Due to increased inflation, teenagers are finding it increasingly difficult to build wealth or cover their basic expenses like gas and food. To address this, they are discovering new and creative ways to make money.
Vista del Lago High School student Evan Suneson currently works at Back Bistro and has a side hustle creating a stock portfolio that helps him build wealth.
Stocks represent a share of ownership in a company. Buying the right stocks can create wealth through appreciation of the stock price if the company succeeds, or through dividends paid by the company to the stockholders. “I want to be able to do whatever I want and buy whatever I want, and live comfortably,” said Suneson. His strategy is to “save money to buy shares of stock to hold over a long period of time.”
To find potential opportunities in the stock market, Suneson researches websites like “Market Watch” to look for new trends. He also uses YouTubers like Danny Duncan to help him buy stocks.
Suneson uses his money from his job to invest in the market. The income he gets from his stocks, he reinvests his money back into the market.
“People should start investing as soon as possible to take advantage of compound interest over time as a teen investor,” said Suneson.
Another entrepreneur student at Vista is Ernesto Reynoso, who successfully wholesales shoes on Amazon.
Reynoso is an Amazon FBA seller, which means Fulfillment By Amazon, allowing him to sell products like Jordans, Nike, and Adidas.
At the beginning of his success, he worked for his mother building up his wealth for his business. Once he had enough money to begin, he started flipping shoes.
First, he bought used shoes at a discounted price, then cleaned them up and sold them on Amazon. Later in his business, he created connections with wholesalers and suppliers making his operations easier and more efficient. The business is “super sustainable and easy to keep up,” said Reynoso.
One leader who inspired Ernesto was Mark Cuban. Cuban is a wealthy entrepreneur who is most famous for the show Shark Tank and for owning the NBA basketball team the Dallas Mavericks. He is also well known for the advice he gives to entrepreneurs.
Inspired by Cuban, Reynoso advises to take action early and to take risks. “The only way you’re going to succeed is by taking risks,” said Reynoso.
Suneson and Reynoso are just two of many examples of teens who are working hard to build wealth, so you can do it too. Take action now before adulthood begins.
