Age is just a number, but what if that age is under 18 and connected to seven sweet figures?
There are a handful of kids and teens who have made millions with their own inventions by starting their own companies, or by savvy investing. Just take a look at Tim Sykes, the high schooler who took his Bar Mitzvah money to start penny stock trading and made a fortune. “If you become a master of your craft, you will be rewarded financially, spiritually, philosophically – every which way possible, and that is the ultimate success,” the multi-million dollar trader said.
What can be learned from these not-yet-legal millionaires? How to find opportunity, trust your gut and use what you’ve got at your disposal, whether it’s cuteness, time or a unique perspective. Here are some of the richest self-made millionaire kids and how they did it.
This entrepreneur tried 30 businesses (websites) in three years of high school before he finally found his stride, but now he’s set for retirement before many people even start planning. After selling one six-figure site, he moved on to another and found his niche.
It all started with a gossip blog, then he moved on to music, parties and other things teen boys are into. He was willing to fail a lot before finally finding monetary success. According to Nick Tart, a young author who literally wrote the book on making money young, “Horowitz came out with another product (after his first) that produced $1.5 million in revenue in three days. None of that would have happened without his 30 initial failures.”
When Dunlop struggled in high school from dyslexia and his teachers told him he’d never be successful, he realized the traditional path was probably not for him. Following in the footsteps of entrepreneurs like Steve Jobs, he dropped out and Kickstarted Incomediary.com. The blog is now worth six figures and boasts a strong 12,000 Alexa rating. Of course, dropping out of school to make millions is the exception, not the rule.
When the Scottish teen started selling homemade jam at 14 using his grandma’s recipe, he never thought he’d get rich doing it. However, in just two years, there were jam fans around the world. His SuperJam was so successful he dropped out of school, avoided student loan debt, and the product was picked up by a major UK supermarket chain. With a $9,000 bank loan, Doherty reached $1.2 million in sales two years later and has since published a cookbook.
Johnson’s mom and dad wanted him to design holiday party invitations, perhaps sensing his flair for it. After receiving their gorgeous invites, neighbors started offering to pay him to design their own, and by the time he was 11, he’d already made thousands from “Cheers and Tears.” This revenue started his first business, SurfingPrizes.com, which is a pay per ad site that brings in up to $400,000 per month. He made his first million before graduating high school.
Enamored by eCommerce at a young age, Belnick started his first website at 14 with just $500 for advertising and $100 for hosting. He started by selling little things like trading cards just to get into the game. Soon, he switched to furniture and founded Bizchair.com. He made $24 million by the time he turned 20 and says he loves the excitement of watching the company prosper.
Even though you might be years past your first kiss and driver’s license, that doesn’t mean you are too old for success. Entrepreneurs of any age can prosper and build successful businesses through deep knowledge and insight in fields they are passionate about.