Not everyone can be Mark Zuckerberg and become a billionaire by the age of 23. But there are plenty of people who have been fortunate enough to become self-made millionaires by the age of 25.
A Quora thread titled “What does it feel like to be a self-made millionaire under the age of 25?” asked young millionaires to share their experiences and advice of becoming so wealthy at a relatively young age.
From awkward encounters with bank staff to difficulties with teachers, we’ve picked out some of the gems from the thread — but make sure you read the whole thing for yourself.
'Nearly ever (sic) trip to the teller becomes some sort of interrogation. 'What do you do, omg good for you, when did you start' etc … Just gets so annoying and some of these tellers have to scream it out so everyone in the bank hears.'
'Private jets are not what you do because you want to have fun, they're what you to do to save time (time = money). You do the maths: a private jet makes sense if it saves you x amount of time and your time is valued at y.'
'The first few times it's really nice to fly business class. Then you get used to it. Then it's nothing special anymore, but suddenly economy class (which was fine before) feels like crap. This adaption is dangerous because if you indulge, you won't be any more satisfied in the long-run, but your standards will go up and you become incompatible with what's normal for everybody else.'
'One thing I can say is, always remember the people that were there before you were a millionaire, the people that helped you to get where you are. The biggest change I've noticed is the people around me (general acquaintances, not close friends/family), when they find out I'm well off, they just try to flatter me, blowing smoke up my rear.'
'I had been postponing so many experiences with the idea of 'doing it at some point in the future when I made it' that I just started tackling them one by one. Superbowl. Sundance. SobeFest. Africa. A month around Europe. Three-star Michelin dining.'
Anonymous -- sold his company for $100 million aged 24: I could have been just as happy when I was poor(er).
'Surprisingly, the goals I identified were mostly goals that don't require much money, such as: learn to photograph landscapes like a pro, become a good salsa dancer, learn Italian, learn to cook Thai food. Now I am working more consciously towards my goals. I found myself a private Italian teacher (whilst before I would have joined a course) but the most striking realisation was that I could basically have done all these things with just a modest salary... and I didn't, because I imagined I needed to work so hard and make money.'
'Whether it's a tour guide pointing out a hotel that costs $1000/night and everybody in the tour bus gasps (and it's where I'm staying) or taxi drivers making snarky comments about millionaires, or people suggesting it's my 'lucky day and I should buy a lotto ticket' -- I run into it repeatedly and predictably, but I always tend to keep my mouth shut and not say anything.'
'Do you really want your kids to grow up never having seen their parents work, or worry about the cost of something? Do you really need five cars, and two or three houses? Is flying commercial really that inconvenient? Are your kids going to love you more if you give them everything? Answers: Hell no it makes them lazy brats, one semi-luxury car per licensed driver is totally sufficient, one sweet house plus a sweet vacation timeshare is more than adequate, private planes are only rarely worth it but business class is really nice on international flights, and no, they will actually love you less and be miserable grown ups.'
'Once I asked my father when I was in college and his colleague gifted his son a Mercedes for his 20th birthday, 'Why do we shy away from buying things we obviously can buy? Why am I not allowed to buy things others flaunt?'
'His answer was simple: 'Only a fool would buy an expensive car like that in a place where there is no driving discipline.' Soon enough he would be worrying about dents and servicing and mileage. Don't let a car define your image, let your positive impact on others lives make an image.'
'The key is you need to be very conscious about several things, including your wealth itself, how you spend money wisely, what in life makes you happy, and planning for future. When you keep everything in control and not spend unreasonably, having even just a million dollars (which is arguably not much in modern days) can mean you're set for life.'
'You're the youngest and most underdressed person in any restaurant you go to. You give money to parents who can't hope to offer you career advice. After achieving more than most people ever achieve financially, what are you supposed to do -- retire for the next 50 years?'
'Many people like giving the advice that you should work at a job you enjoy; but most people are typically tied to one type of job or another as it's something they can do that also makes them the most money. But when money is entirely out of the equation, what do you really want to do? This is a question that I have been thinking about for over a year by now.'
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