CASH KID

In this episode, we interview a 16-year old kid who runs his own car detailing business. To learn more visit eliselite.com. Learn more about your ad choices. Visit megaphone.fm/adchoices Transcript A Kid Making Cash “There is no substitute for hard work.” - Thomas Edison Hey you guys it's Cash Kid here, back again with another Cash Kid Podcast episode. This podcast audience continues to grow and I’m so glad you are joining us for this episode. Today, we’re going to talk with another fellow “Cash Kid” who is running his own business at just 16-years old. I think young and old alike will be encouraged by what he has to say. The interview, coming up! (music) So you’ve got some cash. Maybe from an allowance, or that money your grandma gave you for your 7th birthday. Here you go sweetie. Whoa, thanks grandma! Whatever it is, what are you going to do with it? Spend it, hide it away… or maybe invest it? Let’s start learning how to make that money grow. Time to learn how to be a cash kid.  (1:14) Today, we are talking with Eli Slaton who runs his own car detailing business. He’s just 16-years old. But Eli for years has used his time wisely to find ways to make some extra cash even while a kid. There are so many ways for kids to put their talents to work. So, listen up. Cash Kid - Hey Eli, we are so excited to have you join us as a fellow “cash kid” on the show. We wanted to interview other kids and teens who have found ways to make cash. So, just tell us about yourself. Eli – My name is Eli Slaton. I am 16-years old and I own a mobile car detailing business. My business is called Eli’s Elite Mobile Car Detailing. Cash Kid - Tell us about your current business you have set-up. Eli – My business is based upon dirty cars. I go to my customers house and I deep clean their car. I have a website where clients can book online. Cash Kid - What made you think about starting a business like this one? Eli – I love working on cars. It is also very fun to see the before and after transformation. Usually they are pretty thrilled to see their car cleaned and are excited to have me come back and do it again.  Cash Kid - How do you advertise your business? Eli – Currently, I advertise my business by Google, Nextdoor, and by word of mouth. Cash Kid - How did you learn to use those sources to advertise? Eli – Just working on YouTube with videos and how to tag the videos. I’ve learned that Google advertising is a good way to find clients and usually it turns out pretty well. (2:48) Cash Kid - What is your goal with this business? Eli – I’ve eventually like to be a full-time professional car detailer. It’s a great idea to have a job that you do to make some money while you’re out of school in the summer. Cash Kid - Yeah, I was going to ask, how do you manage school and running a business? Eli – Usually, I’ll just get my work done before school or before I go to detail someone’s car. And then, I’ll plan on the weekends to detail cars. Then I make sure I don’t have anything else going. Cash Kid - Have you ever tried to do other jobs or find ways to make money? Eli – I have done chores and helping people out in the neighborhood doing a few lawns and things like that. Those are good ways to make money at a young age and it’s pretty easy to find jobs. Cash Kid - I was going to say, do you feel like there’s a lot of jobs out there for kids to do? Eli – Yes, certainly. Especially, in the lawn care and just helping people around your neighborhood do things like moving out, or helping them pick up trash, or in my case cleaning their car. Cash Kid - What advice can you give to other kids about finding a business they can start or how to be a cash kid? Eli – Find out what you like to do. Then find a problem people have with it. Once you realize the problem, find out a way to solve it. Then you can sale the solution to your customers. For example, in my business, people have a common problem. Their car is super dirty. My solution is to come and deep clean their car. Cash Kid - And they probably enjoy you coming to them. Eli – It makes it much easier for them to be able to just call and book and appointment and me just show up at their door. (4:37) Cash Kid - What do you feel you’ve learned from running your own business at such a young age? Eli – I’ve learned to be better with time-management, stress, and scheduling things. I’ve used the calendar app a whole lot more. Cash Kid - Do you have a goal you are trying to reach with the money you earn or plan to invest at all? Eli – I’m really right now saving up money for college. And then also I’m putting away say like 25% of the money that I make to investment it in something else to make more passive income like silver or gold or things li

In this episode I will talk about a financial skill called budgeting. Learn more about your ad choices. Visit megaphone.fm/adchoices Transcript What is a budget? Hey you guys it's Cash Kid here, back again with another Cash Kid Podcast episode. If you’ve missed the first four, be sure and go back and listen to those. I’ve already had some friends start investing using tips they learned in previous episodes, so I’m encouraged by this!  Today, we're going to be talking about what is a budget? I've really been looking forward to this one because I think it's a great skill that kids need to have and from what I’m told…maybe some adults too. In fact, do you know how many US households actually prepare a monthly budget? The answer coming up! Alright, let’s get started. So you’ve got some cash. Maybe from an allowance, or that money your grandma gave you for your 7th birthday. Here you go sweetie. Whoa, Thanks grandma! Whatever it is, what are you going to do with it? Spend it, hide it away… or maybe invest it? Let’s start learning how to make that money grow. Time to learn how to be a cash kid. (1:30) So in order to get into what a budget is we need to understand what two words mean. They are revenue and expenses.  So revenue is your income (money you make) from doing something. For instance, say you run a lemonade stand. That happens a lot in my neighborhood. Let’s say you make $50 by selling lemonade. But, you had to pay for the lemons and all the other supplies you needed. So those supplies are your expenses because you had to pay for them. So you have to take the money you gain which is your revenue and subtract it from your expense and you get a profit. You had $15 in expenses. So $50 - $15 is $35 so that's your profit. Now, you have $35 to budget what you want to do with it. You could spend it or maybe invest it or maybe both. I use an app called Greenlight that allows me to easily set money into savings, spending, or investing. Thankfully, as kids, we don’t have a lot of expenses at this time in our lives (Thanks Mom and Dad)... but overtime, that’s going to change. And understanding now what revenue and expenses are will make us smarter at budgeting. (music break) (2:58) A budget is a way of managing your money. Let’s say you run your lemonade stand over the next month and make a profit of $140. That’s great! But, you want to buy a new $50 video game, invest $40, buy your Mom a birthday gift for $20, and you went out with friends to an arcade and spent $35? Will you have enough? Nope, you’re $5 short! And don’t you decide to skimp out on Mom’s present either. Just try better next month to know how much you have to spend, to stay within your goal each month. Staying within your budget each month can help you gain money over time. And by setting aside dollars in your budget upfront for investing and savings will allow you to watch your money grow consistently. (music break) (3:50) Alright, earlier I asked if you know how many families actually prepare a monthly budget. The answer according to CreditDonkey.com is only 32%. That’s not a lot! Let’s rise above Cash Kids and start smart budgeting practices early.  That's it for today. I really hope you guys enjoyed today's episode.Stay tuned and listen for more. And tell your family and your friends. Cash Kid out! Disclaimer: The information presented represents the views and opinions of the guests. This show does not intend to provide personal investment advice through this podcast. This content has been made for informational and educational purposes only. To make a full and informed investment decision, we advise you to speak with a financial advisor and for kids, definitely your parents first before investing. 

Meeting someone who once a cash kid himself named Jacob Long. Learn more about your ad choices. Visit megaphone.fm/adchoices Transcript Meet Someone who Once Was A Cash Kid Himself Today, we're going to meet a stock market trader who once was a cash kid himself. So, you’ve got some cash. Maybe from an allowance, or that money your grandma gave you for your seventh birthday. Here you go, sweetie. Whoa, thanks, grandma! Whatever it is, what are you going to do with it? Spend it, hide it away, or maybe invest it. Let's start learning how to make that money grow. Time to learn how to be a cash kid. (0:51) Hey, you guys, it's Cash Kid. And you can be one too. And this podcast will help. Today, we're going to be talking to someone I met last year, who helped me get started in the stock market. He was once a fellow cash kid himself who loved ways to make money and invest. So, I felt it was best to get some tips we kids could use today. (1:10) Cash Kid - Welcome to the show, Jacob. Jacob - Hey, Cash Kid. Thank you so much for having me on the podcast. Cash Kid – Jacob, I'm so happy you could join us today. You gave me some great advice when I was starting out wanting to invest in the stock market. So, I wanted to get your story of why and how you got started. So first, tell us about yourself. Jacob - I am an investor and I own a small business. And I also work for a company as well. And I've been investing for a long time. And I'm excited to talk about investing with you today. Cash Kid - Jacob, you shared that when you were a kid, you loved math and had a great interest in how to grow your money. What sparked that interest? Jacob - I think what really sparked my interest was when I first heard about compound interest. When I found out that you could make interest over time and turn a small amount of money into a large amount of money. It really got me excited about investing and saving. Cash Kid - What did you do or how did you find ways to make money as a kid? Jacob - When I was not old enough to have a job, I started doing yard work around my neighborhood. And when I very first was able to get a job, I started folding boxes at Domino's. And then I worked at Taco Bell and lots of other places as I was growing up until I got into college. Cash Kid - You hear that kids? You can do yard work? It may not seem that fun. But you can still do it. When did you start investing in the stock market. Jacob - I first started investing in the stock market when I was 18. My parents didn't know anything about the stock market. And there wasn't really a good way for me to invest when I was younger. So, when I turned 18 is when I opened my first brokerage account and started investing. Cash Kid - How did you find out about the stock market? Jacob - That's a good question. I think that I first heard about the stock market from newspaper and radio articles. There was a man named Warren Buffett, who I got very interested in because he was the richest man on earth at the time. And I started following his advice and looking more into him. And that's when it really started. Cash Kid – You also worked to own your own business. Tell us about that. Jacob - Yeah, absolutely. I work for a company. And I learned a lot of information while working at that company. And I use some of the information that I learned in order to open a business. And that business helps people sell products on Amazon. And that's also what I do at my other job as well. (3:38) Cash Kid - What resources did you have to learn how to invest? Jacob - You know, that's, that's one I don't really remember Cash Kid. I remember listening to some maybe audiobooks. I think I think I read books, and I listened to some audiobooks. And then when the Internet became a more prevalent way for people to put out information, I started reading articles on the internet. And still to this day, I read a lot of books about it as well. Cash Kid - What advice can you give us kids who sometimes may not be great at patience when it comes to investing? Jacob - Well, the biggest advice that I could give is to know that time is the most valuable asset when you're investing. If you get a little bit higher return, it's not going to do as much for your returns as it is if you're in the market for a longer period of time. So, start as young as you can. A lot like what you're teaching Cash Kid, you want to get started as soon as you can. And then the next thing I would say is if you don't have a parent who is real interested in investing, see if your parents can find a friend someone that can teach you how to find out more information. Cash Kid - Are there any tips you can give us kids today about how to save and invest our money? Jacob - You talked about one of my favorite tips in a previous episode Cash Kid. I love index funds. So, rather than trying to pick one particular stock that I think is going

Learn what an index fund is and how to diversify when you are investing. Learn more about your ad choices. Visit megaphone.fm/adchoices Transcript What is diversification and a stock market index? So you’ve got some cash. Maybe from an allowance, or that money your grandma gave you for your 7th birthday. Here you go sweetie. Whoa, thanks grandma! What ever it is, what are you going to do with it? Spend it, hide it away… or maybe invest it? Let’s start learning how to make that money grow. Time to learn how to be a cash kid.  Hey you guys, it's Cash Kid and you can be one too and this podcast will help. Today, I'm going to talk about “What is diversification?” What in the world is that?! Hang tight. The cash kid podcast is underway. So what is diversification? In episode two I said  that stocks can fall under different categories like, gold, silver, oil, electricity, nuclear power, medicine, books, and even groceries and there are even more.  Now diversification just simply means the act of becoming more diverse. Like the saying, don’t put all your eggs in one basket. Now in finance. Diversification is the practice of spreading your investments around so that your exposure to any one type of asset is limited. For instance, say if you invest in Apple, a technology company, you might want to “diversify” and invest in oil instead of putting more money in Apple or setting some in other technology companies like Microsoft, Samsung, or Dell. So, you basically want to “diversify” where you are investing because otherwise if you put all your money in one stock and that company crashes….well so does all your money. (NOOOO!) Now it’s time to talk about an index. I’m not talking about an index in a book. I’m talking about an index in the stock market. An index is a method to track the performance of a group of stocks. Like I said in the last episode some indexes are the Nasdaq, and the New York Stock Exchange which you’ll hear people call the NYSE, and you can’t forget about the S&P 500.  Now, an index holds a ton of stocks and combines them into one big index. Indexes are usually pretty expensive, most are thousands of dollars. The S&P holds 500 of the best shares they think are in the stock market. So, if you are looking to start investing… maybe look at those companies first. I was told to do this when I first started and invest in some today as we speak. Ok, I feel like that was a lot to process so we’ll stop here for today. Next episode, we’ll talk with someone who once was a cash kid himself. Remember anyone can be a cash kid but we got to learn how to become one.  Cash Kid out!   Disclaimer: The information presented represents the views and opinions of the guests. This show does not intend to provide personal investment advice through this podcast. This content has been made for informational and educational purposes only. To make a full and informed investment decision, we advise you to speak with a financial advisor and for kids, definitely your parents first before investing. 

This episode will explain the basics of the stock market. Hope you enjoy! Learn more about your ad choices. Visit megaphone.fm/adchoices Transcript What is the stock market? So you’ve got some cash. Maybe from an allowance, or that money your grandma gave you for your 7th birthday. Here you go sweetie. Whoa, thanks grandma! What ever it is, what are you going to do with it? Spend it, hide it away… or maybe invest it? Let’s start learning how to make that money grow. Time to learn how to be a cash kid.    Hey, you guys it’s Cash Kid back again with another episode to help you become a cash kid yourself. So listen up! Today we are going to talk about “What is the stock market?”  Now I will let you think about what you already know for about 10 seconds. Ready…. set… go!    Now that you have thought about it I will answer the question. The stock market is a way for you to be a part owner of a company by investing in that company.  What companies can you invest in? Only those that are listed as publicly traded in an index. Each publicly traded company has an index such as  the New York Stock Exchange otherwise known as the NYSE or the Nasdaq and the big one… the S&P 500. But, I’ll talk more about those in another episode.  Alright, let’s break it down.  You can set a certain amount of money in the company depending on what the stock price is and you are now a part owner of that company. Now you took a risk when you set your money in that company. If the company does well you will gain money (yay!)....but if it doesn't go well you can lose money. (sad sigh). When you set your money in, you’re lending the company money hoping the company does well….and if they do, you make more money. There are different types of stocks and stocks can fall under different categories like, gold, silver, oil, electricity, nuclear power, medicine, books, and even groceries. More about that coming up. (commercial break) Now I will tell you about the difference between the primary market and the secondary market. In order for you to invest in a company, it must be a publicly traded company. It’s issued an IPO or initial public offerings to allow others to start investing in a company… like you for instance. The primary market allows companies to issue and sell their shares to the public at a set price… like $50 per share.  To enable this process,  the company will need a marketplace to sell, and the stock market provides this. The stock market acts as a trading platform for trading, buying and selling of stocks. This is referred to as the secondary market activity.  The stock market maintains company announcements, news, and financial reporting accessible through their official websites. Ok, I hope I didn’t overwhelm you. It will become clearer overtime as we start to talk to some stock market pros in future podcasts to break it down for us.  That’s it for now, see you next time. Remember anyone can be a cash kid but we got to learn how to become one. Cash Kid out!   Disclaimer: The information presented represents the views and opinions of the guests. This show does not intend to provide personal investment advice through this podcast. This content has been made for informational and educational purposes only. To make a full and informed investment decision, we advise you to speak with a financial advisor and for kids, definitely your parents first before investing. 

Ready to learn how to grow, save, and invest your money at an early age? Join us on this journey, as I seek to help my generation become financially smart at a younger age. You'll be the expert among your family and peers. Anyone can be a Cash Kid, you just have to learn how to become one. The Cash Kid Podcast is underway! Learn more about your ad choices. Visit megaphone.fm/adchoices Transcript What is a Cash Kid? Hey, would you rather have a million dollars right now or have a penny doubled for the next 30 days? The answer… coming up! So you’ve got some cash. Maybe from an allowance, or that money your grandma gave you for your 7th birthday. Here you go sweetie. Whoa, thanks grandma! Whatever it is, what are you going to do with it? Spend it, hide it away… or maybe invest it? Let’s start learning how to make that money grow. Time to learn how to be a cash kid.  Hey, you guys, cash kid here and this is an introduction episode. Today, I am talking about what this podcast will be about. Plus, what is a cash kid? A cash kid is something I made up to cover up my identity and express my passion for finance and the stock market. A cash kid is someone that loves finance and finding ways to make money. I consider myself a cash kid. I invest in the stock market and am trying to use better financial skills and you can be one too and this podcast will help.  This podcast will be about teaching you about the stock market and other financial skills. Sometimes I may interview people who are professionals, other fellow cash kids, financial planners, or just answer a question.  What inspired this podcast is my thrill of the stock market, and my love for wanting to help others grow their money starting early as kids. This podcast will help you become a cash kid yourself.  Remember that question we asked, a million now or a penny doubled every day for 30 days.  Well, what did you decide? I hope you chose the penny. That’s because a penny doubled every day for 30 days equals $5,368,709.12.   Thank you for listening, and please tell your family and friends. Alright, talk soon! Cash Kid, out!   Disclaimer: The information presented represents the views and opinions of the guests. This show does not intend to provide personal investment advice through this podcast. This content has been made for informational and educational purposes only. To make a full and informed investment decision, we advise you to speak with a financial advisor and for kids, definitely your parents first before investing.