Question about young self-made billionaires/millionaires etc - Page 5

abadplayer · #41 07-12-2007, 10:45 PM

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How do you expect 20k people under 21 have made 1 mil by themselves?

The only thing that pops to mind is an invention or a business (internet poker = business imo). Maybe there are a lot more people in this category than I thought.

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there are tons of musicians who made a million bucks before 21.

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That's what I was thinking too. 15k seems like alot though.
I was just looking at the Forbes topten under 21 Hollywood stars and the 10th spot was only a mil for 2006. Seems like a tough bet to verify, plus alot of these lists are part BS anyway.

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Forbes doesn't report on very many celebrities etc. primarily just super rich people.

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Lists of "The richest..." tend to report on just super rich people.

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They report on some others which may lead others to assume that it reports on all actors, singers etc etc.

VayaConDios · #42 07-12-2007, 10:48 PM

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I'd guess something like
1) 10
2) 15
3) 5,100,500
4) 0, 3, 50
5) Less than a year

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How could you possibly become a self-made thousandaire in less than a year?

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I was worth probably about 10k before I was 1.

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The gold jewelry that you were given at your christening doesn't count.

Cornell Fiji · #43 07-12-2007, 10:59 PM

Guids,
You are bringing a whole lot of suck into this thread.

Lol @ not realizing that inheritance =/= self made

As a former child actor I can assure you that most kids on a TV series for a few years (ie Raymond) are not millionaires.

Now... if you count our SAG pension and residual payments then it gets a lot closer but just a few years on a show will not net you 7 figures.

You might have a chance with the stars of Broadway shows if they have acted for a few years.

edit: wow, I just read the rest of the thread to see that you bet on this. I hope you are not counting on child actors pulling up your side of the bet. I will see if I can find the SAG statistics for you.

Cornell Fiji · #44 07-12-2007, 11:10 PM

So whats the bet? 20,000 millionaires under the age of 21?

You could probably pick up a few hundred people with athletes... a good handful of poker players, a handful of actors, some top fashion models (but not print ad models), you are going to need the bulk of your earners to be small business owners or investors, I have no idea what those statistics are...

yea, if you want to increase your exposure PM me and i'll probably take the under

Cornell Fiji · #45 07-12-2007, 11:29 PM

Guids / schundler,

Are you considering total earnings before the age of 21 or take home earnings after accounting for taxes?

Duke · #46 07-12-2007, 11:32 PM

I think the problem is going to be with the term "self-made."

If you take $100k from your parents and turn it into a million, is that self-made? If you take $10k from them? What about $5k?

It's a hell of a lot easier to go from $100k -> $1.09M than it is to go from $10-> $1M, and I think that's where things will be tough to judge.

The Olsen Twins can't count as self-made, as they never do anything if their parents don't handle everything for them.

Self-made is impossible for most people, as they have too much help from their parents to truly qualify. The banker that has their parents pay their rent for 3 years while they're making dick in Manhattan, and then ends up being a millionaire 10 years later had a ton of help to get there.

cbloom · #47 07-12-2007, 11:32 PM

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Guids / schundler,

Are you considering total earnings before the age of 21 or take home earnings after accounting for taxes?

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It should be "net worth" which is what all the statistics use.

One funny issue I thought of is the current real estate market; I wonder how many kids did some crazy speculation and got lucky and have huge paper net worths from real estate where they bought a place on a $1M interest only loan and its current value is $2M so their net worth is +$1M

Evan · #48 07-12-2007, 11:52 PM

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I think the problem is going to be with the term "self-made."

If you take $100k from your parents and turn it into a million, is that self-made? If you take $10k from them? What about $5k?

It's a hell of a lot easier to go from $100k -> $1.09M than it is to go from $10-> $1M, and I think that's where things will be tough to judge.

The Olsen Twins can't count as self-made, as they never do anything if their parents don't handle everything for them.

Self-made is impossible for most people, as they have too much help from their parents to truly qualify. The banker that has their parents pay their rent for 3 years while they're making dick in Manhattan, and then ends up being a millionaire 10 years later had a ton of help to get there.

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I think you need to be a little bit lenient with the term "self-made" or else no one qualifies. Everyone got help from their parents (or someone) at some point, whether it was a startup loan, school tuition, or just free housing.

Duke · #49 07-12-2007, 11:52 PM

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I'd guess something like
1) 10
2) 15
3) 5,100,500
4) 0, 3, 50
5) Less than a year

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How could you possibly become a self-made thousandaire in less than a year?

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I was worth probably about 10k before I was 1.

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schundler · #50 07-13-2007, 10:40 PM

cornell,

As Evan said, I think networth is the best measure, rather than pretax earnings or something.

guids has (wisely, I think) decided against going through with it, which I don't blame him for.

I think the point is that it's REALLY difficult to make a million dollars at a very young age, and even if you have a very special talent there are obviously still major obstacles.