my 12 year old son has made $1k in the last two weeks with an iphone app...

[MTG#10]

So there's an app for iphone and android called "Musical.ly" where kids lip-sync to songs and if they're good they get fans to subscribe. My boy has always had little girls after him but since he started doing this a couple weeks ago he's already become somewhat famous in Musical.ly land. He even has groupies, and a couple little girls have their profile pics as them kissing a picture of him they apparently printed out.

Basically the way it works is you can add money to your account and send it as "gifts" to people you like. He has been getting so many "gifts" that he's now cashed in for a total of $1000 and he says he almost has enough to cash out another hundred. I didn't believe him until he started Paypal-ing the money to me for me to withdrawal for him. I told him that he can spend some but he's going to save the rest. He obviously didnt like that idea and now he's giving me the silent treatment.

Has anyone here had a young child that started making a decent amount of money, and if so how did you handle it?

[Chiefspants]

I don't know of how handle the parental side of this (a mandatory 50% to savings/college fund/investments would be my advice).

However, this app is HUGE with a few of my 6th grade technology students - it's great to know I've been encouraging them toward something with legitimate capital potential.

[kepp]

Originally Posted by MTG#10

So there's an app for iphone and android called "Musical.ly" where kids lip-sync to songs and if they're good they get fans to subscribe. My boy has always had little girls after him but since he started doing this a couple weeks ago he's already become somewhat famous in Musical.ly land. He even has groupies, and a couple little girls have their profile pics as them kissing a picture of him they apparently printed out.

Basically the way it works is you can add money to your account and send it as "gifts" to people you like. He has been getting so many "gifts" that he's now cashed in for a total of $1000 and he says he almost has enough to cash out another hundred. I didn't believe him until he started Paypal-ing the money to me for me to withdrawal for him. I told him that he can spend some but he's going to save the rest. He obviously didnt like that idea and now he's giving me the silent treatment.

Has anyone here had a young child that started making a decent amount of money, and if so how did you handle it?

Originally Posted by Chiefspants

I don't know of how handle the parental side of this (a mandatory 50% to savings/college fund/investments would be my advice).

However, this app is HUGE with my 6th grade technology students - it's great to know I've been encouraging them toward something with legitimate capital potential.

These are the two components you need to build a successful pyramid marketing scheme. CP could have new servers in a couple months.

[Nickhead]

now he has enough money to pay for his phone service

[stumppy]

Damn ! Looks like the grandkids are going to have to get their asses to work.

[loochy]

Originally Posted by Nickhead

now he has enough money to pay for his phone service

this is the kind of economics lesson you need to teach!

ok son, you earn money

you pay a 2% fee for every paypal withdrawl you have me perform

each month $60 of that pays for your business expenses (your phone)

$250 of that goes to uncle sam (donald)

save the remaining half for a rainy day/retirement/college

the remainder is his disposable income

[stumppy]

Originally Posted by loochy

this is the kind of economics lesson you need to teach!

ok son, you earn money

you pay a 2% fee for every paypal withdrawl you have me perform

each month $60 of that pays for your business expenses (your phone)

$250 of that goes to uncle sam (donald)

save the remaining half for a rainy day/retirement/college

the remainder is his disposable income

You forgot the 25% managers fee

[Iowanian]

My kids have that, I hate it. Most annoying thing they watch with their limited time on screens. Small clips of annoying songs being lip synced by annoying kids.

I make my kids keep theirs private because I don't want pedos sending them money.

[loochy]

Originally Posted by Iowanian

My kids have that, I hate it. Most annoying thing they watch with their limited time on screens. Small clips of annoying songs being lip synced by annoying kids.

I make my kids keep theirs private because I don't want pedos sending them money.

it sounds super gay
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[eDave]

This is pretty much how Justin Beiber was discovered. Tread lightly.

[MTG#10]

The phone bill thing is a great idea but he doesn't have service...only works on WiFi. I could start making him pay for the wifi he uses though

[notorious]

This is a good thing that could have bad results. The good thing is that he is making easy money. That bad thing is that he is making easy money.

If a kid thinks it's easy to make that much money with ease at a young age it will probably hinder work ethic development.

I would let him spend 10% and put the rest into his savings, but I am a hardass.

[Tombstone RJ]

Originally Posted by MTG#10

So there's an app for iphone and android called "Musical.ly" where kids lip-sync to songs and if they're good they get fans to subscribe. My boy has always had little girls after him but since he started doing this a couple weeks ago he's already become somewhat famous in Musical.ly land. He even has groupies, and a couple little girls have their profile pics as them kissing a picture of him they apparently printed out.

Basically the way it works is you can add money to your account and send it as "gifts" to people you like. He has been getting so many "gifts" that he's now cashed in for a total of $1000 and he says he almost has enough to cash out another hundred. I didn't believe him until he started Paypal-ing the money to me for me to withdrawal for him. I told him that he can spend some but he's going to save the rest. He obviously didnt like that idea and now he's giving me the silent treatment.

Has anyone here had a young child that started making a decent amount of money, and if so how did you handle it?

You're doing the right thing but remember, if you don't practice what you preach, your kid WILL know. So yes, give him a percentage to spend (10%?) and put the rest in savings for a car or college or whatever. But let your son know you live this out too.

[TLO]

MTG - you live one hell of a life.

[Chief Northman]

****ing Pizzagate front.

Sick bastards.