What do kids -- the non-millionaire types - do with their money?
The Olsen Twins were once the world's nations wealthiest kids but it seems that title has been handed over to none other than Miley Cyrus. PEOPLE magazine has reported that Disney's singing and acting sensation and her Hannah Montana brand are slated to bring in $1 billion by the end of the year. (Not bad for 15-years-old) And, while not a billion, other child stars, like the Jonas Brothers, Dakota Fanning, and Abigail Breslin are bringing in multi-millions each year.
This made me wonder what average kids are doing with their money and how much they get in the first place. I headed out on the streets of New York City to find out and it seems that New York's youth are spending the majority of money they receive on their sweet tooth cravings. Many said that they spend their allowances on candy, and sometimes toys and clothes.
These kids, who generally earn their dough by doing chores around the house, bring in a range of dollar amounts: anywhere between $7 and $40 a week. While Miley Cyrus says that she would like to purchase a vintage Corvette with all her cash and the Jonas brothers bought new computers with theirs, the kids on the street said that if they had that kind of money they would consider doing something else with it.
Many considered giving a portion of the money to a charity in need, while others said they would invest the money in the stock market, despite dismal returns at the moment. But, in general these wise kids came to the conclusion that someone of such a young age may not know how to handle large sums of money and it would be smart to get help dealing with it.
If you'd like to see more of the kids on the street, check out my video on Mainstreet.com!