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Becoming a millionaire at a young age under 20 may seem impossible. But it’s not just lottery winners who have achieved it. There are a lot of self-made millionaires who did it all before their 20s. Check out these amazing young entrepreneurs!
When Maddie was in high school, she began to decorate her locker with bottle cap crafts. She would take the caps from her family members and create small designs inside. It wasn’t long before her friends began asking for their own caps, and eventually, Maddie was running a small locker decor business. By age 13, Maddie was worth $1 million. At the age of 16, Maddie was featured on Shark Tank, where she convinced all three Sharks to invest in her. Maddie’s business Snap Caps totaled over $5.2 million in gross revenue at its peak. Now a Harvard graduate, Maddie teaches technology at Wildwood School in California.
Another entrepreneur, Fraser Doherty, made his first million by selling his grandmother’s jams. He was 14-years-old when he started replicating her recipes. By the time he was 16, he’d created a business called SuperJam. His product was picked up by Waitrose and then a major U.K. grocery store. After taking out a $9,000 loan, Fraser became the youngest supplier to a major grocery store and went on to make his first million. Not only is Fraser a millionaire, but he’s also a business owner of another company called Beer52, a consistent speaker at global conferences, and a recipient of a medal (MBE) “for services to business” by The Queen of England.
Tyler was a typical kid, running lemonade stands and earning cash by babysitting and fixing computers. What wasn’t so typical was his work ethic and how he’d yield $15-$20 an hour from his lemonade stands. When Tyler was in 8th grade, he charged people an hourly rate of $15 to fix their computers. It wasn’t long before he caught the eye of a Merrill Lynch employee, the parents of kids Tyler babysat for. They put him on track for an internship with the company at the young age of 13. By 9th grade, he was working for Merrill Lynch part-time after school. By 15, Tyler turned his computer services into a business called CoolTronics. Before he graduated high school he’d earned his first few million dollars! While Tyler still works with CoolTronics, he’s built several other businesses, such as an app called LoungeBuddy and a company called Redux.
Unlike the others on this list, Mike became a millionaire before he was 20 by playing poker. He started gambling online at the age of 15 when his parents told him to get a job. By the age of 18, he won the EPT German Open, earning €933,600 ($1,370,161). In the same year, he managed to win other events, collecting more money at each competition. Mike is now known as Timex and is the youngest person to win an event on the European Poker Tour and the Epic Poker League. At the age of 28, Mike McDonald had won over $13,200,000 playing poker at live tournaments.
Creative and business savvy, Juliette reached her millionaire status by sketching characters for a social media website called Miss O and Friends. Although the idea came to her at the age of 10, Juliette developed the platform at 16. The website is worth over $15 million, and most of the revenue comes from ads. The website was designed to encourage self-esteem and character building in young girls. Over ten years later, Juliette decided to produce a show for girls about her own life called HyperLinked, which debuted on Youtube Red. As of 2019, Juliette’s net worth was $15 million.
Want to make it big too? Here’s how you can get to your first million…
- Pay off your debt. You can’t start saving until you pay off your past purchases. Check out this article for more details on how to get rid of your debt fast.
- Invest! Research the stock market and figure out what would be best for you to invest in. We share news and tips about investing daily, so visit our site to stay in the loop.
- Make a plan to earn money. Unless you hit the lottery, you can’t make money without a plan. Evaluate your job and consider if it’s worth asking for a raise or switching to a new role. Here’s a list of fast-cash jobs that can fit into anyone’s schedule in their 20’s.
- Surround yourself with successful people. While your friends and family may offer support and occasionally a valuable network, it’s the new connections you make that matter. Meet people with the work ethic you want. Learn from the wealthy people in your life and seek advice from good savers. If you only hang out with the same people who don’t have their eyes set on the $1 million goals, chances are you won’t make it either. So meet new people, make friends and ask lots of questions! You’ll be so glad you did.