Money Secrets From 25 Millionaires Under 25
Steal These Money Secrets From 25 Millionaires Under 25
Here's how to make and manage money to become a millionaire.
By Cynthia Measom March 31, 2021
Unless you’re independently wealthy, you’ve probably entertained the idea of being a millionaire. As you read about the latest celebrity splurge, you might wonder what a normal person can do to make that kind of money.
The rich often know the secrets to financial success, and now you can, too. By knowing how these 25 millionaires under 25 amassed their fortunes, you can get some personal finance and budgeting tips that apply to your own life and growing bank account.
Automate Your Finances
In 2016, when Mikaila Ulmer landed an $11 million deal with Whole Foods to sell her Me & the Bees Lemonade in 55 of its stores in four states, that was just the beginning of her financial success. Today, the 14-year-old entrepreneur's beverage is now also being sold by restaurants, food trailers and natural food delivery companies.
In a 2017 interview with CNBC, Mikaila said her best money advice is to automate your finances. What the teenage millionaire means is to use online technology to track numbers and share data to keep financial information easily accessible and in check.
Diversify Income Streams
People who are looking to become rich can take a cue from stars who know how to diversify their income streams — like Camila Cabello. The 23-year-old singer got her start on "The X Factor" television show in 2012 as a member of the group Fifth Harmony, which she left to become a solo act in 2016.
Since becoming a solo act, Cabello has collaborated with other artists, released a No. 1 album, toured solo, done a modeling campaign for Guess and took a role in a film adaptation of "Cinderella." According to Celebrity Net Worth, Cabello has a net worth of $14 million.
Liza Koshy, who cut her digital teeth on the now-extinct Vine, is another star who knows how to earn income from various ventures. She made Forbes' 2019 30 under 30 list. Koshy has two successful YouTube channels with millions of subscribers. She's had her share of sponsored content opportunities and has been hired for commercial ads.
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