Everyone wants to be rich. But, most of us struggle with money. Excluding the top few, the rest of us spend our entire lives struggling to earn, spend, and keep money. It won’t be wrong to say that we have a very complicated relationship with money that requires deeper inspection. In this article, we’ll take a look at what it takes to become rich; is there any truth to overnight rags-to-riches stories? And most importantly, how to become a teenage millionaire or just, simply a millionaire at any age.
The Rich Mindset – Understanding What Makes a Millionaire
“Riches begin in the form of thought! The amount is limited only by the person in whose mind the thought is put into motion.” – Napoleon Hill
Napolean Hill is the author of Think and Grow Rich, probably the bestselling and most widely known book on how to become rich. In his book, he talks extensively about the Rich mindset. Basically, about how you can manifest money through the power of your imagination and mind. And, though it might seem like some voodoo talk to scoff at, there is some truth to it.
If you don’t like the word ‘manifest,’ replace it with ‘faith’ or ‘belief’. To become a millionaire, you first have to start believing that you can and will become a millionaire. Do not go into any business venture with a mindset that says ‘I can’t do this, ‘it’s a far-fetched dream for me to become rich,’ or even ‘I don’t deserve to be rich’.
How Rich People Think is one of the best books on how to become a millionaire and improve personal finances. Steve Siebold, the author spent 26 years researching and interviewing rich people in order to figure out what makes them different from ordinary people. Here are his findings.
- Poor people think money is the root of all evil and rich people are cruel and selfish, while rich people believe that a lack of money breeds evil.
- Rich people work for passion and fulfillment while the poor work for money.
- Rich people see money as freedom while the poor see it as controlling.
- Rich people make their money by thinking outside the box and being creative while the poor can only imagine earning money through labor.
We can deduct from this that to become a millionaire, you need to first let go of your poor mindset and stop thinking of money as evil. After all, you don’t want to become an evil, cruel, selfish millionaire, do you?
8 Teenage Millionaires of the World
If you still think becoming a teenage millionaire is just a dream, then meet the real-life young millionaires who earned their first million dollars in their teenage years.
1. Matt Wegrzyn
Wegrzyn started buying and selling domain names at the age of 17. Soon, he developed his own website called Bodis.com for the purpose of domain parking – a website that allows you to buy and hold domain names and later sell them for a profit.
2. Fraser Doherty
At the age of 14, Doherty started making and selling jams based on his grandmother’s recipe. By age 16, he had a booming small business. And today, Doherty Jam has over 184 stores all over Scotland.
3. Sean Belnick
Similarly, 14-year-old Belnick started selling furniture from his bedroom through his website called BizChair.com – an online shop for all kinds of furniture for offices, schools, restaurants, etc. Today, his company is ranked 37th on Inc Magazine’s list of Top 100 Retail Companies.
4. Maddie Robinson
At age 8, Maddie had the idea of combining all her favorite things into one, I.e., fish, sea, and flip-flops. Basically, she created a new product by decorating simple flip-flops with fish. With the help of her father, she launched fishflops.com and turned her idea into a full-fledged business. A year later, fishflops had made more than a million in retail sales – all before she was even a teenager!
5. Juliette Brindak
Brindak started a blog as a hobby when she was 16. She created an all-girls website called Miss O & Friends, where teen girls and young adult women can socialize safely. According to a 2012 report, the website had an estimated net worth of $15 million.
6. Alina Morse
At age 7, Alina morse wanted to enjoy her favorite lollipops without destroying her dental health. A couple of years later, with the help of her family, she created the brand Zollipops – a maker of healthy candy for kids. It is sold on Amazon as well as Kroger. Today, her company is valued at over $6 million net worth.
7. Isabel and Caroline Bercaw
The Bercaw sisters started making their own bath bombs out of boredom when they were only 10 and 11 years old, respectively. At first, they took their creations to local fairs and later, created the brand Da Bomb. Today, it is sold all over the U.S. and makes over $20 million in sales. Both teenagers are now millionaires.
8. Mr. Beast
This list is not complete without mentioning Jimmy Donaldson, aka Mr. Beast – the 4th most subscribed Youtuber in the world. He started his YouTube channel at age 13 and after 5 years of constant hard work, his videos went viral and he made millions of dollars all before his 21st birthday! Today, his estimated net worth is over $60 million, and he’s only 24 years old.
Top 10 ways to become a millionaire as a teenager in 2023
There are a lot of lessons we can take from the lives and success stories of these teenage millionaires. Here are a few of them.
1. Adopt a Growth Mindset
Yes, some people are born sellers. They have a natural talent for business. However, it can also be cultivated. To do that, you need to adopt a growth mindset. According to a study, there is a direct correlation between the growth mindset and the socioeconomic status of people. Individuals who have a growth mindset are more motivated, engage better, and are high achievers.
So, what is a growth mindset? Harvard Business Review describes having a growth mindset as believing that you can improve and develop new abilities and even your intelligence. It means learning from your mistakes and consistently trying to get results despite failures.
If you want to know how to become a millionaire with no money, this is your answer. There’s no such thing as becoming rich overnight (unless you win a lottery or come into an inheritance). It’s all about developing your unique skill set and taking advantage of the opportunities.
2. Read as much as you can and gain knowledge
If you’re a teenager looking to become rich, then you’re already ahead of everyone else. A key step to achieving success is to first gain knowledge. Read as much as you can. There are several best books on how to become a millionaire that clears up your misconceptions about money and tell you the secret to attracting wealth. Some of these are:
- Rich Dad Poor Dad by Robert Kiyosaki
- Think and Grow Rich by Napolean Hill
- The Intelligent Investor by Benjamin Graham
- How Rich people Think by Steve Siebold
- The Automatic Millionaire by David Bach
- Rich Habits by Thomas Corley
3. Start a Small Business
You cannot become a millionaire by saving money or penny-pinching. Instead, you need to generate a source of income, several in fact. All teenage millionaires have some sort of idea that they develop into a small business first, once, their small business takes off, they upscale their company and continue to grow. Luckily, in today’s world, it is extremely easy to start a small business online. Here are a few small business ideas that are very profitable these days.
- Clothing store
- Print on demand
- Selling art
- Food products
- Custom cakes and baking
- Flipping thrift store finds
- Unique fashion accessories
- Handmade clothes and other items
- Selling candles
- Skincare or makeup brands, etc.
4. Monetize What You Love
One common thing among all millionaires and billionaires is that they don’t work for money. They work for passion, expressing their creativity, to improve themselves as well as for the betterment of the world. Take Elon Musk, the richest man in the world in 2023. He owns several different businesses and continues to work hard despite having billions in his bank account. His dream isn’t retirement at some California beach with a martini; his dream is to take humanity to Mars.
Therefore, you should also have a vision and a passion. Focus on creating something you love and monetizing it, rather than look for shortcuts to make some quick bucks, for example, if you love writing, you can become a freelancer while simultaneously writing and publishing books. Likewise, if you love creating clothes, you can start a high-quality handmade clothes brand.
5. Make YouTube Videos
There’s no denying that YouTube is a lucrative business. Once you’ve got 1k subscribers on your channel, you can monetize your videos and keep earning from them forever. However, the catch is that your videos should be extremely high-quality and valuable. First, select a niche you’re skilled at or passionate about. For example, money, finance, tech, art, travel, entertainment, filmmaking, cooking, slow living, knitting, etc. It can be anything you enjoy. The goal is to become an authority figure in your particular niche so that people come to you for useful information.
6. Become an Influencer
Becoming an influencer is a fast way to become a teenage millionaire as well. basically, you have to build a brand around your personality so that whatever you endorse, people will buy. It’s important that you have big following on social media platforms to become an influencer. Instagram and TikTok are the best sites for influencers. Once you’ve established a huge following, companies and brands will reach out to you for marketing and you can earn thousands of dollars from a single post.
7. Generate Passive Income
Passive income basically, means earning money without actively working on something. You have a 9-5 job but also earn passive income on the side. Commonly, investing in the stock market is considered the best source of passive income. However, not a lot of people have the money for it. Instead, you can try blogging and affiliate marketing to earn passive money. Additionally, you can invest in real estate to become an entrepreneur in the longer run or become a landlord for bigger returns on investment.
8. Invest – Understand Compound Growth
Speaking of investing, it is important to understand Compound Growth – a crucial step if you want to become a teenage millionaire. In simple words, compound growth is the money, your money makes. For example, you invest in an asset that earns you profit. Instead of spending the profit, you reinvest it and generate an even bigger profit. That’s what millionaires do, and it is the secret to accumulating wealth.
9. Don’t Take Financial Risks
Teenagers are reckless. Undoubtedly, even if you become a teenage millionaire, if you aren’t responsible and don’t know how to handle money, sooner or later you will lose it. If you’re earning good income from an online business, do not take risks with it. Do not invest a big amount into cryptocurrency if you don’t understand it completely. The same goes for other investing gimmicks. Stick to age-old proven investment methods. You can even try alternative investments like gold, valuable collectibles, art, antiques, etc.
10. Stay Away From Debts
U.S. teenagers, especially university students, are buried in debts, mainly credit card debts and student loan debts. University education is staggeringly expensive in the U.S. and most students have to take thousands of dollars of loans to complete their education. If you want to become rich in your teens, stay away from this debt. In fact, a National Study of Millionaires revealed that a whopping 62% of young millionaires graduated from state universities or community colleges. Proving that you don’t need an expensive degree to become a millionaire.
Similarly, credit card debts are dangerous. According to the same study, 94% of individuals who got rich at a young age live on less than they make. That’s why adopt healthy money habits to stay on track to becoming a teenage millionaire.
How Long Does it Take to Become a Millionaire?
Obviously, it doesn’t happen overnight. In fact, deducting from the real-life examples above, if you want to become a millionaire in your teens, then you need to start before 10 years of age. Don’t worry, if you’re already old. The key is to start as early as you can. If you start implementing all these tips today, you will surely become a millionaire in your twenties.
To sum it all up, there’s no easy and quick way to riches. Even the overnight rags-to-riches stories have years of hard work and persistence behind them. To become a young millionaire, you need to first change your mindset and come into a money mindset. Believe in your inevitable success and continue working hard despite setbacks. Develop your skills. But most importantly, don’t do it just for the money; do it for a passion, purpose, and a meaningful cause.