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Last Updated on January 17, 2018

Wanna Be A Millionaire? Learn From These 12 Kids Who Already Are

Wanna Be A Millionaire? Learn From These 12 Kids Who Already Are

Have you ever known a child who is on their way to being a millionaire before they’re old enough to legally drive a car? We joke about the kids at the neighborhood lemonade stand being “entrepreneurs in the making,” but that may not be as much of a joke as we thought. Kids these days. . .

There are actually a surprising number of millionaires who haven’t even graduated high school yet. We’re not just talking about Richie Rich here. We’re talking self-made millionaires who aren’t even old enough to open a bank account on their own. We’re talking about kids who understand business and how to make money. The mindset starts at a young age.

Without further ado, here are 12 millionaire kids we can learn from:

1. Christian Owens of Mac Bundle Box

Christian made his first million before he was 16 years old. He taught himself web design at a young age and started his first design company at 14. He then went on to negotiate with various manufacturers and distributors to offer a bundle package of applications for Mac OS X (Steve Jobs was his motivator and inspiration). The Mac Bundle Box has since made him millions.

The lesson: Follow your passion, sure, but the main lesson here is about saving people money. Find a way to offer something people already buy for a lower price.

2. Emil Motycka of Motycka Enterprises

Emil start a lawn mowing business at 9 years old. Lawn mowing may seem like a pretty typical business for a kid, but this kid took it to the next level. He took out a loan for $8,000 when he was 13 years old to purchase a commercial lawn mower. He formed Motycka Enterprises by the time he was 18 and went on to make well over $100,000 that summer. He’s now making millions.

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The lesson: Following a strong passion can work, but on the other hand, doing something and doing it well is just as good if not better. As Mike Rowe from Dirty Jobs says “Don’t Follow Your Passion, But Always Bring it With You.” Whatever you do, do it better than everyone else.

3. Evan of EvanTube

Evan started a YouTube channel called EvanTube when he was just 8 years old. Now he is making approximately $1.3 million a year from his channel with over a million subscribers. What are his videos about? Exactly what you might think – reviews of toys and other things that kids his age are interested in. Yes, you can get rich talking about Minecraft, Angry Birds and Legos!

The lesson: If you do what you love and do it well, you can turn it into a million dollar venture. That doesn’t mean it’s easy, but with persistence, you can make it happen.

4. Cameron Johnson of Cheers and Tears

Cameron was earning around $400,000/month in high school. It all started when he created invitation cards for a neighborhood party his parents were having.  When the guests saw the cards, they started asking him to make cards for them and paying him for it. He founded Cheers and Tears at 14 years old, then preceded to go into software development and online advertising, which made him a millionaire by the time he was in high school.

The lesson: If you do something well, you might as well do it big. Dive into new industries and try new things. They just might make you a millionaire.

5. Adam Hildreth of Dubit and Crisp

Adam was a millionaire by his 16th birthday after creating a teenage social networking site called Dubit (popular in the UK). After he had so much success with his social networking site, Adam went on to create Crisp, a company that helps protect kids against online predators. In 2004, he made the UK’s top 20 richest teens list.

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The lesson: Sometimes it’s best to look for a popular trend and do it yourself. It’s also a good idea to find a need and create a solution. Adam did both.

6. Moziah Bridges of Mo’s Bows

Moziah started a bow tie company at 9 years old and quickly grew his business to earning $150,000/year. Today, Moziah has several employees. He has been featured in several popular magazines and even went on Shark Tank. He’s working on a full clothing line at the moment, which I’m sure will end up being an impressive success as well.

The lesson: If you decide to start a business, keep growing and expanding. There is always room to make your business bigger, just be sure to have a great team to help you along the way.

7. Geoff, Dave, & Catherine Cook of My Yearbook

Before everyone was on Facebook, these three siblings started My Yearbook, a social media site based on the school(s) you went to. It was similar to Facebook at the time, but with more focus on grade school rather than college. The idea to start the website began when they moved to a new town and wanted to make some friends. The site took off and six years later. The Cooks ended up selling the site to the Quepasa Corps. for $100 million. Not bad at all.

The lesson: Find a need and fill it. Be proactive. These kids could have let themselves get down about not having friends in a new place, but instead they decided to do something about it.

8. Sanjay & Shavran Kumaran of GoDimensions

Sanjay and Shavran, at 12 and 14 years old, respectively, run their own gaming corporation. They have several apps, with over 35,000 downloads between them. They have developed the popular Catch Me Cop app, among others. Their apps are monetized purely through advertising, which makes them free for kids to download. Now they speak at events and conferences on ideas, making them happen and drawing up business plans.

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The lesson: This one actually merges following your passion with doing what you do really well. It’s the best of both worlds.

9. Farrhad Acidwalla of Rockstah Media

Farrhad founded Rockstah Media, a marketing agency with 20 employees around the world and he did it at 16 years old. You may have heard of his company or you may know Farrhad from one of his TED Talks. He is known today as one of the most promising entrepreneurs of our time. When asked about the success of his company, Farrhad said “My team is the backbone of my company,” which can definitely teach us a thing or two.

The lesson: You can’t do it all on your own. Building a strong professional team is important if you really want to take you business to the next level.

10. Robert Nay of the Bubble Ball App

Robert raked in over $2 million in two weeks, following the release of his famous Bubble Ball game. He was only 14 years old at the time. Today, his game has been downloaded over 16 million times and Robert continues to develop new apps with his company, Nay Games. Bubble Ball has been seen on Good Morning America and continues to be one of the most popular games in the Apple Store.

The lesson: Some people really can achieve overnight success. That shouldn’t be your goal, but if you create something good enough, it could happen for you.

11. Nick D’Aloisio of Summly

Nick sold his company, Summly, to Yahoo for $30 million in 2013, making him one of the youngest self-made millionaires in the world. Summly went on to become Yahoo News Digest. Nick now works for Yahoo and has been named “Innovator of the Year” by the Wall Street Journal. He was included in TIME Magazine’s “Time 100” as one of the world’s most influential teenagers. Nick is also the youngest person to receive a round of venture capital in technology from Hong Kong billionaire, Li Ka-Shing.

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The lesson: Age doesn’t have to hold you back. Nick was even able to receive funding from a billionaire, despite his age.

12. Leanna Archer of Leanna’s Hair

Leanna was bottling and selling her own hair pomade at just 9 years old. She got her secret recipes from her great-grandmother and has since expanded to an entire line of hair products based on the same recipes. Leanna’s company brings in over $100,000 annually and her net worth is over $3 million. She has also founded the Leanna Archer Education Foundation. Her foundation helps provide basic needs, including education, to 200 Haitian kids each day.

The lesson: When you find success and make lots of money, be sure to give back. Money is a great tool for many things and it is a necessity to help others who have little to nothing.

These kids show us that age is not a limitation. You’re never too young or too old. If you really want to make a difference in the world, start now, no matter your age or any other limiting factor. The commonality among all of these kids is their mindset.They didn’t start with a mindset of “can’t”, they started with a mindset of “how can I?” You can do the same. Even if you’re still in high school.

Featured photo credit: Moziah Bridges/Memphis CVB via flickr.com

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Kalen Bruce

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Published on November 20, 2018

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

Why Your Past Prevents You from Saving Money

Are you constantly thinking about your financial mistakes?

If so, these thoughts are holding you back from saving.

I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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How to Effortlessly Track Your Spending

Stop manually tracking your spending.

Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

The Truth on Why You Keep Failing

Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

  1. Save more than 50% of your available money (after expenses)
  2. Only buy nice things after saving
  3. Automate your savings with automatic bank transfers

These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

How to Foolproof Yourself out of Debt

Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

So how can you separate yourself from the 60%?

By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

A Proven Formula to Skyrocket Your Savings

Having proven systems in place to help you save more is important, but they’re not the best way to save money.

You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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Transform Yourself into a Saving Money Machine

Saving money isn’t complicated but it’s one of the hardest things you’ll do.

By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

What are you waiting for? Go and start saving money, the sky is your limit.

Featured photo credit: rawpixel via unsplash.com

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