900 By the time, he did it so many times

00:07:56.360 that by the time he got his license,

00:07:58.500 he was driving a Ford Mustang 5.0.

00:08:02.560 So buying and selling on eBay is a really incredible way

00:08:07.460 to make money as a teenager.

00:08:11.000 The seventh idea, which I alluded to earlier, is saving.

00:08:16.100 Actually saving your money.

00:08:17.500 I remember getting a call one time from a teenager

00:08:21.180 that had a death in his family and he came into a ton of wealth

00:08:25.480 and he asked me what should I do with it, right?

00:08:27.620 I don't even think he got it yet.

00:08:29.360 Like he was like planning for when he was gonna get it.

00:08:32.660 And I said, truthfully, because you have not built

00:08:35.260 that capacity of understanding the capital,

00:08:38.300 there's like psychology involved here,

00:08:40.640 I said, if you're asking my opinion

00:08:43.600 and don't tell anybody you're doing this,

00:08:45.240 take $10,000 in cash and put it in your pocket

00:08:47.740 and walk around with it for a year.

00:08:49.540 And I know it sounds crazy and some of you guys 0.99

00:08:51.540 watching this is like, that's the dumbest idea. 0.98

00:08:53.060 I'm gonna say that it could probably be 0.98

00:08:55.160 the most valuable thing because

00:08:58.220 he would learn to have money on him and not spend it.

00:09:02.520 The first thing when he got the money was calling me,

00:09:06.460 reaching out to me and asking what he should do with it.

00:09:08.540 Thinking I'm already gonna spend it.

00:09:10.400 And the idea of saying 12 months,

00:09:12.240 don't do anything with it, just learn to live with it,

00:09:15.400 I think is probably the best advice.

00:09:16.740 And most kids are never taught that as they grow up.

00:09:20.100 Some people get really good at making money,

00:09:21.640 but the hard part is actually saving it.

00:09:23.520 So saving it, collecting interest,

00:09:25.620 goes back to letting your money make you money.

00:09:28.120 And number eight is create something.

00:09:31.620 One of my passions in life is helping at-risk youth

00:09:35.020 build their confidence through building businesses.

00:09:37.920 It's a program I run called The Creators.

00:09:40.160 And in that program, I work with entrepreneurs

00:09:43.400 in different communities to create business ideas,

00:09:46.900 to create products that they can sell,

00:09:48.780 to create apps or services or whatever it is.

00:09:51.440 And there's so much opportunity today to find your customer,

00:09:54.980 to go to the flea market, to go to an art show,

00:09:58.480 for you to actually, to go to the mall

00:10:00.220 and just watch people come out of a store

00:10:02.220 that sells similar products to you

00:10:03.380 and actually try to sell them what you've got.

00:10:05.960 I mean, the world that we live in today,

00:10:08.860 there's no excuses, the only thing that's gonna stop you,

00:10:11.860 and this is true, this is regardless of what idea you take,

00:10:14.460 is your ability to overcome the self-limiting beliefs.

00:10:18.000 And that's for another day and another video,

00:10:20.300 but if you have any questions about how to do that,

00:10:23.100 leave a comment below.

00:10:24.340 I'd love to hear from you and I'm really excited to hear your

00:10:29.780 stories because a lot of people already left comments and it's

00:10:32.720 really inspiring for me.

00:10:34.140 I usually don't make videos for teenagers but this one is for

00:10:36.860 you, this is for the parents.

00:10:38.120 Make sure your kids watch this.

00:10:39.320 There's so many opportunities all around us.

00:10:41.220 You can do it in a really great way and it just builds a

00:10:43.220 foundation regardless if you want to go to university or

00:10:45.800 become a doctor.

00:10:46.820 These are transferable skills.

00:10:48.600 So I hope this video finds you incredibly well and as per

00:10:51.400 usual, I want to challenge you to live a bigger life and a

00:10:54.700 bigger business and I'll see you next Monday.

00:10:57.100 If you like this video, be sure to subscribe to my channel.

00:11:00.200 I'd also invite you to join my newsletter where I share

00:11:03.640 exclusive invites to contests, other training and even live

00:11:08.520 events and if you're ready to keep going,

00:11:10.080 I got two videos queued up for you.

00:11:11.880 I'll see you next week.

Dan Martell - September 11, 2017

8 Ways To Make Money (for Teenagers)

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