Admin  |  Profile  |  Account  |  Inbox  |  Logout Sign In  |  Register

Teen Millionaires - Amazing Success Stories

by at . Comments
money-coins.jpg

Many people dream of becoming a millionaire while they are still young enough to enjoy the fruits of their labor. With approximately .13% of the world's population attaining a net worth of $1 million, the odds are certainly against reaching millionaire status.

So how did these young people reach that goal? Four out of five amassed their fortunes on the internet, and one enterprising young man earned his money the old fashioned way.

Cameron Johnson, Ashley Qualls, Catherine Cook, Adam Hildreth and Fraser Doherty all built million-dollar businesses before reaching age 20.

Read their stories below.

cameron-johnson.jpg 23-year old Cameron Johnson started his first business at the ripe old age of nine, designing and printing greeting cards, invitations and stationary for family and friends. In less than a year, he saved $50,000, which he put toward his next venture, My EZ Mail, an email forwarding company, which generated up to $3000 a month in advertising revenue.

He then joined forces with two other teens, Aaron Greenspan and Tom Kho, to create an online advertising company, Surfingprizes.com. In his freshman year of high school, at the age of fifteen, he was receiving checks between $300,000 and $400,000 a month. Before high school graduation, his combined assets were worth over $1 million.

Johnson now spends his time giving speeches worldwide, and promoting his new book "You Call the Shots."

ashley-qualls.jpg 17-year-old Ashley Qualls launched Whateverlife.com as a personal portfolio of pictures and graphics in 2004, at age 14. She then began offering free MySpace layouts and tutorials for teens who want to learn to do their own graphics designs.

Last year, the media marketing company Valueclick contacted Ashley about advertising on her site. With 7 million individual viewers and over 60 million page views per month, Ashley has taken in over $1 million in advertising revenue.

In less than two years since launching Whateverlife, Ashley has dropped out of school, bought a house and helped launch artists such as Lily Allen.

In March of 2006, Qualls received an offer for Whateverlife of $1.5 million dollars, plus the car of her choice, which she turned down.

dave-and-catherine-cook.jpg In 2005, at age 15, Catherine Cook and her 17-year-old brother, Dave Cook, convinced their older brother Geoff, to write a $250,000 check to help them launch MyYearbook.com, a social-networking site.

By 2006, after merging with Zenhex.com, MyYearbook.com raised $4.1 million in venture capital and the site was ranked by Nielson Netratings as one of the top sites for kids between 12 and 17.

The business, which now has 45 employees, has grown to more than 3 million members worldwide and brings in annual sales in the seven figures with advertisers such as Disney, Neutrogena and ABC.

adam-hildreth.jpg 23-year-old Adam Hildreth started his first company, Dubit Limited, in 1999 at age 14. A social-networking site, which has become one of the largest teen sites in the U.K., it is used by companies like Coca-Cola to market their products to young people.In 2004, at age 19, Hildreth was named one of the richest teens in the U.K., with an estimated net worth of $3.7 million.

In 2005, Hildreth launched another project, Crisp Thinking, which develops software to protect children from online pedophiles. The software, designed to look out for conversation patterns, typing speed, punctuation and any aggressive or bullying language, is 98.4% effective in detecting potentially dangerous conversations online, according to a recent study.

fraser-doherty.jpg In 2002, at the age of 14, Fraser Doherty began making jams from his grandmother's recipes and selling them door-to-door in Edinburgh, Scotland.

Tweaking the recipes and coming up with a name for his product, Doherty quit school at age 16 to work on Superjam full time.

Quickly outgrowing the kitchen in his parents' home, Fraser began renting a factory a few days a month. In 2007, Waitrose, a high end supermarket in the U.K., approached him about selling Superjam in their stores.

Borrowing $9000 from a bank, he began producing three flavors, Blueberry & Blackcurrant, Rhubarb & Ginger, and Cranberry & Raspberry. Tesco followed, adding Superjam to 300 stores across the U.K. Doherty is on track to make $1-$2 million in 2008.

Forbes

Tags: ,
Like Us On Facebook

You Might Also Like

    Avatar

    As an 18 year old, I find this stuff very inspirational, I'm currently In the process of launching my first business... I find it very disturbing to read comments on here from people who probably work a 9-5 job they, and write off successful people to meet their need for
    Significance and justify their lack of success. Seriously, who cares if they got
    Given 250k?? They turned it into 4.1million... I would love to see what those
    Of you who don't believe in these stories would do with 250k! Probably pay off your debt and the house you don't own, buy a new car and go on a well
    Deserved holiday that you have worked so
    Hard for the last 20 years... You go and turn
    250k into 4mil and then come back and have a crack
    At these TEENAGERS! These guys have worked bloody hard to get where they are and used their brains, they also haven't accepted the life society lays down for
    Them they've stood up and told the world who they will be, something a lot of
    You people have never done... Be thankful that there are people out there who are committed to
    Success, you'll work for them one day.

    Avatar

    hey guys things like this are real its all got to do with will power not money or age i no of a 19 year old having no money and starting his own non for profit buissness selling water and ll money goes to developing countries, he says u just have to keep pursuing your drean and have a plan written down and just keep getting your name herd and nagging around and you CAN DO IT!!!!!

    Avatar

    Oh man,some of you are very frustrated... /:) . All of you talk about how they started, with parents or not ... but wtf??? they were kids, it's normal to have somebody to help them, they are not over 20 like most of you to have full control of their lives, they WERE KIDS, kids with determination. At 14 years what did you do? Have you tried hard to make money? or you just played video-games and othe time-wasters bullshit? Regarding to the 250 k check, man, if somebody trust you to give so much amount of money (even is from your family or not) is something, he know you have potential, he knows you wont waste his money. Do you know how money VC lost due to business failures? Or about the 8$ start up...man, if you know something about this type of business you should know that are lot of offers and tricks to get a domain and a first month free of hosting... They were kids, they are smart and rich...you are older, and frustrated...and you search for each possible excuses.

    Avatar

    AH-some! This is very, very inspiring to know and will serve me well as a facilitator of Life Skills for struggling youth in Los Angeles. Congrats to every one of them. I wish there were stories published of a more diverse group. ??

    Avatar

    yeah not all of us have brothers n sisters to just give us $250k
    I'd be lucky enough to get $2000. If Catherine Cook and Dave Cook didn't get the $250k they needed, they wouldn't have been millionaires.

    Avatar

    I am impressed by the steps of this youngones, the problem is not what one has but what one does with what he or she has. Yes! They had opportunities, better environment, costant power supply and alot more, but the most important thing that spoke for them was their zeal and determination to be a winner at what they do. Keep up the good work! And i pray other youths,teens that visit this site will learn to make use of what they have no matter how minute or small it may be.cheers

    Avatar

    Thank you for your help! This was what I needed to know.

    Avatar

    First of all, hula, you're an idiot for questioning Geronimo, OBVIOUSLY the majority of these kids are wealthy, if you can't figure that out, then i can't figure out why you even searched about "millionaires". If these stories are true or not, these little millionaires had help from their parents or someone who loves them. They were pretty much given the key to the door that had millions of dollars behind it. Ashley Qualls myspace layouts, and the jam, yeah thats inspiring, but borrowing 250gs from an older brother? lol... some amazing story.

    Avatar

    i think some of these are kinda bullshit...i heard from another source that ashley qualls started up her business with just $8 or so she claims..wat about the cost for hosting? software? domain registering? i highly doubt she did everything with $8 and if she did i would love to no how. Also how do these young kids such as 14 or younger start up these companies? at the very least u require a credit card to recieve and give payment. ive read somewhere that a 10 year old was buying and selling on ebay... u have to b at least 18 to do so.

    Avatar

    Geronimo's right...what 9 year old gets paid 50k a year for making greeting cards for family and friends exclusively...