What I really want to do is open a next gen arcade.
So what I need is some form of money to start.
I might need anyway from 30 thousand - 40 thousand. (More or loss)
So my only idea is writing. I could 0-50 dollar budget booth.
I'm open to all ideas that aren't black market or lemonade stand.
I'm sorry I cannot take this kid seriously...
You want to make 50k US dollars? Graduate high school, go to college, go to business school, get a loan, make your business, fail your business, ?, profit.
Yup, that's the secret. It takes most hard-working adults YEARS AND YEARS to save up that amount money. There's no way that an elementary school aged kid is going to pull it off.
Also, you know there are kids your age who have made millions? Age has nothing to do with it, how they did it you ask? They bought stocks, forgot about them, 30 years later they find the stocks, and make millions off of a stock from a company like Microsoft.
Where does an 11 year old get the seed money to buy stocks? First of all, Microsoft wasn't even a publically traded company 30 years ago, which means you could not even buy MSFT stock back then. I just ran the numbers: to have $1million in Microsoft stock today, you would need 26,430 shares. To buy those shares even 20 years ago it would have cost you about $80,000. Eleven year olds just don't have $80k sitting around. Not to mention they couldn't have forgotten about a stock since they would've had to file tax revenue with the IRS.
I've developed an instant messaging client at the age of 12 and made around 45k. The internet is a great place to make money, you can do virtually anything.
Did you? Which IM client? IM clients died out YEARS ago and all the industry leading brands (MSN, AIM, Yahoo, ICQ) were all free and had a minimum amount of ads. They're all pretty much closed up now because texting and Facebook has replaced them.
I'm working on a book that I estimate 50 pages long. (Currently on page 3)
Ah, if only I made money from the numerous 30+ page "books" I wrote for college classes years ago.
When I was your age (actually, a bit older, like 15), I bought boxes of Airheads (candy) from a wholesale store and sold them individually at school. I made enough to buy a very cheap car. It's a good start, but you're not going to make $50k from it.
Well after some quick looking on the internet I can estimate that the cost ill be ALOT more. I might try going to resternuates and see if I can set something up so I can get money (With 10-30% going to them of crouse).
So I was thinking a building would cost (Don't make fun of me now) 7,500
After looking on the internet it should cost at least 300,000. So ya. But I'm keeping this thread open so people can give me ideas of how to get money.
i have no doubt that you are smart and mature buas several people ahve stated you have to be 18 to sign a legal document and starting a buisness requires you to sign legal documents. i've been trying for a while to get up some money so i can start a buisness when i old enough. just because you cant make one YET doesnt mean you cant start. the sad truth is you need money to make money as you know you need $50,000. most higher middle class hard working adults would struggle to save up that much.
BUT there are a few things you can do to possibly get that much money. first off like you said. make an app ive been self teaching myself programming for a while and trust me this is not the easy way. you have to make something people want and once again you need money to publish your app. you can write a book. but you need to be good at it and you have to have money to publish. you can invent something if you're smart enough, but patents take years to get approved and once again.. require money. and finally you could have rich parents. but thats not really a choice but more of soemthing that some lucky peopel are blessed with. there parents just give them 50K and BAM buisness!
all of these are next to impossible at 11 for leagal reason and the time they would take to do. you're best option is to work, like everyone else. start at the bottom and work up, save and work, save and work.
I disagree with the people saying it's impossible, with the way the world is today age is not a huge barrier. You have your parents support, that's a big deal. I read an article recently about a 14 year old girl that had started selling necklaces when she was ~12, her family supported her and developed it into a big company turning over tens of millions of dollars.
Personally I would recommend re-evaluating your goal, do you need $50,000? You don't need to buy a building, you don't need to renovate a building, you don't need to buy everything.
Decide what it is you want to do and work out the easiest way to get to the position where you can do that in the most basic way and then iterate. The idea is you want to start with an MVP: Minimum Viable Product. Say you want to sell t-shirts, you don't buy a building and t-shirt printing machines and a million blank t-shirts and hire 10 artists to work on designs for you, you can achieve the MVP by registering for an online shirt design service and use that to validate the idea, demonstrate that there is a market and grow from there. Total cost: $0.
To achieve in life it's all about making small steps towards big goals, sure you can have a huge long term goal (to own a building and to produce your own products) but as a first step you don't need to do that, you can start just buying things off of ebay and reselling them for 50% markup to the people in your town... lots of simple ways to get started.
oh and #1 thing to remember: 99% of people giving you advice only have a small point of reference, their experience won't represent yours, so take online advice from people with no credentials with a big pinch of salt.
Good flippin' lord, THIS.
There are a lot of ways to make money at that age, enough an 11 year old needs (candy and gamin platforms aw yiss), but nothing near what you're expecting.
Making jewelry, making polymer charms, if you have a couple hundreds worth of starter cash you can print tshirts off somewhere that isn't Vistaprint or Cafepress. Or even then i've seen people who design shirts with bleach.
There are a lot of ways, but unless you turn into a monopoly, don't expect to get more than maybe $100-200 to start out, depending on how quality it is and depending on how much you charge.
After looking on the internet it should cost at least 300,000. So ya. But I'm keeping this thread open so people can give me ideas of how to get money.
Good lord child, just rent a small art studio. If your parents have your back, they'll probably take over the lease (as far as legalities go), and you can do things under the table.
Don't give up. Search around on google, there's always articles on kids making companies and getting money. 50,000 dollars is a lot, but there's a way, although I don't know it. I hope you find your way, but it is a bit of a stretch. You could do something like entertain people on the internet, and put ads on it. You won't get much, but it is a start.
Like citricsquid said, it is not impossible. It is quite the opposite actually. Your positive attitude + your determination = success.
I read somewhere else, and watched a television show about a 12 year old boy who created an android and iOS app. He made tens of millions of dollars. Not going to say he's such a smart boy, seeing he's wasting his money on purchasing so many Ferrari's that he legally cannot drive until he's 16, but, you know what? Good on him for foreseeing his future.
Make a goal. By the end of next year, how much would you want to make? Make it realistic. $50,000 is a lot of money to earn in just 1 year and 2/12's of a year. (I think?)
Let's say by the end of next year, you'd like to make 1k - you could invest and double it by the end of 2015, even triple it.
Just let me give you this advice, don't waste your money on things you don't need. I know you've probably heard it 1000 times, but if you want to be successful then think smart and save up your money, then when you're older and have a business going that earns millions each year because you started at the age of eleven, you can get anything you want.
If you keep your chin up and ignore the haters, you'll get far in life.
Yeah, you are probably never going to make $50,000 unless you find and report Fidel Urbina or something. You can make money, if you know how to play an instrument really well you can play christmas songs in public. You can easily make fifty bucks in an hour. How do I know? I've done it.
I´m currently thinking small and grow big.
Many kids have start a company but it wasn´t a walk in the park.
Iḿ think of ideas within a $90-$100 budget.
Anyway thank you for the support and the hate just lets me learn how hard and rewarding it will be.
50K may be a lot but if you think of it it is just earning $500 100 times.
Anyway there are a few basic things about money.
You need money to make more money than your making now. ($0 can get you a $7 job at the age 16 but $50,000 can get you $75,000)
People need a reason to give you money. (Money doesn't come out of the printer (unless your the government) your going need a good reason for people to give you money.)
I'm trying and I really apperciate all those good people that are supporting me.
Wish me luck still researching about it.
I'll happily shoot down some kid's dreams before he spends all his time (likely disregarding school) to try something that will never work. Sorry, I'm not nice, neither is the world.
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Kerbals, kerbals, everywhere, where they stop, I don't care!Kerbal Space Program
I'll happily shoot down some kid's dreams before he spends all his time (likely disregarding school) to try something that will never work. Sorry, I'm not nice, neither is the world.
You're very blatant and your DP is a ferret.
I like you.
I don't understand why you need a building. Why not just start as an online retailer? Original design/ease of use could make your retail site more appealing, than, say, amazon. It would also be a lot cheaper, even if you had to pay a programmer for assistance.
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Quote from Fermat »
I have discovered a truly remarkable proof of this, which this margin is too small to contain.
[;/quote]
I'm going to be blunt. Dreams are foolish. Realistic goals are what get you far in life, DF. If you prove me wrong, more power to you, but this is highly unlikely at best. However, most adults struggle to make 50k, and you expect to do it at 11? This was my initial reaction to the thread.
As someone else said, your first problem is you seem to want to buy the building, that's just silly. Rent, there, I saved you $300k~ up front.
Also, are arcades really the thing to invest in? Home gaming systems are becoming more and more advanced and arcades more and more redundant. I mean, you can try, but it will be hard to convince people to play something they have to pay each time when they can buy great games pretty cheap and play them over and over.
Perhaps you could start with some kind of computer gaming place/internet cafe where people can play over LAN? I've seen a few places like that around where I live and they seem kinda popular. If that proves successful you could use the money from that to buy the more expensive arcade gaming machines you want. Computers certainly should be cheaper than that.
It'd still require a lot of money up front though, to satisfy clients you'd need very good computers which don't come cheap.
What you're suggesting is almost impossible at your age. Yes, there are exceptions of young people that get rich, but the vast majority that try do not succeed. I would certainly advise against borrowing anything this young; that bad credit will stay with you and make it extremely hard to pay off by the time you're old enough to get a decent job. It could be a burden you bear for 20+ years if you're not careful.
I would suggest you just wait though. Really. You've got years and years to do this, why would you do it now? Aren't you busy with things like school already? Running a business is no joke, they say 80% of them fail within 5 years. Without some kind of management course and some accounting knowledge you're almost certain to go bankrupt unless you're extremely lucky. Before you start you should definitely take some kinda course or something on that.
All I can say is good luck, but I don't expect things will work out for you sorry. If I could make $50k I would be over the moon; that'd make so many things in my life so much better. If I knew how I'd have that much already.
My best advice is to keep studying, and studying. Education is very important. Wait a good 5 years then thinking about it. At least, employment will not be an issue at 16.
Save up money from your job, try investing in jewels or shares once you have a few thousand spare. You will need to be very intelligent to predict the rise and fall of the stock market. It is very difficult, but I have seen people gain wealth from investments alone.
So what I need is some form of money to start.
I might need anyway from 30 thousand - 40 thousand. (More or loss)
So my only idea is writing. I could 0-50 dollar budget booth.
I'm open to all ideas that aren't black market or lemonade stand.
Where does an 11 year old get the seed money to buy stocks? First of all, Microsoft wasn't even a publically traded company 30 years ago, which means you could not even buy MSFT stock back then. I just ran the numbers: to have $1million in Microsoft stock today, you would need 26,430 shares. To buy those shares even 20 years ago it would have cost you about $80,000. Eleven year olds just don't have $80k sitting around. Not to mention they couldn't have forgotten about a stock since they would've had to file tax revenue with the IRS.
Did you? Which IM client? IM clients died out YEARS ago and all the industry leading brands (MSN, AIM, Yahoo, ICQ) were all free and had a minimum amount of ads. They're all pretty much closed up now because texting and Facebook has replaced them.
Ah, if only I made money from the numerous 30+ page "books" I wrote for college classes years ago.
When I was your age (actually, a bit older, like 15), I bought boxes of Airheads (candy) from a wholesale store and sold them individually at school. I made enough to buy a very cheap car. It's a good start, but you're not going to make $50k from it.
The first page pretty much answered it all.
So I was thinking a building would cost (Don't make fun of me now) 7,500
After looking on the internet it should cost at least 300,000. So ya. But I'm keeping this thread open so people can give me ideas of how to get money.
BUT there are a few things you can do to possibly get that much money. first off like you said. make an app ive been self teaching myself programming for a while and trust me this is not the easy way. you have to make something people want and once again you need money to publish your app. you can write a book. but you need to be good at it and you have to have money to publish. you can invent something if you're smart enough, but patents take years to get approved and once again.. require money. and finally you could have rich parents. but thats not really a choice but more of soemthing that some lucky peopel are blessed with. there parents just give them 50K and BAM buisness!
all of these are next to impossible at 11 for leagal reason and the time they would take to do. you're best option is to work, like everyone else. start at the bottom and work up, save and work, save and work.
Good flippin' lord, THIS.
There are a lot of ways to make money at that age, enough an 11 year old needs (candy and gamin platforms aw yiss), but nothing near what you're expecting.
Making jewelry, making polymer charms, if you have a couple hundreds worth of starter cash you can print tshirts off somewhere that isn't Vistaprint or Cafepress. Or even then i've seen people who design shirts with bleach.
There are a lot of ways, but unless you turn into a monopoly, don't expect to get more than maybe $100-200 to start out, depending on how quality it is and depending on how much you charge.
Good lord child, just rent a small art studio. If your parents have your back, they'll probably take over the lease (as far as legalities go), and you can do things under the table.
Point is your goal is near impossible. Aim lower.
I read somewhere else, and watched a television show about a 12 year old boy who created an android and iOS app. He made tens of millions of dollars. Not going to say he's such a smart boy, seeing he's wasting his money on purchasing so many Ferrari's that he legally cannot drive until he's 16, but, you know what? Good on him for foreseeing his future.
Make a goal. By the end of next year, how much would you want to make? Make it realistic. $50,000 is a lot of money to earn in just 1 year and 2/12's of a year. (I think?)
Let's say by the end of next year, you'd like to make 1k - you could invest and double it by the end of 2015, even triple it.
Just let me give you this advice, don't waste your money on things you don't need. I know you've probably heard it 1000 times, but if you want to be successful then think smart and save up your money, then when you're older and have a business going that earns millions each year because you started at the age of eleven, you can get anything you want.
If you keep your chin up and ignore the haters, you'll get far in life.
Many kids have start a company but it wasn´t a walk in the park.
Iḿ think of ideas within a $90-$100 budget.
Anyway thank you for the support and the hate just lets me learn how hard and rewarding it will be.
Anyway there are a few basic things about money.
You need money to make more money than your making now. ($0 can get you a $7 job at the age 16 but $50,000 can get you $75,000)
People need a reason to give you money. (Money doesn't come out of the printer (unless your the government) your going need a good reason for people to give you money.)
I'm trying and I really apperciate all those good people that are supporting me.
Wish me luck still researching about it.
Kerbals, kerbals, everywhere, where they stop, I don't care!Kerbal Space Program
Hey, what's up? Smiley face
You're very blatant and your DP is a ferret.
I like you.
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Retired StaffAlso, are arcades really the thing to invest in? Home gaming systems are becoming more and more advanced and arcades more and more redundant. I mean, you can try, but it will be hard to convince people to play something they have to pay each time when they can buy great games pretty cheap and play them over and over.
Perhaps you could start with some kind of computer gaming place/internet cafe where people can play over LAN? I've seen a few places like that around where I live and they seem kinda popular. If that proves successful you could use the money from that to buy the more expensive arcade gaming machines you want. Computers certainly should be cheaper than that.
It'd still require a lot of money up front though, to satisfy clients you'd need very good computers which don't come cheap.
What you're suggesting is almost impossible at your age. Yes, there are exceptions of young people that get rich, but the vast majority that try do not succeed. I would certainly advise against borrowing anything this young; that bad credit will stay with you and make it extremely hard to pay off by the time you're old enough to get a decent job. It could be a burden you bear for 20+ years if you're not careful.
I would suggest you just wait though. Really. You've got years and years to do this, why would you do it now? Aren't you busy with things like school already? Running a business is no joke, they say 80% of them fail within 5 years. Without some kind of management course and some accounting knowledge you're almost certain to go bankrupt unless you're extremely lucky. Before you start you should definitely take some kinda course or something on that.
All I can say is good luck, but I don't expect things will work out for you sorry. If I could make $50k I would be over the moon; that'd make so many things in my life so much better. If I knew how I'd have that much already.
Save up money from your job, try investing in jewels or shares once you have a few thousand spare. You will need to be very intelligent to predict the rise and fall of the stock market. It is very difficult, but I have seen people gain wealth from investments alone.