NEW YORK (CBSNewYork) – With the school year winding down, parents are trying to figure out how to keep their kids busy this summer.
One way to do that: Get a job!
Financial adviser author Chris Carosa joined CBS2’s Cindy Hsu to tell us why side hustles aren’t just for adults.
Some simple starting points include:
- Explore interests and develop hobbies
- Develop hobby into a business
- Solve a personal problem
- Test the audience’s potential interest
- Test the market
Common summer jobs for kids includes:
- Lawn mowing
- House sitting
- Pet sitting/walking
- Landscape maintenance
Uncommon ideas for young entrepreneurs also include:
- Organize the messy garage/shed
- Empty nest cleaning
- Sell used treasures on ebay
- Monetize a YouTube channel
- Act as someone’s social media manager
Tax benefits for kids can include:
- Won’t have to pay Uncle Sam
- May not have to pay payroll taxes
- Roth version of a child ira