Teenage millionaire. Sounds fascinating right!
But not that much in actuality. It takes firm determination and consistency at a very young age.
While becoming a millionaire before you turn 18 is quite a difficult task. However many people achieve this at a very young age.
Maybe you also want to be one. So here is a step-by-step guide on how to become a teenage millionaire which will help you know how to become rich as a teenager online.
It also includes a list of the youngest millionaires who achieved this milestone at a very young age.
Let’s dive right it into!
Table of Content
What Is A Teenage Millionaire?
In simple words a teenager who has built his net worth of over $1 Million.
Generally, people consider the age of 18 as of last chance however you may include 19 as it is also included in teenagers.
In conclusion, a person who attained a net worth of $1 Million before turning 20.
How To Become A Teenage Millionaire
Becoming a millionaire is difficult too as a teenager is much more.
Well, there are a few ways. You could start your own business as Ethan Czahor did. Or you could work for someone else’s business and try to make more money than everyone else.
You could also become a celebrity as Justin Bieber did. Or you could do something completely different and unique that we haven’t thought of.
Step 1: Find Out What You Are Good At
Finding what you are good at a very young age can be a boom for you. You need to try out different things you are good at and found interesting to do and can pay your bills.
Look at teen millionaires like Justin Bieber and how he became a millionaire through music and learn from their journey to achieve it.
You don’t know when a million-dollar idea struck your head. You are just one idea ahead of finding the perfect one.
Once you have found out what you are good at, you need to start practicing and perfecting your skills.
This way, when you do start your own business or work for someone else’s, you will be able to provide the best possible service or product.
Step 2: Start something
It is not necessary for a business will require a huge initial investment, it might even start by selling lemonade like Tyler Dikman did when he was just 5 years old.
Ryan Kazi who is just 9 years old and started a youtube channel to entertain himself and as of now making millions from his youtube channel.
You might even start an educational business by just selling your notes. While this may not make you a big chunk of money but can give an initial kick start.
If can’t think of starting a marketing company from the first day itself. You may have a design business that will require a laptop and internet connection.
It’s true it going to be very hard but you need to show some Entrepreneurial instincts to become an entrepreneur.
Step 3 – Can work for someone Else
Starting a business is not everyone’s cup of tea. You can initially start by working for others to have some funds available to try out.
Even college students do side jobs to support their education and personal expenses.
Working at a job your main goals should be collecting enough cash for your business and learning relevant skills which are going to help you.
It’s not harmful working for others as long as you are not becoming a person who wants to live paycheck to paycheck.
Step 4: Learn From Your Failures
Learning from failures is what most billionaires recommend to aspiring entrepreneurs. It is not about learning from our own mistakes but also from others.
When you fail, don’t just brush it off. Take the time to learn from your mistakes so you don’t make them again.
Tilak Mehta a teenage entrepreneur who created his own company named “Paper n Parcel” didn’t start well at initial but is succeeding now because he learned from his mistakes.
His business is majorly focused on retail sales and he found what are the problems people are facing and solve them
Step 5: Start getting financial knowledge
The most important education which we do not get in our schooling is financial education. You can start by reading a few books and getting into finance.
Lack of financial knowledge is the biggest reason why college students get trapped in college debt.
You should learn how to run a small business efficiently and started experimenting with your business and get the best out of it.
It will develop your small business into a legitimate business which help you build goodwill as well.
Top 7 Teenage Millionaires – Who proved age is just a number
Tyler Dikman
He demonstrated his entrepreneurial skills for the first time at the age of just 5 (when we are crying for ice-creams) by selling lemonade and making $22 per hour.
When he turned 10 he had already been doing magic shows at birthday parties making $74 per hour.
Tyler did not go to stop there. At the age of 15, he founded Cooltronics.com a computer supply company. In addition to selling computers, this website also provides tutorials on the safety of a computer, protection from viruses, and up-gradation of a PC as well.
Now a 17-year-old Tyler is not just a normal boy but a multi-millionaire and got a place in “Top 25 Entrepreneurs Under 25” by Businessweek magazine.
Adam Hildreth
In the year 1999 when Adam Hildreth founded his company called Dubit, a UK-based social networking site. Dubit gain instant attention from people and made millions for Adam.
By the year 2005, Adam made around $4 Million from Dubit Limited. But after the year 2004, he had pretty much no connection with Dubit Limited.
As of now he is the Founder and CEO of Crisp Thinking Limited for almost 18 years and working on online child protection technologies.
John Magennis
At the age of 14 years, John Magennis started a web designing business in the late 90s. He learn all the web designing on his own and started selling it as a service on the internet.
You can imagine how good he was at the work that he went from $15 per site to $30,000 in just two years.
By the time when he turned 16 he already making millions from his web designing business by designing websites for many Fortune 500 companies during the period of the Dotcom boom and was also nominated for the “Entrepreneur of the Year Award”.
What makes his story more fascinating is that he just started his work just from his bed with no initial investment and after a few years he was making millions of dollars as annual revenue.
As of now he is 40 years old and working in the entertainment industry as a producer.
Nick D’Aloisio
Nick got the media’s attention when he sold his smartphone named “Summly” to Yahoo for $30 Million. Yes, you read it right! $30 Million.
Most probably dropped into your recommendation as “17-year-old millionaire”.
It all started when he was 9 years old and getting into computers and learning things. At the age of 12, he started developing apps for Android and iOS.
D’Aloisio’s first accomplishment comes when his iOS-based app named “Trimit” got featured on the App Store in July 2011.
Trimit summarizes the long boring articles into 500 to 1000 characters summary for its users.
He even got an offer for venture capital funding of $300K from a Hong Kong-based billionaire for his app Trimit.
He utilized the funding to re-develop the app from the ground level taking feedback and criticism into consideration and re-launched it as “Summly” in December 2011.
In the year 2021, Twitter acquired its second company “Sphere” which operates an eponymous group chat app.
Jon Koon
Jon Koon made millions just at the age of 16 from his New York-based auto parts manufacturing business named “Extreme Performance Motorsports.”
He started with his savings and buys old cars and upgrade them via a partnership with local mechanics to improve engines, add on luxury features, and install a premium sound system.
He wasn’t happy with it soon after started his company to make the supply of auto parts to a niche market.
Thereafter in the year 2008, he partnered with rapper Young Jeezy and entered the fashion industry.
Cameron Johnson
Just like Tyler Dickman, Cameron Johnson also started at the age of 5 by selling vegetables to his neighbors at the age of 5.
At the age of 9, he even started his own greeting card company “Cheers and Tears”. Furthermore, by the age of 12, he was making $50,000 a year.
He also got into reselling popular things on E-bay by substantial markups. He had bought 30 Ty Beanie Babies which had a different craze at that time and sold them on E-bay for 10 times what they cost.
He started an email forwarding service named “My EZ Mail” with an initial investment of $50,000 and started making $3,000 per month as advertising revenue in a very short time.
After this, he also developed Surfingprizes.com an advertising service. He started making $400K per month and even though he is not graduated his high school till now.
Later when he is college he also started a company named “CertificateSwap” by the time which become a multi-million dollar online company that he sold for six figures later on.
That however did not deter Horwitz’s desire to find online success and create a multi-million dollar online company by the age of 21.
Ashley Qualls
Ashley started his first venture as a website “whateverlife.com”. She had started it as a hobby to demonstrate the graphics that she created.
Later whateverlife.com become very popular among teens and ran advertisements with tutorials and layouts on the website for free.
For Ashley, it was a huge success which makes her a millionaire at the age of 16.
The idea she followed is simple but turns out a million-dollar idea. He made millions without even selling something.
Conclusion
Becoming a millionaire at a very young age is pretty much difficult. But you need to find a brilliant idea to pursue.
Business ideas can change your fortune as you start building them. Like Tyler is performing magic at birthday parties and making $70 per hour.
The journey would be more enjoyable if you follow what you want to be not what can make you most.
Frequently Asked Questions (FAQs)
Are there any teenage millionaires?
Yes, teenage millionaires are very rare, but they do exist. As it takes a lot of hard work and consistency at a very young age it is rare to see teenage millionaires.
While there are a few examples like Ryan Kazi, Evana, etc…
Who is the youngest teenage millionaire?
Ryan Kaji is the youngest millionaire in the world. He was just 9 years old when he achieves this milestone.
He achieves this milestone through his youtube channel named “Ryan’s World”. Now he is 10 years old and has a net worth of $32 Million.
Valentina Pinault (Inherited Wealth) is the richest person under 18. She is just 14 years old but has a net worth of $7.1 billion.
Valentina’s father is Francois-Henri Pinault, the founder, and CEO of Kering. Kering owns brands such as Gucci, Saint Laurent, and Yves Saint Laurent.
Who is the youngest millionaire ever?
Ryan Kaji is the youngest millionaire in the world. He was just 9 years old when he achieves this milestone.
He achieves this milestone through his youtube channel named “Ryan’s World”. Now he is 10 years old and has a net worth of $32 Million.
Who is the youngest and richest teenager?
Valentina Pinault is the richest person under 18. She is just 14 years old but has a net worth of $7.1 billion.
Valentina’s father is Francois-Henri Pinault, the founder, and CEO of Kering. Kering owns brands such as Gucci, Saint Laurent, and Yves Saint Laurent.