How to Get Rich Quick as a Kid

How to Get Rich Quick as a Kid. So what if you're only 10 years old. There are still numerous ways that you can make money. Although traditional companies aren't ready to hire you, harness that entrepreneurial spirit and watch the cash pile up. Here are a few tips to get rich quick as a kid.

Step 1

Consider performing one or more of the following services to earn money. These include wrapping presents around the holiday season, shoveling snow and de-icing sidewalks during the winter, teaching adults computer skills, making jewelry to sell to classmates and cleaning houses.

Step 2

Think about other moneymaking services that kids can provide. Ideas include babysitting, pet sitting, dog walking, newspaper delivery, car washing, lawn mowing and leaf blowing and raking during the fall.

Step 3

Save the money you receive from birthdays, bar or bat mitzvahs, quinceaneras, Christmas and other special occasions instead of spending it on the toy of the moment. Ask your parents to open a special savings account for you. Starting at age 10, if you put $1,000 once a year into an individual retirement account (IRA), by age 65 you should have $848,923.20 saved. This assumes an 8 percent rate of return. Since you only invest $55,000 out of pocket over your lifetime, you net $793,923.20.

Step 4

Ask your parents for an allowance. If you don't already receive a weekly or monthly monetary amount, talk to your mom and dad to see if they can give you money in exchange for doing housework or maintaining a certain grade point average. Avoid spending all the money you make. Consider giving some to those less fortunate, and put part of it in a savings account or piggy bank.