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.
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.
Top tips for millionaire hopefuls: Get a business plan.
Koon saved $5,000 to start his first company, but the business plan helped him get substantial backing. “Investment is always tied to a clear opportunity for profit and that exact stream of profitability needs to be identified from the beginning,” he says.