The holidays are a good time to figure out how to enhance your pocket money. Here are some ideas.

It is that time of the year, when you are eagerly looking forward to your annual school holidays. Have you made your plans as to how you will be spending them? Even for those of you who have lengthy vacations, planned, there are a few cool money making ideas to beat the heat. Are you game to exploring these potential money making ideas?

Make a choice

Look around and you will realise that most adults have to be economically useful to survive. So, unless one has a large inheritance, the need to earn money to support oneself and one's dependants is a given. You will also realise that broadly there are two ways of earning money. One is to work for others. This could be either for the Government or for the private sector. The bank tellers, restaurant waiters, IT services employees all fall in this category. A large percentage of the population are employees — people who work for their employers.

So, if most of the people are employees, who gives them the jobs? One of the largest employers in India is the Government. Both the central government and the state governments, between them, employ hundreds of thousands of people. The government-run businesses are also some of the big employers. Public sector undertakings like SAIL, NTPC and so on recruit and employ a lot of people. Private sector businesses like Infosys, CTS and TCS employ a lot of people too. Then, there are the small businesses, like the neighbourhood grocer, your local tailor, and your favourite restaurant which employs several people. While these small businesses individually employ a few people, throughout the country, there are several hundreds of thousands of such small businesses that provide employment opportunities.

This summer, you can choose either to get employed by a small business or you can choose to have your own small business. Remember, however, that being an employee you usually get a fixed income called salary. When you have your own business, you can usually make more than what you make as an employee. But, there is a chance you may not make any money if the business is not profitable. However, there are some businesses that do not require any money upfront and in such cases, you will not lose any money, if the business does not succeed.

Having your own car washing business is a business where you do not invest much (you can borrow the tools for cleaning) and so you will not lose money if you do not get customers. Having your own lemonade and cookie stall is a business where you need to invest money to make lemonade and cookies. If no one buys them, you lose your investment. So which option are you going to choose?

Young World Money-Wizards Quiz #18

Which organisation is the largest employer in India?

If you know the answer, email it to youngworld@money-wizards.com. The first five correct answers within seven days will each be awarded flipkart evouchers worth Rs. 250. The results and the answers will be published at www.money-wizards.com.

About Money-Wizards: A company in financial literacy and money education. They conduct workshops and after school classes on money education for school children. If you want Money Wizards programmes in your school or neighbourhood, write to Info@Money-Wizards.com