Tag Archives: millionaire

How to be a Millionaire by Age 25

Facebook CEO Mark Zuckerberg © Paul Sakuma, APYes, admit it, you want to be a millionaire. Most of us do. But is it possible to do it by age 25?

A lot of others have done it. If you’re past the quarter-century point you won’t make that goal, but there’s nothing to stop you from learning from their successes.

Each year, some Americans make their first million dollars before turning 25, including a few who are still in high school.

Among the traits they have in common are vision, smarts and determination.

A little luck never hurts.

Mark Zuckerberg

“Young people are just smarter,” Mark Zuckerberg, now 26, told a Stanford University audience in 2007. Three years earlier, Zuckerberg had helped launch the enterprise that came to be called Facebook and vaulted him into the ranks of the nation’s billionaires.

Here’s a look at nine other individuals who were millionaires before they were 25, with some of their advice for achieving success.

Michael Dell

Michael Dell, now 45, earned his first million at age 19. Dell dropped out of the University of Texas shortly after starting a computer company that sold directly to consumers, at prices lower than retail rivals could match.

By the time he was 24, the company now known as Dell (DELL, news) had revenues of $258 million. At last check, Dell’s estimated net worth was $13.5 billion.

His advice for young entrepreneurs: “You’ve got to be passionate about it,” he said in an interview with the Academy of Achievement. “I think people that look for great ideas to make money aren’t nearly as successful as those who say, ‘OK, what do I really love to do?

Catherine Cook

Catherine Cook, now 20, has been a millionaire for a couple of years. She and her brothers David and Geoff started myYearbook, a social-networking site popular with teens, in 2005, when Catherine and David were still in high school.

Her advice for young entrepreneurs: “Stop just thinking about it and make it happen. When you’re young is the best time to start your own business, as you do not have the responsibilities you will have when you’re older. The worst that can happen if you fail now is that you have firsthand experience to make your next venture a success.”

Sean Belnick

Sean Belnick, now 23, became a millionaire at 16. He started selling office chairs online, an endeavor that morphed into a company called BizChair.com. Along the way, Belnick earned a bachelor’s degree from Emory University’s Goizueta Business School.

His advice for young entrepreneurs: “It is never too early to start. . . . There’s a lot of great information on the Internet. Just do the research and find a way to do what you want to do.”

Jermaine Griggs

Jermaine Griggs, now 27, became a millionaire at 23 by pursuing his passion for teaching music. His website, HearAndPlay.com, is designed to help people learn to play piano, guitar or drums by ear, without reading sheet music. More than 2 million students download online lessons each year. Griggs’ plans include the launch of brick-and-mortar learning centers, a TV network and a magazine.

His advice for young entrepreneurs: “Understand the power of selling, not just things but yourself and your ideas. Study business. Study those who have come before you and find people with the same dreams and aspirations as you.”

Read the full article, including five more millionaires, on MSN.com.

Become a Millionaire Before 30

http://rack.3.mshcdn.com/media/ZgkyMDEzLzA3LzExL2ZlL0Fhcm9uMjBQaXRtLjI4YWZlLmpwZwpwCXRodW1iCTIwMHgyMDAjCmUJanBn/efaa0a01/eaf/Aaron%2520Pitman-1645.jpgImagine making your first million before you turned 30. Kind of seems like you’d be set for life.

Well, that’s exactly what self-made millionaire and Angel Investor Aaron Pitman did. He is the Founder and Partner of RA Domain Capital, a domain name development firm.

Now he wants to help you become a millionaire before 30 — or whatever age you happen to be turning — too.

If there is one universal truth, it’s that everyone is looking to get rich quick. This probably explains why so many people are willing to believe there’s a Nigerian prince out there with their email address, ready and willing to mail them money. Truth is, whether looking for your dream job or starting up a new company, too many young people are looking to strike gold as quickly and easily as possible.

As someone who made my first million before I turned 30, the question of how to become a young millionaire often arises. Unfortunately, I don’t know of any magic pill to take or button to press to become instantly successful.

For starters, I followed the 10,000 hour rule of mastering any subject, deferring parties in college to spend sleepless nights working on business plans with a select group of other broke overachievers. Along with my 13 other roommates, I spent most of my formative “party” years working hard, mastering skills and eating a lot of Ramen noodles.

I know it’s possible to become wealthy early in life if you have the drive, determination and ambition to succeed. Here are a few tips that helped me achieve success and just might help you, too.

1. Confess and Attack

As a young worker, most people will see your age as your biggest hurdle and most pressing handicap. But the truth is that your youth just might be your biggest advantage.

So many of the people I networked with and contacted were older (sometimes much older) than myself. Often, these people knew they wanted to get hooks into the online space but just didn’t understand how the game was played online. They were actually looking for someone hungry and motivated, but best of all, they were looking for someone who had grown up around technology and understood the market.

Still, there is definitely a real perceived disadvantage to being a young and “inexperienced” worker or entrepreneur. This is when I began to formulate my “confess and attack” strategy. I would tell potential business partners the fairly evident truth: I’m young. But this doesn’t mean I don’t know what I’m doing or that I haven’t put in the time and energy to become an expert in my field.

Once I confessed what we both knew and explained my skills, I would attack their preconceived notions. I would push the conversation back to them, explaining if they weren’t comfortable with me or my team after understanding my skills, then perhaps we weren’t a good business fit.

I took back control of the situation and found business partners who actually believed in me and my ability to succeed, instead of jittery investors ready to bail at the first signs of trouble.

2. Your Socializing Can Determine Your Success

As a young job seeker or entrepreneur, your network is key. Think of the old saying, “Show me who your friends are and I’ll tell you who you are.” This is as true for the business world as it was when your mom said it about that one friend you had in high school who was always trying to get you to skip class.

Read the full story on Mashable.