Wealth Blog

Finance Blogs » Wealth Blog » A millionaire by age 22

A millionaire by age 22

By Judy Martel · Bankrate.com
Wednesday, March 30, 2011
Posted: 12 pm ET

Think you could never become a millionaire? Take inspiration from some college students who are already there.

Fifteen college students, profiled over three years by Forbes, all made their wealth through entrepreneurship. Many saw a market need and filled it, while others turned a hobby into a business. Nearly all of them are already "serial entrepreneurs," having started businesses as early as 9 years old.

The traditional path to wealth has almost always come from business ownership. What's interesting about this young group of entrepreneurs is that of the seven students profiled here, two had "bricks and mortar" type companies -- one making jams, and the other who designed a tool to extract oil from plants for diesel fuel. The other five were internet entrepreneurs, where overhead is typically low, and businesses can more easily cultivate a global market.

The outlook these young founders have about their college education is more strategic than tactical. Entrepreneurship appears to be part of their genetic makeup, and education is a tool that helps them enhance what's already there. "For me education isn't helping me find a career," says Milun Tesovic, who as a 16-year-old turned his music hobby into Metrolyrics.com. "It's more about growing myself."

Not everyone has the entrepreneurial bug, but you can still reach your financial goals with careful investing and saving. The lesson learned from this group is to start early and keep your eyes on the prize.

Keep up with your wealth and follow me on Twitter.

Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.

Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
1 Comment