We’ve heard all the criticisms of Millennials. They have it too easy, they don’t know what hard work is, they expect everything handed to them on a silver platter. For many baby boomers, Millennials are seen as less likely to succeed than their forefathers. Surely, some things are easier for Millennials than for their parents and grandparents. Advances in technology, medicine and science means that they are likely to live longer and work less hard.
However, on the downside, Millennials don’t have it as easy on a lot of other fronts. Salaries haven’t quiet kept up with inflation, automation threatens millions of jobs and Millennials are finding that it’s not as easy to purchase a home as their parents once did. Yet it isn’t all doom and gloom for teenagers. While teens do find their jobs threatened by automation and that salaries aren’t what they used to be, parents still have the ability to help their kids become rich beyond their wildest dream. Here are 4 ways parents can help their teens.
Guide Them Towards Technology – Technology has in recent years becomes one of the surest ways to wealth. Learning to tinker with programming and developing an interest in technology at a young age has become a surefire way to great wealth later in life. In fact, many of Silicon Valley’s most notable figures got their start by learning programming at an early age. Facebook Founder Mark Zuckerberg learned to code long before being accepted to Harvard University.
Now that the importance of learning to code is known, a greater push is being made to make more children aware of the wonders of the discipline. Because of this, there are many resources available that can help kids and teens as they explore the world of writing code. At school, programming classes are quickly becoming a part of the regular curriculum offering an early start to would-be programmers. Additionally, teens can also benefit from a variety of free online coding classes available on the internet.
Sites such as CodeAcademy.org and Code.org offer easy-to-follow programming classes that make it simple for students of all ages to follow. Teens can also take free classes from big-name universities such as Harvard and the Massachusetts Institute of Technology. Lastly, you can also purchase subscriptions from the many coding sites on the internet if free doesn’t cut it for you.
Push Them to Explore the World of Business – Learning to ride the waves of commerce can prepare any youngster for riches later on in life. Not surprisingly, many of the world’s millionaires and billionaires started off by making money through buying and selling goods. Whether it is through starting a lemonade stand or by getting a part time job after school, the most important lesson your teenager will learn is how important it is to keep a positive cash flow. Dallas Mavericks owner Mark Cuban delved into the world of business by selling garbage bag. Later
Dallas Mavericks owner Mark Cuban delved into the world of business by selling garbage bag. Later on he began offering his services as a disco dancing instructor. Similarly, Michael Dell, founder of the Dell Corporation sold subscriptions to the Houston Post to earn some extra money. He realized that people who had recently moved to the area were more likely to purchase a subscription. Thus, Dell began scouring marriage and mortgage applications for potential leads. None of these business ventures turned the young entrepreneurs into millionaires, but they taught valuable lessons to those who would eventually become wildly successful.
None of these business ventures turned the young entrepreneurs into millionaires, but they taught valuable lessons to those who would eventually become wildly successful.
Encourage Them in Their Hobbies – Many parents encourage their children to pick up hobbies as a way of allowing them to explore their creative sides, to work with their hands and to learn about something new. Hobbies can be a wonderfully fulfilling practice for many young people. However, unbeknown to many, hobbies can become a healthy, profitable obsession for a lot of people. Being immersed in
Being immersed in a hobby can eventually lead to an activity that has the potential to makes lots of money. Many successful people credit their success with having explored a hobby in their youth. For example, Twitter founder Jack Dorsey nurtured an obsession with a very niche discipline of dispatch routing. His hobby, although unorthodox, prompted him to create open source software to make dispatching routing easier and more efficient. This software is still used in the industry today. Dorsey
Dorsey would, later on, create a company that harnessed the power of the internet in order to dispatch couriers, taxis and emergency services. Although Dorsey got out of the dispatch routing business, he used the knowledge he acquired to create a 140-character messaging system he would name Twitter. Today, Twitter is worth billions of dollars.
Encourage Them to Fully Explore Interests – Many times children develop an interest in a topic that will grow as long as that interest is nurtured. When an interest is nurtured through books, videos or by other means, that interest can slowly grow into an obsession. In this way, your teen can become an authority on a subject that will give them many opportunities to share their knowledge.
Whether it is through creating a website, videos or even writing books, a teen who knows his or her subject inside out can gain a following and earn revenue through a number of means. Through these channels, creators can derive ad revenue, demand speaking or appearance fees and gain sponsorships.
For example, a young boy by the name of Evan created a YouTube channel named EvanTube on which he reviewed toys. At the time Evan was just 8 years old. Many years later, the channel brings in well over a million dollars a year in ad revenue. It’s unlikely that Evan envisioned how lucrative his channel would have become when he started it.
Behind every successful teen are the parents who guided and encouraged them to realize their full potential. The potential for success inherent in our young people is surprising and many times left untapped. The important thing is to instill the correct values in them from a young age. These values will help them make the best decisions for their futures.