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Home » young entrepreneurs

Mastering Your Finances: The Ultimate 50/30/20 Rule Spreadsheet Guide for Young Entrepreneurs

17 Jul 2024 by Daniel G. Taylor

Estimated reading time: 6 minutes

Hey there, future business moguls! Daniel G. Taylor here, CEO of Mayer Marketing Agency and mentor to ambitious young entrepreneurs like yourself. Today, we’re diving into a game-changing financial strategy that’ll help you manage your money like a boss: the 50/30/20 rule spreadsheet.

A minimalist illustration of three piggy banks labeled 50% Needs, 30% Wants, and 20% Savings representing the 50/30/20 rule spreadsheet

As someone who’s been in your shoes, I know how overwhelming finances can be when you’re starting out. But trust me, getting a handle on your cash flow is crucial for both personal and business success. That’s why I’m excited to share this simple yet powerful budgeting method with you.

Table of contents

  • Key Takeaways:
  • What is the 50/30/20 Rule?
  • Why Use a Spreadsheet?
  • Setting Up Your 50/30/20 Rule Spreadsheet
  • Making the 50/30/20 Rule Work for You
    • 1. Make it a Daily Habit
    • 2. Automate, Automate, Automate
    • 3. Reframe Your Spending Mindset
    • 4. Be Flexible
    • 5. Plan for Irregular Income
  • Alternative Budgeting Methods
  • Conclusion
  • Action Steps:
  • Frequently Asked Questions (FAQs)

Key Takeaways:

  • The 50/30/20 rule divides your income into needs (50%), wants (30%), and savings/debt repayment (20%).
  • Using a spreadsheet makes implementing this budget strategy a breeze.
  • Consistency and automation are key to making this method work for you.
  • Changing your mindset about spending can transform your financial habits.

Let’s break down the 50/30/20 rule and how you can use a spreadsheet to make it work for you.

What is the 50/30/20 Rule?

The 50/30/20 rule is a straightforward budgeting method that allocates your after-tax income (especially if you’re using my tips to make money fast) into three major categories:

  1. 50% for Needs: These are your essential expenses. Think about rent, groceries, utilities, and minimum debt payments.
  2. 30% for Wants: This is the fun stuff! Dining out, entertainment, that new gadget you’ve been eyeing.
  3. 20% for Savings and Debt Repayment: This chunk goes towards building your financial future. Emergency fund, investments, and crushing that debt.

Why Use a Spreadsheet?

Look, I get it. Spreadsheets might not sound sexy, but they’re a powerful tool for managing your finances. A 50/30/20 rule spreadsheet can help you:

  • Visualize your spending habits
  • Track your progress over time
  • Make quick adjustments to stay on target

Plus, it’s way easier than trying to do the math in your head. Trust me on this one.

Setting Up Your 50/30/20 Rule Spreadsheet

Ready to get started?

You can download my spreadsheet here:

50_30_20 Rule Spreadsheet for Budgeting [WORKSHEET]Download

Here’s how to create your own 50/30/20 budget template excel:

1. Open up Excel or Google Sheets.

2. Create three main columns: Needs, Wants, and Savings/Debt.

3. Under each column, list out specific expenses. For example:

  •    Needs: Rent, Utilities, Groceries, Insurance
  •    Wants: Dining Out, Entertainment, Hobbies
  •    Savings/Debt: Emergency Fund, Investments, Extra Debt Payments

4. Add a row for your monthly after-tax income.

5. Set up formulas to calculate 50%, 30%, and 20% of your income.

6. Track your actual spending in each category.

7. Compare your actual spending to your targets.

Pro Tip: Color-code your spreadsheet. Use green for areas where you’re on target, yellow for close calls, and red for overspending. It’s a quick visual cue that can keep you motivated.

Making the 50/30/20 Rule Work for You

A smiling young man in business attire standing next to a large calculator and spreadsheet tracking his 50/30/20 rule spreadsheet

Now that you’ve got your 50/30/20 budget spreadsheet set up, let’s talk about how to make it work in real life.

1. Make it a Daily Habit

I can’t stress this enough: consistency is key. Set aside 5-10 minutes each day to update your income and expenses. It might seem tedious at first, but it’ll become second nature before you know it. Stay on track towards achieving your financial goals.

2. Automate, Automate, Automate

As an entrepreneur, your time is precious. Automate your savings, investments, and regular expenses. This not only saves time but also removes the emotional aspect of managing finances. Set it and forget it!

3. Reframe Your Spending Mindset

Here’s a mindset shift that changed the game for me: view your expenses as “requests for appreciation” rather than obligations. When a bill comes in, it’s an opportunity to appreciate the service you’ve received. This turns spending from a chore into an act of gratitude.

4. Be Flexible

The 50/30/20 rule is a guideline, not a strict law. If your business is just taking off, you might need to adjust these percentages. Maybe it’s more like 60/20/20 for a while. That’s okay! The key is to be aware of where your money is going.

5. Plan for Irregular Income

As an entrepreneur, your income might fluctuate. Use your spreadsheet to track your average monthly income over time. On months when you earn more, resist the urge to splurge. Instead, sock away that extra cash for leaner times.

Alternative Budgeting Methods

While the 50/30/20 rule is my go-to, it’s not the only game in town. Here are a couple of alternatives to consider:

Zero-Based Budgeting: This method assigns every dollar a job. It’s great for detail-oriented folks who want maximum control over their spending.

Pay Yourself First: With this approach, you prioritize savings and investments before anything else. It’s perfect for those who struggle to save what’s left at the end of the month.

Conclusion

The 50/30/20 rule spreadsheet is more than just a budgeting tool—it’s a roadmap to financial freedom. By giving every dollar a purpose and tracking your progress, you’re setting yourself up for long-term success.

Remember, managing your personal finances is just as important as managing your business finances. They’re two sides of the same coin. Master this, and you’ll be well on your way to building the empire of your dreams.

Action Steps:

  1. Download my free 50/30/20 budget template excel sheet (BELOW).
  2. Customize the template to fit your specific income and expenses.
  3. Commit to updating your spreadsheet daily for the next 30 days.
  4. Set up automatic transfers for your savings and regular bills.
  5. Schedule a review once every pay cycle to assess your progress and make adjustments.
50_30_20 Rule Spreadsheet for Budgeting [WORKSHEET]Download

Frequently Asked Questions (FAQs)

Is the 50/30/20 rule suitable for variable income?

Absolutely! Use your average monthly income as a baseline. In higher-earning months, save the excess for leaner times.

What if my needs exceed 50% of my income?

Don’t sweat it. Adjust the percentages to fit your situation. The key is awareness and gradual improvement.

Should you include business expenses in the 50/30/20 budget?

For simplicity, keep personal and business finances separate. Create a separate budget for your business expenses.

How often should I update my 50/30/20 rule spreadsheet?

Daily updates are ideal, but aim for at least weekly. Consistency is more important than frequency.

Can I use a 50/30/20 budget template free instead of creating my own?

Definitely! There are many free templates available online. Just make sure to customize it to fit your specific needs.

Remember, financial management is a skill, and like any skill, it takes practice. Stick with it, and you’ll be amazed at how quickly you progress. Here’s to your financial success, future tycoons!

Filed Under: Wealth Building Tagged With: 50/30/20 budget, budgeting for entrepreneurs, budgeting tips, financial freedom, financial planning, money management, personal finance, startup finance, wealth creation, young entrepreneurs

Startup Business Loans: The Ultimate Guide for Young Aussie Entrepreneurs

15 Jul 2024 by Daniel G. Taylor

Estimated reading time: 8 minutes

Hey there, young guns! Daniel G. Taylor here. As a mentor to young male entrepreneurs and the founder of Mayer Marketing Agency, I’ve seen firsthand how crucial funding is for startups. Today, we’re diving into the world of startup business loans in Australia. Let’s get you the cash you need to turn your big ideas into reality!

A young male entrepreneur confidently shaking hands with a banker, symbolizing securing a startup loan

Table of contents

  • Key Takeaways:
  • The Startup Funding Struggle is Real
  • Types of Startup Business Loans
    • 1. Traditional Bank Loans
    • 2. Online Lenders
    • 3. Government Grants and Loans
    • 4. Microloans
    • 5. Equipment Financing
  • Top Startup Loan Providers in Australia
    • 1. Lumi
    • 2. NAB
    • 3. Westpac
    • 4. MaxFunding
    • 5. ALC Commercial
  • What You Need to Know Before Applying
    • 1. Have a Solid Business Plan
    • 2. Know Your Numbers
    • 3. Check Your Credit Score
    • 4. Understand the Terms
    • 5. Be Prepared to Provide Collateral
  • Tips for a Successful Loan Application
    • 1. Do Your Homework
    • 2. Network
    • 3. Consider a Co-signer
    • 4. Start Small
    • 5. Have Your Documents Ready
  • The Pros and Cons of Startup Loans
    • Pros:
    • Cons:
  • Alternatives to Traditional Loans
    • 1. Crowdfunding
    • 2. Angel Investors
    • 3. Bootstrapping
    • 4. Family and Friends
  • Budgeting for Your Startup Loan
    • 1. Prioritize Your Expenses
    • 2. Create a Detailed Financial Plan
    • 3. Set Aside an Emergency Fund
    • 4. Plan for Loan Repayments
    • 5. Invest in Growth
    • 6. Monitor and Adjust
    • 7. Use Technology
    • 8. Seek Professional Advice
  • Maximizing Your Startup Loan
    • 1. Focus on Revenue-Generating Activities
    • 2. Negotiate with Suppliers
    • 3. Invest in Efficiency
    • 4. Build Your Team Strategically
    • 5. Don’t Neglect Professional Development
    • 6. Keep Some Powder Dry
  • Conclusion
  • Action Steps:
  • Frequently Asked Questions (FAQs)

Key Takeaways:

  • Startup business loans can provide vital funding for new ventures
  • Various loan options exist, from traditional banks to online lenders
  • Understanding eligibility criteria is crucial for successful applications
  • A solid business plan can significantly boost your chances of approval

The Startup Funding Struggle is Real

I get it. You’ve got a killer business idea, but your wallet’s looking a bit thin. That’s where startup business loans come in handy. They’re designed to give new businesses the boost they need to get off the ground.

But here’s the thing: getting a loan for a startup isn’t always a walk in the park. Banks can be pretty picky, especially when you don’t have a long track record. Don’t worry, though. There are options out there, and I’m here to guide you through them.

Types of Startup Business Loans

Let’s break down some of the main startup loans you might encounter:

1. Traditional Bank Loans

These are your standard business loans from big banks. They often have the best rates but can be tough to snag as a startup.

2. Online Lenders

Folks like Lumi and MaxFunding offer faster, more accessible loans. They’re often more willing to take a chance on startups.

3. Government Grants and Loans

The Australian government offers various programs to support new businesses. It’s worth checking out what’s available.

4. Microloans

Smaller loans, usually up to $50,000, are perfect for those just starting out.

5. Equipment Financing

Need gear for your business? These loans help you buy equipment and use it as collateral.

Top Startup Loan Providers in Australia

Now, let’s look at some specific lenders who might help you out:

1. Lumi

They offer unsecured loans for businesses as young as 6 months old. Fast application process and next-day funding.

2. NAB

They’ve partnered with EasyCompanies to make the startup process smoother. They offer various financial products for new businesses.

3. Westpac

Their startup loans range from $10,000 to $50,000, unsecured, with flexible repayment options.

4. MaxFunding

They’re known for fast approvals and being open to startups with less-than-perfect credit histories.

5. ALC Commercial

They offer tailored solutions for startups and provide guidance beyond just funding.

What You Need to Know Before Applying

Before you fill out applications, here are a few things to keep in mind:

1. Have a Solid Business Plan

This is your chance to show lenders you mean business. Make it detailed and realistic.

2. Know Your Numbers

Be clear on how much you need and how you’ll use it. Lenders love specifics.

3. Check Your Credit Score

While some lenders are flexible, a good credit score never hurts.

4. Understand the Terms

Interest rates, repayment schedules, fees—know what you’re signing up for.

5. Be Prepared to Provide Collateral

Some loans might require it. Know what you’re willing to put up.

Tips for a Successful Loan Application

Here’s how to boost your chances of getting that sweet, sweet funding:

1. Do Your Homework

Research different lenders and loan types. Find what fits your needs best.

2. Network

Sometimes, it’s who you know. Attend startup events and make connections.

3. Consider a Co-signer

If your credit isn’t stellar, a co-signer could help.

4. Start Small

Don’t ask for more than you need. It’s easier to get approved for smaller amounts.

5. Have Your Documents Ready

Financial statements, business plans, tax returns—have them all prepared.

The Pros and Cons of Startup Loans

Let’s keep it real. Startup loans aren’t all sunshine and rainbows. Here’s the good and the bad:

Pros:

  • Quick access to capital
  • Maintain full ownership of your business
  • Build business credit

Cons:

  • Can be hard to qualify for
  • May require personal guarantees
  • Risk of debt if the business fails

Alternatives to Traditional Loans

If startup loans aren’t working out, don’t lose hope. Consider these alternatives:

1. Crowdfunding

Platforms like Kickstarter can help you raise funds and validate your idea.

2. Angel Investors

Wealthy individuals who invest in startups in exchange for equity.

3. Bootstrapping

Using your own resources to fund your business. It’s tough but gives you full control.

4. Family and Friends

Just be sure to keep things professional to avoid damaging relationships.

Budgeting for Your Startup Loan

Let’s talk money, mates. Getting a loan is one thing, but managing it wisely is another ball game entirely. Here’s how to budget your startup loan like a pro:

1. Prioritize Your Expenses


Make a list of all your startup costs. What’s essential? What can wait? Allocate your loan funds to the most critical areas first.

2. Create a Detailed Financial Plan


Map out your expected income and expenses for at least the first year. Be realistic—it’s better to underestimate income and overestimate expenses.

3. Set Aside an Emergency Fund


Things don’t always go as planned. Keep a portion of your loan as a buffer for unexpected costs or slow periods.

4. Plan for Loan Repayments


Factor your loan repayments into your budget from day one. This helps ensure you’re always prepared to meet your obligations.

5. Invest in Growth

Allocate some funds for marketing and business development. Growing your customer base is crucial for long-term success.

6. Monitor and Adjust

Regularly review your budget and adjust as needed. Stay flexible and be ready to pivot if certain strategies aren’t working.

7. Use Technology

Take advantage of budgeting apps and accounting software. They can help you track expenses and stay on top of your finances.

8. Seek Professional Advice

Consider hiring an accountant or financial advisor. Their expertise can be invaluable in managing your finances effectively.

Remember, a well-managed budget can be the difference between a startup that thrives and one that struggles. Treat your loan funds as a precious resource and make every dollar count.

Maximizing Your Startup Loan

A seedling next to a fully grown tree, representing startup growth through funding
A startup loan can help a seedling grow into a tree

Now that you’ve secured your loan and set up a solid budget, let’s talk about making the most of that cash:

1. Focus on Revenue-Generating Activities

Invest in areas that will bring in money quickly. This could be marketing, sales tools, or inventory for your best-selling products.

2. Negotiate with Suppliers


Use your newfound capital as leverage to negotiate better terms with suppliers. Bulk purchases or upfront payments might get you discounts.

3. Invest in Efficiency

Look for ways to streamline your operations. This might mean investing in software or equipment that saves time and reduces costs in the long run.

4. Build Your Team Strategically


If you’re hiring, focus on roles that will directly contribute to growth. Consider freelancers or part-time staff to keep costs flexible.

5. Don’t Neglect Professional Development

Invest in yourself and your team. Courses, workshops, or conferences can provide valuable skills and networking opportunities.

6. Keep Some Powder Dry

While it’s tempting to spend all your loan, keeping some in reserve can help you capitalize on unexpected opportunities or weather tough times.

Remember, the goal isn’t just to spend your loan, but to invest it in ways that will help your business grow and thrive. Be strategic, stay focused on your goals, and always monitor that bottom line.

By following these tips and managing your startup loan wisely, you’ll be setting yourself up for long-term success. Now go out there and show the business world what you’re made of!

Conclusion

Getting a startup business loan in Australia isn’t always easy, but it’s definitely possible. With the right preparation and knowledge, you can increase your chances of securing the funding you need to make your entrepreneurial dreams a reality.

Action Steps:

1. Develop a detailed business plan

2. Research and compare different loan options

3. Prepare all necessary documents

4. Improve your credit score if needed

5. Apply to multiple lenders to increase your chances

Frequently Asked Questions (FAQs)

How does a startup business loan work?

Startup business loans provide capital to new businesses. You borrow a set amount and repay it with interest over time. The terms vary depending on the lender and loan type.

How to get a startup business loan?

To get a startup loan, you’ll need a solid business plan, good credit, and often some collateral. Research different lenders, prepare your documents, and be ready to explain how you’ll use the funds.

How to get a startup business loan with no money?

It’s challenging, but not impossible. Look into micro-loans, crowdfunding, or government grants. Some lenders offer unsecured loans based on your business potential rather than assets.

Can a startup business get a loan?

Yes, startup businesses can get loans. While it can be more difficult than for established businesses, there are lenders who specialize in startup funding.

Can I get a startup business loan?

If you have a solid business plan, decent credit, and meet the lender’s criteria, you can get a startup business loan. It may take some effort and research, but options are available.

Remember, every successful business started somewhere. With persistence and the right funding, your startup could be the next big thing. Now go out there and make it happen!

Filed Under: Business Tagged With: Australian business, Australian business grants, Australian startup funding, business loan guide for startups, business loans for young entrepreneurs, entrepreneurship, how to get a business loan in Australia, new business loans, small business loans Australia, startup funding options, startup loans Australia, young entrepreneurs

Make Money Fast: The Ultimate Guide for Young Entrepreneurs

10 Jul 2024 by Daniel G. Taylor

Estimated reading time: 9 minutes

Hey there, fellow hustlers! Daniel G. Taylor here, CEO of Mayer Marketing Agency and mentor to young male entrepreneurs like yourself. Let’s talk about something we’ve all faced: the need to make money fast. Whether you’re funding your startup or just trying to keep the lights on, sometimes you need cash ASAP. I’ve been there, and I’m here to share the fastest, easiest, and cheapest ways to make extra money.

Stack of dollar bills with a stopwatch on top, representing making money fast

Remember, there’s no shame in doing what it takes to make ends meet (legally and ethically, of course). It might take some humility, but that’s part of the entrepreneurial journey. Let’s dive in!

Table of contents

  • Key Takeaways:
  • The Ultimate Money-Making List
    • 3-Point Money Makers
    • 2-Point Money Makers
    • 1-Point Money Makers
  • The Power of Sales Skills
  • Mastering the Art of the Side Hustle
  • Conclusion
  • Action Steps:
  • Frequently Asked Questions (FAQs)

Key Takeaways:

  • Fast, easy, and cheap ways to make money exist
  • Developing sales skills can boost your earning potential
  • Humility and a willingness to work hard are key

The Ultimate Money-Making List

I’ve ranked these opportunities based on how fast, easy, and cheap they are. Those scoring 3 points (fast + easy + cheap) come first, followed by 2-pointers, then 1-pointers. Let’s get to it!

3-Point Money Makers

1. Online Surveys

Fast: ✓ | Easy: ✓ | Cheap: ✓

Sites like Survey Junkie and Swagbucks pay you for your opinions. It’s not big money, but it’s quick and easy. You can do these in your downtime, like while watching TV or waiting for a bus.

2. Microtasks

Fast: ✓ | Easy: ✓ | Cheap: ✓

Platforms like Amazon Mechanical Turk offer small, simple tasks you can complete for cash. These might include data entry, image tagging, or short transcriptions. It’s a great way to earn a few bucks when you have spare moments.

3. Sell Unused Gift Cards

Fast: ✓ | Easy: ✓ | Cheap: ✓

Got gift cards collecting dust? Sell them on sites like CardCash for quick cash. You might not get the full value, but it’s better than letting them go to waste.

4. Recycle Cans and Bottles

Fast: ✓ | Easy: ✓ | Cheap: ✓

It’s not glamorous, but it’s fast money. Plus, you’re helping the environment! Check your local recycling center for rates. Some states offer 5-10 cents per container.

5. Pet Sitting or Dog Walking

Fast: ✓ | Easy: ✓ | Cheap: ✓

Love animals? Apps like Rover connect you with pet owners who need help. You can often start within a day or two of signing up. Plus, who doesn’t love getting paid to play with pets?

2-Point Money Makers

6. Freelance Writing

Fast: ✓ | Easy: ✗ | Cheap: ✓

If you’ve got writing skills, sites like Upwork offer quick gigs. You might write blog posts, product descriptions, or even social media content. It takes some effort to land your first job, but once you do, the work can be steady.

7. Food Delivery

Fast: ✓ | Easy: ✓ | Cheap: ✗

Apps like DoorDash let you deliver food on your schedule, but you’ll need a vehicle. This is great for flexible hours, and you can often start within a week of signing up. Just remember to factor in gas and vehicle wear and tear.

8. Sell Stuff Online

Fast: ✓ | Easy: ✓ | Cheap: ✗

Declutter and make money on Facebook Marketplace or eBay. You need items to sell, though. Look around your home – you might be surprised at what people will buy. Old electronics, clothes, and books are all fair game.

9. Rent Out a Room

Fast: ✗ | Easy: ✓ | Cheap: ✓

If you’ve got extra space, Airbnb can turn it into cash. It takes time to set up, though. Make sure to check local regulations and consider the impact on your living situation. But once you’re set up, it can be a great passive income stream.

10. Transcription Work

Fast: ✓ | Easy: ✗ | Cheap: ✓

Sites like Rev.com pay you to transcribe audio. It’s fast money if you can type quickly. This skill improves with practice, so don’t get discouraged if you’re slow at first. Medical and legal transcription can pay even better, but require specialized knowledge.

1-Point Money Makers

11. Freelance Web Development

Fast: ✗ | Easy: ✗ | Cheap: ✓

If you’ve got coding skills, this can be lucrative. But it takes time to find clients and complete projects. Start by building a portfolio, even if it’s just personal projects. Networking events and online communities can help you find clients.

12. Start a YouTube Channel

Fast: ✗ | Easy: ✗ | Cheap: ✓

It’s free to start, but it takes time to build an audience and monetize. Focus on a niche you’re passionate about. Consistency is key – regular uploads help build your audience. Don’t forget to optimize your titles and descriptions for search. Semrush offers a free YouTube SEO course.

13. Flip Items

Fast: ✗ | Easy: ✗ | Cheap: ✓

Buy low, sell high. It can be profitable, but requires knowledge and initial investment. Start small with items you know well. Thrift stores, garage sales, and clearance aisles can be goldmines for flippers.

Apart from the above ideas, there are other ways to make money online.

The Power of Sales Skills

Salesperson shaking hands with a client, surrounded by success symbols

Here’s a pro tip: to make money fast, you often need strong sales skills. Whether you’re selling items online, pitching your services, or negotiating rates, the ability to sell is crucial (copywriting is using the written word to sell). As entrepreneurs, we’re always selling something – our products, our ideas, ourselves. Honing these skills won’t just help you make quick cash; it’ll serve you throughout your career.

In fact, you can learn to sell even when you hate selling.

But how do you develop these skills? Start by studying successful salespeople. Watch how they interact with customers, how they handle objections, and how they close deals. Practice your pitch – whether it’s for a product you’re selling or a service you’re offering. The more you do it, the more natural it becomes.

Remember, good sales isn’t about being pushy or manipulative. It’s about understanding the customer’s needs and showing how you can meet them. Listen more than you talk. Ask questions. Show genuine interest in solving their problems.

And don’t forget the power of storytelling. People connect with stories. If you can weave a compelling narrative around what you’re selling, you’re more likely to make the sale. This could be the story of how your product was developed, how it’s helped others, or even your own journey as an entrepreneur.

Mastering the Art of the Side Hustle

As young entrepreneurs, we’re in a unique position. We have the energy, the tech-savvy, and the flexibility to take on multiple income streams. This is where the concept of the “side hustle” comes in.

A side hustle is more than just a way to make extra cash. It’s a testing ground for your entrepreneurial skills. It’s a way to explore different industries, build new skills, and expand your network. And who knows? Your side hustle today could become your chief business tomorrow.

One of my side hustles is as a mental health speaker and one kind of talk I give is a workshop on improving men’s mental health.

The key to a successful side hustle is balance. You need to find something that fits into your schedule without burning you out. Something that energizes you rather than drains you. And ideally, something that aligns with your long-term goals.

For example, if your dream is to start a tech company, a side hustle in web development or app testing could give you valuable insights and connections. If you’re interested in e-commerce, selling items online could teach you about inventory management, customer service, and digital marketing.

Remember, the goal isn’t just to make money (although that’s important, and saving is even more important). It’s to learn, to grow, and to position yourself for future success.

Conclusion

Making money fast isn’t always easy, but it’s definitely possible. The key is to do what others won’t. It might mean swallowing your pride and picking up cans, or pushing yourself out of your comfort zone to pitch to clients. But remember, every dollar you earn is a step towards your bigger goals.

As young entrepreneurs, we have a unique advantage. We’re adaptable, we’re tech-savvy, and we’re hungry for success. Use these qualities to your advantage. Be creative in your approach to making money. Don’t be afraid to try new things or to fail. Each experience, whether or not successful, is a learning opportunity.

And most importantly, don’t lose sight of your long-term goals. These money-making methods are great for short-term cash, but they’re also stepping stones. Use them to fund your bigger dreams, to learn new skills, and to build your network.

In our next post in this series, I introduce you to the 50/30/20 rule spreadsheet — a way to budget.

Action Steps:

1. Choose 2-3 methods from the list that fit your skills and situation.

2. Set a specific income goal for the next 30 days.

3. Track your progress and adjust your approach as needed.

4. Use this experience to identify potential long-term income streams.

5. Invest time in developing your sales skills.

6. Consider how your money-making methods align with your long-term goals.

Frequently Asked Questions (FAQs)

How to make money as a kid?

Kids can earn money by doing chores, selling lemonade, or helping neighbors with yard work. Always get parent permission first!

How to make money as a teenager?

Teens can try babysitting, tutoring younger students, or doing online surveys. Many of the methods in this article work for teens too.

How to make money fast as a man?

Focus on leveraging your skills and network for quick opportunities. Examples include online surveys, pet sitting or dog walking, and recycling cans and bottles.

How to make money as a teen?

Teens can explore part-time jobs, freelance work like graphic design or writing, or even start a small online business.

How to make money this summer as a teen?

Summer jobs like lifeguarding or camp counseling are great. You could also mow lawns, wash cars, or sell crafts online.

Remember, the journey to entrepreneurial success isn’t always glamorous. Sometimes it means doing whatever it takes to keep moving forward. Stay hungry, stay humble, and keep hustling. You’ve got this!

Filed Under: Wealth Building Tagged With: entrepreneurship, financial tips, freelancing, making money, money management, online business, passive income streams, personal finance, side hustle, young entrepreneurs

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A young, diverse group of male entrepreneurs meditating in a modern office space

The Entrepreneur’s Secret Weapon: How Men’s Health Day Can 10x Your Productivity

Good morning, fellow go-getters! Daniel G. Taylor here, CEO of Mayer Marketing Agency and mental health advocate. Today, we’re diving into a topic close to my heart: Men’s Health Day. As entrepreneurs, we often prioritize our businesses over our well-being. But here’s the truth: your health is your most valuable asset. Let’s explore how you […]

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  • Startup Business Loans: The Ultimate Guide for Young Aussie Entrepreneurs
  • The Ultimate Action Plan Template: Achieve Your Goals Like a Boss [TEMPLATE]
  • Make Money Fast: The Ultimate Guide for Young Entrepreneurs

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