We all know that some entrepreneurs get rich quick, but youngest millionaire even while they’re young. Quite a few of them are making their first million before they’re even of legal drinking age.
While most teens spend their youth honing work skills in entry-level jobs, whether that’s slinging fast food or working retail, others get that spark to succeed at an early age. There’s no shortage of useful advice out there to help even the very young make strong business decisions. There is also no minimum age to become a millionaire, as these “kids” know firsthand. From playing the stock market to starting up their own companies, check out these 40 teens who made millions before turning 20.
1. Ashley Qualls:
The founder of WhateverLife.com got her ingenious idea back in 2004 when she was just 14. Meant to showcase her design skills, the site really took off when Qualls started doling out freebie MySpace layouts. An anonymous buyer offered her $1.5 million and the car of her choice, but she declined.
2. Juliath Brindak:
She began creating sketched characters at age 10, and then developed a complementary social-media platform at 16. Her Miss O & Friends company is now worth an estimated $15 million, though Brindak gets most of her revenue from ads.
3. Sean Belnik:
With just $600, Belnik started an e-tail shop at 16, beginning with small items such as trading cards. He then moved on to furniture, founding BizChair.com and proving a knack for the market. By the time he was 20, he was worth $24 million.
4. Adam Horowitz:
When he was just 15, Horowitz challenged himself to make his first million by his 21st birthday. He’s the developer of Mobile Monopoly, which is a tutorial for learning mobile marketing. He reached his goal and earns an anonymous “six-figure income.”
5. John Koon:
Koon was only 16 when he kickstarted New York City’s inaugural auto parts business, Extreme Performance Motorsports. He scored a deal with MTV to provide products for reality shows, and then used his connection to team up with Young Jeezy for a fashion line. He’s already worth $40 million and by all estimates will soon be a billionaire.
6. Cameron Johnson:
By the time he was 11, Johnson’s knack for creating greeting cards had earned him thousands and leverage to start his own business. SurfingPrizes.com was his investment strategy, which is a toolbar service that rakes in about $350,000 per month. When he was a high school senior, he was worth at least one million.
7. David and Catherine Cook:
This brother and sister team got rich by creating MyYearbook.com, which remains a player in the social-media realm. Their older brother invested $250,000 in their digital yearbook idea, and today the site is worth about $100 million.
8. Nick D’Aloisio:
At 17, this entrepreneur had designed an app worth $30 million according to Yahoo. He started coding at 12, which led to the development of a news app. He credits an eye for spotting market disparities as his catalyst.
9. Tyler Dikman:
By eighth grade, Dikman was charging $15 an hour to fix computers. His skills caught the eye of Merrill Lynch executives, and he was hired by Malcolm Taaffe at age 15. He soon started his own business, Cooltronics, repairing computers–making millions and scoring him a spot on Businessweek‘s 25 Under 25 list.
10. Fraser Doherty:
Only 14 when this Scottish entrepreneur began making homemade jams via his grandmother’s recipe, his SuperJam business was booming by the time he turned 16. When a major U.K. supermarket asked to stock his products, he took out a $9,000 loan and became a millionaire. His recipe books can be found on Amazon.