Rachel Rodgers shares the best creative side hustle ideas for the teens in your life and how to give them the confidence to pursue them.
We all want the best for the young people in our lives — happiness, success, and yes, financial security. But the path to financial independence is more complex than ever. Rising housing costs, inflation, and a changing economy mean that the old advice (“go to college, get a good job, buy a house”) no longer guarantees stability. That’s why today, many teens are finding side hustles that help them learn entrepreneurship, investing skills, and the power of compounding young.
On the HerMoney Podcast this week, Jean Chatzky sits down with Rachel Rodgers, who advocates for every teen to have a side hustle. She’s the CEO and founder of Hello Seven, and the author of Future Millionaire: A Young Person’s Step-by-Step Guide to Making Wealth Inevitable.
Side Hustles For Teens: Why “Get a Job” Isn’t Enough Anymore
Jean Chatzky: Let’s talk about Gen Z. They are stressed about money. A recent BankRate survey showed that nearly half of all Gen Z respondents said money is negatively affecting their mental health — 40% said they are slightly or significantly behind on saving for retirement, so they’re feeling as if they’re not where they should be. Where’s this message coming from to this generation, and how can we help them?
Rachel Rodgers: The reality is that Gen Z is not doing as well as their parents. They have student loans, they’re not being paid as well. There’s inflation. So even though on paper it may look like they’re making more money, they actually don’t have as much buying power as their parents did in their twenties and thirties. And so there is a lot of economic struggle.
One in three adults ages 18 to 34 is still living with their parents. They’re never leaving our houses. This approach of just get a job is not going to work anymore. And so we need a new plan. And that plan is learning how to become an owner and investor. A job is a part of it. And I teach [my kids] about how to get that first job and how to be useful at work so that they can keep that job and maybe get a raise at that job. But then let’s use some of the proceeds of that job to become an investor and even start a side hustle because just relying on the paycheck is, it’s not working right now in this economic environment.
Teaching Kids to Become Entrepreneurs
Jean Chatzky: Do you believe that every person should be an entrepreneur in some way, shape, or form?
Rachel Rodgers: Yes, I do. I think that’s how we’re going to create freedom. You have to think about what my assets are, and for young people, their asset is themselves. It’s their skillset, their natural talents, what they’re interested in, the things that they’re capable of doing, their ideas, their creativity. So let’s monetize this asset however we can.
My daughter is an artist. She’s crocheting purses and earrings and making all kinds of things that she then sells to her friends or sells to our family members when they come over for holidays. What are your natural skills? What are you drawn to? What are you good at? And then look around you in your network, in your parents’ network, and say, who can I sell these skills to? It’s starting with that.
Helping the Next Generation Thrive
Jean Chatzky: You describe million-dollar decisions as ones that free up your time and energy so that you can devote yourself to things that move you closer to your goal. Can you give me an example?
Rachel Rodgers: Yes. A million-dollar thought is one that is expansive. So you might say, I really wanna start this side hustle, but I don’t know how to do it. And so then, okay, cool. You don’t know how to do it. Is that the end? Of course not. You don’t know how to do it, but how could you figure that out, right?
What could you do differently? Do you have a friend who’s an entrepreneur? Do your parents have a friend who’s an entrepreneur? Can you read a book about entrepreneurship? It’s about moving towards the things that you want. So you could say, lI want to be an entrepreneur, but I don’t know how, and I don’t have the skillset. And you could change that thought to say, I wanna be an entrepreneur, and I can learn how. All of that is gonna move them towards the wealth that they want.
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MORE ON HERMONEY:
- 8 Work From Home Side Hustles You Can Start Right Now
- HerMoney Podcast Episode 406: Teaching Kids About Money
- How To Break Bad Financial News To Your Kids
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