Kids and Money: Teenagers Guide to Becoming a Millionaire
Does your child have what it takes to be the next member of the Teen Millionaires Club? Golden Financial Services continues their series on Kids and Money by introducing children who became millionaires by the age of 20 and notes some of the traits they all have in common.
Check out the Teen Millionaire’s Club Slide Show
Unless you live under a rock, you have heard of Mark Zuckerberg, the founder of Facebook and a billionaire (yes, I do mean billionaire) by the ripe old age of 23. Mark, starting Facebook at the age of 14, is just one example of teens not settling for minimum wage work; instead starting their own business and becoming millionaires before the age of 20.
At the age of nine, Cameron Johnson started his first business selling his sister’s Beanie Babies and made over $50,000 by the age of 12. He moved on to start a greeting card company then several other ventures making him a millionaire by the time he graduated high school.
Ashley Qualls borrowed $8 from her mother and started a website, whateverlife.com, selling MySpace layouts in 2004 and reached a net worth of 8 million dollars.
When he was 14 years old, Fraser Doherty’s grandmother taught him to make jam. He started producing the jam on his own and selling it to his neighbors. He went on to open Super Jam, which reached sales of over 1.2 million dollars in 2011.
There are more and more successful teen-run businesses today. Many teens are no longer happy with working fast food or babysitting and they are venturing past these conventional jobs with astounding determination and entrepreneurial skills to create a lifestyle business they are passionate about. Reaching this level of income, they are choosing stay out of debt and could care less about their credit score. While many teens only need a little encouragement, others displayed personality traits or had circumstances that allowed their big dreams and high expectations to help them become a member of the Teen Millionaires Club.
What does it take to be a member of the Teen Millionaires Club? Here are the traits of a teenage millionaire: These teens…
Have Family Support
Teens successful in their businesses have encouraging families who support their pursuits. These moms and dads allowed their children to pursue their own passions and inspired them to dream big. They don’t necessarily hand out venture capital but brainstorm with their children about ways to raise money through entrepreneurship. They encourage their children to see obstacles as doors, not walls. They are a good example of financial responsibility and they teach their children the value of a dollar.
Written goals are more likely to be achieved and these go-getter kids define and write down their goals and focus on achieving one or two of those goals at a time. They write down the steps necessary to achieve the goal then take action, the most important part of goal setting.
Each of the teenagers profiled in the teen millionaire slideshow started with a plan they could implement, whether it was setting up a website, making jam, or selling stuffed animals. These small endeavors created a pattern of success allowing them to build confidence to move onto something bigger. These are the kids who sold gum to their classmates and started lemonade stands, learning along the way.
Some people never reach their potential because they are unable to recognize opportunities that are in front of them. However, noticing and seeking out opportunities then taking action is a key ingredient in growing millionaires. It is as easy as noticing a problem and brainstorming positive solutions, then creating a business around the solution. The education system teaches our children to follow the rules and memorize facts rather than being independent leaders. These children instead think outside of the box and failing is not an option, but an opportunity. They are willing to go through trials and errors to be successful.
Had Nothing to Lose
Being a teenager has its advantages. Without the insecurity being responsible for rent, feeding a family, or going to work, teenagers have the freedom to spend their time doing what they want, including entrepreneurship. They may have missed a few parties on a Friday night, but being a millionaire by age 17 certainly would make that worthwhile.
Does your child have what it takes to be a millionaire by age 20?
Golden Financial Services has been in the credit debt relief industry since 2004. We have helped over 1.5 million customers get out of debt with our credit card relief education programs and proven debt relief services. Golden Financial Services has received an A+ Rating with the Better Business Bureau and has zero unresolved customer complaints since 2004.
This article is second in a series about Kids and Money. Check out the previous article: Teaching kids about money! BONUS: 5 awesome resources for you and your kids!