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Reload this Page Life my 12 year old son has made $1k in the last two weeks with an iphone app...
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Old 04-11-2017, 03:24 PM  
MTG#10 MTG#10 is offline
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my 12 year old son has made $1k in the last two weeks with an iphone app...
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?
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Old 04-11-2017, 11:02 PM   #31
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Ehhh...yeah. This shit sounds like pedo heaven. To be honest I don't think anyone under the age of 18 should have a smart phone at all. Too many bad things and very few good things can come from it.

Hell, for that matter a lot of adults shouldn't have them either. Like the ****ing idiots who can't ****ing put them down when they're driving in ****ing rush hour traffic on the ****ing interstate.
There was just one in the news about that. Adults contacting kids and messaging them through there to meet up.

Granted they can do it on any social app.
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Old 04-11-2017, 11:12 PM   #32
Ming the Merciless Ming the Merciless is offline
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Lots of opportunities here. I would recommend speaking to a CPA / Tax Attorney.

One option would be that you could create a small business and make your son an employee of the business. Not only will this save YOU thousands of dollars a year in taxes, but now your son is an actual employee of a business, which means you could create an IRA for him and begin investing his cash into simple index funds and start compounding early. He may give you the silent treatment today, but he'll be singing your praises when he's 25 and realizes what you did for him.
Im not 100% but there used to be age minimums on IRA's like 18 or 21

but you could use a different vehicle

edit: maybe not....maybe there is no age limit these days

Im old

But yuah if you can do a roth IRA i would 100% go this route
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Old 04-11-2017, 11:33 PM   #33
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Old 04-12-2017, 02:47 AM   #34
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only Leafy and Pewdie - I've seen no others pass one million.
lirik and Summit easily pull that with donations. i've seen summit talk about needing to buy rims for his 200K car and people donated the 8 grand in like 30 ****ing minutes. They make a killing.
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Old 04-12-2017, 02:50 AM   #35
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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.
**** that 50% bullshit for college. That's a parents bill, it doesn't fall on the child. As long as he is responsible with the funds let him ride them out.
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Old 04-12-2017, 05:25 AM   #36
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Yeah, it's just 12-14 year old girls sending your son gifts... keep telling yourself that.
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Old 04-12-2017, 06:40 AM   #37
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**** that 50% bullshit for college. That's a parents bill, it doesn't fall on the child. As long as he is responsible with the funds let him ride them out.
I had a full disclaimer that I had no idea how to handle that situation, as I am not a parent.
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Old 04-12-2017, 07:15 AM   #38
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lirik and Summit easily pull that with donations. i've seen summit talk about needing to buy rims for his 200K car and people donated the 8 grand in like 30 ****ing minutes. They make a killing.
Imaqtpie making 2 mill a year on twitch, that is before sponsors. Just had a rolling Stone article on him
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Old 04-12-2017, 07:27 AM   #39
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Originally Posted by MTG#10 View Post
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?
12 year old girls are not sending your kid money. 12 year old girls don't have money.
Glad he's making new 'friends' though.
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Old 04-12-2017, 07:30 AM   #40
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Old 04-12-2017, 07:31 AM   #41
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Old 04-12-2017, 07:47 AM   #42
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Old 04-12-2017, 08:15 AM   #43
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Sounds too good to be true. Seems cool now but this is the way life is. When you thinking something is going well it is just a setup for life to screw you. When life is going bad it is just life setting up to screw you.
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Old 04-12-2017, 08:29 AM   #44
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Sounds too good to be true. Seems cool now but this is the way life is. When you thinking something is going well it is just a setup for life to screw you. When life is going bad it is just life setting up to screw you.
Life being a 400lb man out on parole in this scenario.
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Old 04-12-2017, 08:48 AM   #45
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I had a full disclaimer that I had no idea how to handle that situation, as I am not a parent.
Don't take advice from someone who has probably never set foot on a college campus.
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