Do you know anyone under the age of 25 that already made their first $500,000?

Question

Its just out of curiousity. Right now, since we are in the information age, and it is rapidly increasing, so many people are making good money thru the internet. There is one guy from marketingtips.com that shows that he already makes millions at the age of 23, selling goods on the internet.

There may be other young internet entrepreneurs that made a great fortune over the internet.

I also heard of a few people in MLM that are under 25 and drive Ferraris and Lamborghinis.

Answer 1

I recommend you do a little research with the Business Opportunity Search Engine. Being community driven it’s a cross between a search engine and a Wikipedia. You can add, delete and improve the results for much more focused answers than a general search engine can provide. http://www.BusinessOpportunitySearchEngine.com

Answer 2

As far as the MLMs go they are a scam. Studies have shown that fewer than 1% of all people involved in MLMs ever recoup their initial investment and the rest are lying.

As an MBA this is best summed up by saying that in a capitalistic world if a more efficient distribution system exists, markets will find it and gravitate to it. MLMs claim that distributor networks are enefficient and do not work but neglect that distributors add value or they would not exist. If the MLM system was more efficient and added value to both the producer and customer don't you think Walmart, Home Depot, etc. would all be chomping at the bit to involve themselves in this marketplace?

Unfortunately these are nothing more than pyramid schemes clouded by an actual product offering.

Answer 3

I mean, with Multi-Level-Marketing (MLM) the people at the very, very top can make good money, but the vast majority of people do not.

From wikipedia:

Fraudulent MLM schemes can usually be identified by high entrance fees or requirements to purchase expensive inventories. They often collapse quickly when the merchandise cannot be resold, leaving all but those at the top of the pyramid with financial losses.

The Federal Trade Commission advises that multi-level marketing organizations with greater incentives for recruitment than product sales are to be viewed skeptically.

In April 2006, it proposed a Business Opportunity Rule intended to require all sellers of business opportunities—including MLMs—to provide enough information to enable prospective buyers to make an informed decision about their probability of earning money.

FTC trade regulation rules usually take 1-1/2 to 3 years before a final rule is established."

Answer 4

Yes, in fact even more than that. There are quite a few in the home business that I am with. One of them drives a luxury car, lives in a luxury home and is still growing because our company is poised for hyper-growth. I find it very refreshing to see young people grasp the concept of residual income, and go to work attaining it. They see this product as something that is going to cement their future and it truly is! They're young enough to get out there and show people the benefits on a daily basis.
I love to see that!

Answer 5

Close, but not quite.

My brother did rather well. Business admin degree and went into loan processing. Quickly formed his own loan brokerage.

He passed the $500k point a little after he was 25 though.

It can be done. It required hard work and the right idea at the right time.

Answer 6

I know a few (besides the entertainers)... Four of my friends went into business online and their concept/site took off. They sold it for 2.9 million and this was about 9 years ago, so they were about 19/20 years old. There are a lot of 'whiz kids' out there making millions.

Answer 7

Check out Bill Gates' bio, he made his first million while still in college and that would make him how old?

Answer 8

How about all those no talent pop and rap artist.

Answer 9

strippers do