Reuters Money

Secrets of wealthy whiz kids: How to make a million by 21

Photo
-

Earlier this month, Reuters Money featured a story with advice on how to get on the road to Millionaire Row. But what if you’re in a hurry, like so many multi-tasking teens of the 21st Century? What if your goal is to make that million by the time you turn 21? Can it be done?

The answer is yes, if you take the fast lane as an entrepreneur on steroids — something common to the four millionaires we polled for this follow-up. Three made it to the seven-digit milestone by 21; the fourth reached it when he turned 24. Here, those wealthy whiz kids past and present share the secrets that contributed to the fortunes they made.

 

Jon Koon, 27

Position: Owner and designer of the Private Stock denim line, marketing guru and manufacturer of auto accessories.

How he made it: A licensing and fashion marvel, Koon made his first million at 16 as a pioneer in car tuning, where vehicles are modified with special parts to enhance appearance and performance.

Should rich people pay more for Medicare?

Photo
-

Should affluent seniors pay more for Medicare than everyone else? How about Social Security? Should we cut benefits for wealthy Americans?

Ideas for “means testing” these critical retirement programs are front and center as deficit reduction talks move back into high gear in Washington. Many Republicans are arguing that Social Security benefits should be cut for wealthy Americans — an idea also backed by the bi-partisan Simpson-Bowles deficit report. Meanwhile, President Obama proposed higher Medicare premiums for high-income seniors this week as part of the deficit plan he submitted to the Congressional Super Committee.

4 more ways the wealthy make money on fun

Photo
-

In June, Reuters Wealth reported on how the wealthy make money from their hobbies, in areas from rock-star guitars to rocks from Mars. This month, we examine four more instances where passion can yield payoff for those with means.

To make a healthy profit from a hobby, experts stress starting with a genuine love of the collectible. Noted art collector Alfred Barnes wasn’t thinking of the bottom line when he bought his first Picasso for less than $100. To borrow from the art world adage, he knew what he liked — and had a hunch the rest of us might catch on someday. How did he turn that initial purchase into the world-class collection now held by the Barnes Foundation, and how can you pull off a similar feat? Here’s how it works: