How to be financially stable at 18?

How to be financially stable at 18?

As a teenager, you must have thought of earning on your own, right? You must have once searched 'Ways to make money online'. No matter what your family background, aspirations and goals be, every teenager must try being financially independent as school or college student, because earning does not only mean making money. It means learning the value of it, learning to manage your own finances, exposing yourselves to the real world, learning new skills like communication and time management and preparing yourself for the future. Here are some ways to become financially stable and make money as a teen:

1. Learn a skill: This is the most solid way to go about because you give yourself something that can benefit you for your whole life.There are a lot of in-demand skills for which you can be hired as a freelancer or intern in the initial stage. As you start working, you dive deeper into learning and thus earning. There is not one clear cut path to learn a skill, for e.g: content writing, UI/UX, Graphic Designing, programming, Marketing, etc. It comes with exploring, learning, networking and creating.A paid course and it's certification will surely help, but there are other ways too. YouTube, Google, free courses! Initially doing Unpaid internships will also teach you what it really takes to be good at whatever you do.

2.Learning stock market :

Paisa double karne ke 2 tarike hai. Either put them in front of a mirror or invest.

Yes, the latter one seems more practical. But, it isn't always the case. It's not always that you'll double the amount: You can earn 3, 4, 5 and any n times of it, or you can even lose it out all. Investing is a magical skill to attain financial freedom and reap greater profits. The earlier you start investing, the more money you can make from the investments. Along with financial growth, knowledge of the stock market also makes one aware of tax files, equity prices, IPOs and real-life things that were not taught in school. There are a lot of apps to get a start with.Groww, Upstox, Zerodha are some popular ones. Research how you can go about it. A course in the start would be beneficial to understand the basics and ways to analyze the prices, but if not a course, you know there are other ways to go!

3. Get a small job: Job as a student? Doesn't go well? Not so. What's wrong in doing something productive for a few hours daily that will help you learn something new and earn some bucks instead of scrolling the screen? As a student, it's not possible to manage a full-time or hectic job. But, you know that there are some hours of the day when you feel it's your 'Chill time', even when you don't need a break. There are a lot of small fruitful jobs you can do. For example: If you know excel, you can help someone with their excel work, buying and selling phones or books, taking tuition, working in a coffee shop or café, as a small accountant. (There was a special opening in a city's Starbucks for students). Now, that's your creativity and mindset of how to approach this.

If you really want to start early and get an edge over others, start by learning a skill and looking for internships. Once you earn a handful amount, start investing. If something has hit you on reading the third point, try that out. It's your age to try, make mistakes, learn something in the process and prepare yourself for the future.

●Tip: Learning a skill can get easy with Onclass.

Authored by

Deepti Jain