What do these people all have in common:
- Catherine Cook
- Matt Mickiewicz
- Juliette Brindak
- Jermaine Griggs
- Sean Belnick
Ok, so maybe you haven't heard of these 6 people before? Well, what if I added the names Mark Zuckerberg and Michael Dell to that same list? Would it make more sense?
These are all individuals who've become millionaires before age 25!
- Catherine Cook – My Yearbook
- Matt Mickiewicz – 99 Designs and Flippa
- Juliette Brindak – Miss O and Friends
- Jermaine Griggs – Hear and Play Music Group
- Sean Belnick – BizChair
- Mark Zuckerburg – Facebook
- Michael Dell – Dell Computers
They all share some common traits: they started a business in high school or college. They have drive, desire, and entrepreneurial spirit. They manage to get it all done. And I'm sure there is a bit of luck thrown in.
Let's break down what it really takes to become a millionaire by 25.
It All Depends on When You Start
Being a millionaire by 25 all depends on when you start making money and how fast it grows. Let's say you had nothing to start with.
If you start making money at 16 years old, you would need to earn $305 per day to make it to $1 million by 25.
Starting at 18, when you graduate high school, means you would need to earn $391 per day to make it to $1 million by age 25.
What about if you don't start until you graduate college? Then you need to earn $685 per day, assuming you graduate at 22 years old, to become a millionaire by 25.
All of these numbers are also net earnings, so you would need to earn more if you take into consideration taxes and other expenses.
Do you think you could earn $305 per day?
How To Make $305 per Day
Let's just say you start at 16 years old, and are shooting to be a millionaire by 25. Since it only takes $305 per day net, could you do it?
For reference, $305 per day is only $111,325 per year or $9,150 per month – something that's completely doable, just more challenging when you're younger. And as long as nothing is holding you back from earning more, you can make this much per day!
Let's break down how you could earn $305 per day online and offline:
Online
- Write 6 articles per day at $50 each
- Complete 6 design jobs on Fiverr (make sure you have add-ons to get you to $50 net)
- Help small businesses on Elance or oDesk for $300 per day
- Use Amazon's Mechanical Turk for odd jobs to make up the difference and get to $305 per day
- Look at our list of online side hustles to build more income
Offline
- Start driving or riding your bike for Uber – $20 per hour is possible
- Get an after-school job – $12 per hour for 4 hours per day is $48
- Mow your 10 of your neighbors lawn's for $50 a month – $16 per day average
- Provide tech services for your friends, family, and neighbors – $200 per month for 1 neighbor a month
Now, you also don't have to go all-in on any of these. You can mix and match.
Let's say you get an after-school job, and make about $50 per day. You then can get home from work and write 5 articles online for a total of $250. Even better if work work at a place where you could write articles while getting paid – double jackpot.
Entrepreneurship Can Lead to a Big Payday
Working and turning hours into dollars is nice, but it doesn't always give you a big payday. All of the individuals we highlighted at the beginning of the article made it to $1 million by 25 by starting their own companies – and you can do that too.
The big thing to remember when starting your own business is to make sure that you're providing value and solving a problem. There's a lot of money to be made if you can solve a problem for people. You can also do it on nights and weekends, when you're not in school.
But entrepreneurship is about working towards the big payday. It can be daunting not getting any money while you're building your business. But, if you're living at home or going to school, it may not matter that your business makes no money up front. If you want the big payday, you should focus on starting your own company, just like most of the young millionaires we've profiled have done.
Focusing On The Plan Will Help You Become A Millionaire
The truth is, the only one that can decide what to do is you. You have to make the choice to earn more. Making a million dollars by 25 may not be important to you. Instead, you'd rather focus on traveling and adventures. That's okay. But if you do want to be a young millionaire – that's possible too!
What are your thoughts on the possibility of becoming a millionaire by 25? Possible or not?
Bryce@saveandconquer.com says
I think you are correct that most people would have to run a successful business to become a millionaire by 25. Freelancing and doing other work will get a tidy sum of money, but it probably won’t consistently be enough.
Nik @ midlifefinance says
I think it’s possible for someone to earn a million by 25. But doing it successfully will depend on the person. You should already have a great plan to begin and a goal to achieve. Freelancing and online business are great ladder to success.
Abo says
Ok, how can we write articles for making that dollars??
Robert Farrington says
You have to build it up and develop a reputation. Good writers typically earn $1 per word or more. So, for an average blog post, you could earn up to $500 for just one article. I know this because I have paying writing jobs at this rate.
Apollo says
Hey, which site offers this kind of pay?
Robert Farrington says
There’s no “site” – you need to build a reputation as a freelance writer and you’ll get hired. There are a lot of platforms to find jobs, but once you get some experience, your pay will rise significantly.
Nolan Martin says
Hello, my name is Nolan, currently I am 18 and still in highschool comming up upon graduation, I am interested in making money and have the drive to become someone reputable and do better than everyone I grew up around, I have about 5k saved comming out of highschool and looking to invest and save, aswell as ear substances amounts, just need a boost and a direction to go, any advice?
Robert Farrington says
That’s awesome that you already have such a great start. Hopefully you’re already investing that $5,000 – the goal at 18, though, is accumulation. You need to hustle and earn money, and at the same time put your money that you do have to work for you.
Have you looked at this post: 50+ Ways To Make Money By Side Hustling
Brian Robben says
Great post! Working smart and creating value for others often pays more than working hard at an hourly job.
Jennifer says
I’m 18 years old just graduated high school and I feel like college is just a waste of time because I wanna start making money now! How can I start my own business with little money and write articles?
Robert Farrington says
Here’s an article that will help you get started writing: http://thecollegeinvestor.com/16898/the-ultimate-side-hustle-14-ways-to-get-paid-to-write/
Katelyn says
How old do you have to be to get payed for writting articles ?
Robert Farrington says
There’s no limit. Start as early as you want!
Young money says
Where do you go to make 50 dollars a article
Robert Farrington says
You can make much more than that with experience – start networking with bloggers or content creators. Look on job boards like ProBlogger. Even UpWork and similar sites can go there.
But you only get paid more with quality and experience.
Yash Kumar says
Well, all the above strategies and the plans require your constant and persistent efforts to make you a success. Remember, it is not going fast but to grow every day even if it is a single step. Yes, an online business can be a great option for becoming a millionaire as you can reach the wider audiences.
Indeed a great post!
Keep sharing!
Thanks!
Kayla says
Where do you write that articles?
Robert Farrington says
Here’s a full article on how to get paid to write: https://thecollegeinvestor.com/16898/the-ultimate-side-hustle-14-ways-to-get-paid-to-write/