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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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Last Updated on March 4, 2019

How to Use Credit Cards While Staying Out of Debt

How to Use Credit Cards While Staying Out of Debt

Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

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Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

Do Not Treat Credit Cards as Your Funding Sources

Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

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I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

Make Sure to Always Pay Off Balances in Full Each Month

The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

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Using Credit Cards with Rewards

Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

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So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

Featured photo credit: Artem Bali via unsplash.com

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