My friend (who is also 15) and I have big plans for our future. We have everything planned out yet no way to do anything because we don’t have the money to do it. My parents doesn’t allow me to work because as long as I don’t, since I’m under 18, they can receive money (I don’t know how) and my friends grades aren’t that good so she can’t get a job yet. What are easy and fast ways to get lots of money?
Also, we need about $50,000 by the time we graduate in the year 2013.
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May 14th, 2010 at 4:42 am
Without getting a work permit, you can babysit, mow lawns, walk dogs, pet sit, weed gardens, etc. Those usually also pay cash and usually doesn’t get reported to the tax authorities (so your parents won’t have to worry about it impacting their taxes or welfare benefits - likely the way they are being compensated for you while you are under 18).
To save up $50,000 between now & 2013 when you graduate, each of you will need to earn at least $12,500 after taxes each year. That works out to about $1200 a month each. Assuming you both still want to keep your grades up while finishing school, you’ll want to limit your work time each week to 10 hours. That means you need to find something earning about $30 an hour.
While it’s not completely impossible, that’s a bit of a stretch for teenagers who haven’t finished school. And it’s going to be hard to keep that kind of money away from the attention of the tax authorities. Plus, depending on what you plan on doing after school, you will want to declare your earnings so you don’t get into bigger trouble later with taxes.
Best of luck to you & your friend!!!