Passive income as a teenager

[TheNewGuy]

Reading the "How much money would you be satisfied with?" thread and a few of the smarter people on here bought up passive vs. earned income. The first thing I think of when I think of passive income is investing. Stocks, FOREX, etc. These are possible to do as a teen... but not as feasible as when you are older.


So what are some good passive income ideas for a 16 year old, with a couple grand in capital?

 

[aftershock]

Spending it is actually your best option.

 

[Ace of Flames]

Street pharmacist.

 

[Mitza]

Buy something and rent it.

 

[blinkwatt]

Ok here is what I did when I was 16 that has given me the "edge" against anyone else who is 18 today,two years later. I don't know how I realized this,but when I was 16 I wasn't into that whole mp3,iPod,shoe,basically anything high schoolers/young adults are into. I alway looked any purchase over $50 this way, "Where is this (object your spending your money on) going to be in 6 months or a year?"...Think about it.

Isn't there a new iPod every 6 months or so?

I never even bought a mp3 player or iPod.

How about these Jordan's that everyone has to have?

These shoes go outdated faster then anything. Instead buy some K Swiss classics,or some classic shoes,ones that are always "in".

With the money I saved and threw in the bank I "invested" it in my small eBay operation I had for two summers. I have been playing the guitar for 4 years now,so I know my way around the gear. I learned how to fix ALOT on the amps and how to troubleshoot them as I restored an amp on my own(Ampeg V-40). I would travel around the northern California region and buy amps,old vintage amps,and if they needed fixing I would restore them. I would then sell them around town and on eBay across the world.....

Two years later I bought my first car,on my 18th birthday as a present to myself I bought my dream car, a Porsche Boxster. Do you know how good it feels knowing that I'm the one who brought the previous owner down in price,saved the money and have paid for the car 100% by myself!!!
Alot of the money I used to buy the car came from my eBay job,which was funded by my savings from not buying "materialistic" things in high school.

Now that I have a car that I'm TRUELY satisfied with,I dont need to tune it or anything Im really happy with it from the get go,this allows me to save. Today I'm 18 and saving to buy a house,and it looks like I may be able to hit my goal which is have a down payment by the age of 22. I could just sell my car and use that as a down payment,but I dont think so.

I'm considering investing in stocks or Forex,but I'm not too informed on Forex. Please let me know how that turns out for you if you decide to do it. Do you mind telling me what passive income versus earned income is?

 

[TheNewGuy]

Ok here is what I did when I was 16 that has given me the "edge" against anyone else who is 18 today,two years later. I don't know how I realized this,but when I was 16 I wasn't into that whole mp3,iPod,shoe,basically anything high schoolers/young adults are into. I alway looked any purchase over $50 this way, "Where is this (object your spending your money on) going to be in 6 months or a year?"...Think about it.

Isn't there a new iPod every 6 months or so?

I never even bought a mp3 player or iPod.

How about these Jordan's that everyone has to have?

These shoes go outdated faster then anything. Instead buy some K Swiss classics,or some classic shoes,ones that are always "in".

With the money I saved and threw in the bank I "invested" it in my small eBay operation I had for two summers. I have been playing the guitar for 4 years now,so I know my way around the gear. I learned how to fix ALOT on the amps and how to troubleshoot them as I restored an amp on my own(Ampeg V-40). I would travel around the northern California region and buy amps,old vintage amps,and if they needed fixing I would restore them. I would then sell them around town and on eBay across the world.....

Two years later I bought my first car,on my 18th birthday as a present to myself I bought my dream car, a Porsche Boxster. Do you know how good it feels knowing that I'm the one who brought the previous owner down in price,saved the money and have paid for the car 100% by myself!!!
Alot of the money I used to buy the car came from my eBay job,which was funded by my savings from not buying "materialistic" things in high school.

Now that I have a car that I'm TRUELY satisfied with,I dont need to tune it or anything Im really happy with it from the get go,this allows me to save. Today I'm 18 and saving to buy a house,and it looks like I may be able to hit my goal which is have a down payment by the age of 22. I could just sell my car and use that as a down payment,but I dont think so.

I'm considering investing in stocks or Forex,but I'm not too informed on Forex. Please let me know how that turns out for you if you decide to do it. Do you mind telling me what passive income versus earned income is?

Thanks for the response. You seem like me... I own a Sansa m230 (better than iPod shuffle, half the price) and buy all my clothes at the factory stores (still get the brand name quality, with Hilfiger polos at $20 per). I've been throwing around some ideas to make more money (right now I'm working the average teenage job)

Passive income is money that you invest once and it keeps making profit with you barely working. An example is buying a house and then renting it out. Whereas earned income is what you were doing before, repairing/reselling amps.

 

[Docs]

I own a house, lol, bought at 18.

 

[Locster]

Ok here is what I did when I was 16 that has given me the "edge" against anyone else who is 18 today,two years later. I don't know how I realized this,but when I was 16 I wasn't into that whole mp3,iPod,shoe,basically anything high schoolers/young adults are into. I alway looked any purchase over $50 this way, "Where is this (object your spending your money on) going to be in 6 months or a year?"...Think about it.

Isn't there a new iPod every 6 months or so?

I never even bought a mp3 player or iPod.

How about these Jordan's that everyone has to have?

These shoes go outdated faster then anything. Instead buy some K Swiss classics,or some classic shoes,ones that are always "in".

With the money I saved and threw in the bank I "invested" it in my small eBay operation I had for two summers. I have been playing the guitar for 4 years now,so I know my way around the gear. I learned how to fix ALOT on the amps and how to troubleshoot them as I restored an amp on my own(Ampeg V-40). I would travel around the northern California region and buy amps,old vintage amps,and if they needed fixing I would restore them. I would then sell them around town and on eBay across the world.....

Two years later I bought my first car,on my 18th birthday as a present to myself I bought my dream car, a Porsche Boxster. Do you know how good it feels knowing that I'm the one who brought the previous owner down in price,saved the money and have paid for the car 100% by myself!!!
Alot of the money I used to buy the car came from my eBay job,which was funded by my savings from not buying "materialistic" things in high school.

Now that I have a car that I'm TRUELY satisfied with,I dont need to tune it or anything Im really happy with it from the get go,this allows me to save. Today I'm 18 and saving to buy a house,and it looks like I may be able to hit my goal which is have a down payment by the age of 22. I could just sell my car and use that as a down payment,but I dont think so.

I'm considering investing in stocks or Forex,but I'm not too informed on Forex. Please let me know how that turns out for you if you decide to do it. Do you mind telling me what passive income versus earned income is?

Scary sh*t

Im about to turn 18, i also have an ebay business plus a website, and i drive a 2000 Mercedes s500

 

[blinkwatt]

I own a house, lol, bought at 18.

Gosh I wish I could live in Canada.
A quality home in a decent neighborhood here in California cost $300k(USD)....Thats for a 1400sqft,2 bedroom,1 bath house.

 

[aftershock]

Your best option is to spend.

You sound intelligent. You will have a good job at 22 when you finish college. No need to get rich now, thats just greedy.

Spend it and enjoy life.

 

[TheNewGuy]

Your best option is to spend.

You sound intelligent. You will have a good job at 22 when you finish college. No need to get rich now, thats just greedy.

Spend it and enjoy life.

Not gonna lie, I like this option

 

[MetalFortress]

Your best option is to spend.

You sound intelligent. You will have a good job at 22 when you finish college. No need to get rich now, thats just greedy.

Spend it and enjoy life.

This is why people like you will be employed by people like me. Hard working, no sense of saving and investing/creating passive income, and I don't have to pay you much because "it would just be greedy" for you to expect high pay.

 

[DrMetallica]

Mutual fund baby...

Go get 11.6% on the S&P 500 index... yeh