Making A Million Before Age 20
While their peers were out making trouble, these young achievers were making bank.
Fraser Doherty. At 14, Doherty started making jams from his grandmother’s recipes in Edinburgh, Scotland. Originally, his customer base was limited to neighbors and friends from his church, but business picked up quickly, and by age 16, he left school to work on his jams full time. He tweaked his recipes and came up with a name for his product: Superjam.
Doherty borrowed 5,000 pounds (about $9,000) from a bank to cover general expenses and more factory time to produce three flavors: Blueberry & Blackcurrant, Rhubarb & Ginger, and Cranberry & Raspberry. Last year Superjam hit $750,000 in sales and is on track to double that in 2008 (about 50,000 jars a month).
Ashley Qualls. In 2004, at age 14, Detroit native Qualls launched Whateverlife.com, conceived as a personal portfolio with pictures and graphics she created. Later she offered free MySpace layouts and tutorials for teens who want to learn how to do their own graphic designs and coding. Whateverlife.com, which Qualls owns outright, claims to nab 7 million individual visitors a month and counts Verizon Communications (nyse: VZ – news – people ) as an advertiser. In March 2006 Qualls reportedly received an offer (from an undisclosed buyer) for $1.5 million, but turned it down.Image via InnocentDrinks
Balend N on June 20th, 2008 3:31 pm
Making that much money at that age is incredible. Most of the time, it begins as a hobby and all of the sudden your making serious cash. Congrats to those kids.
iowahippiechick on June 20th, 2008 7:33 pm
I love hearing about young people with a work ethic … Income like that combined with the power of long-term investing & compound interest … AWESOME FOR THEM!!!
danakeith on June 20th, 2008 11:35 pm
yes, really true.. very inspiring one.. i admire those who think of making money at very young age.
cassy on June 22nd, 2008 7:11 pm
Amazing, at young age he making that much money wow how much more if he grow old surely he has a good future. Good luck… your a good example to young people
Raymond T on June 22nd, 2008 7:54 pm
The effects of compounding works beautifully, more so if you start off at a very young age! :)
Raymond T on June 22nd, 2008 7:57 pm
Anyone heard of the rule of 72?
kelly on June 22nd, 2008 8:07 pm
I was told the person who started Napster was only 14. True or false?
As for Ashley, I think part of her success is in knowing which hits exchange and which social network to use, and then using a free press release service to get word out of her alyouts. The unique design of her website grabs the world’s attention.
“You don’t have to be an age to have the respect you deserve.”
Tom Lindstrom on June 23rd, 2008 7:56 am
Good for them! They found a good niche and have work ethic.
cassy on June 29th, 2008 6:25 pm
I havn’t heard that rule of 72, what is that Raymond?
Jewel on July 3rd, 2008 10:57 pm
wow…2 thumbs up for them :)
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