Of the 2095 billionaires in the world, only ten under the age of 30 have managed to earn fast cash. Together, this precocious group is worth $ 15.9 billion. They cover the entire globe and are native to the United States, Brazil, Germany, Hong Kong, Ireland, and Norway.
Fast cash plays an important role in the financial success of humanity. Although global markets are falling in response to the COVID-19 pandemic, this year, the list includes several people under the age of 30 who have earned fast cash.
Pedro de Godoy Bueno, 29
For example, Pedro de Godoy Bueno, 29, inherited assets from his billionaire father, Edson de Godoy Bueno, who died in 2017. Pedro’s fortune has surged to about $ 1.1 billion over the past year as shares in Brazilian laboratory services company Diagnósticos da América SA tripled, earning him fast cash.
Lisa Draexlmaier, 29
The second newcomer is Lisa Draexlmaier, 29, who owns and is co-CEO (with her father Fritz) of the holding company of German auto parts maker Fritz Draexlmaier Co & KG, which earned her quick cash flow.
Elisabeth Furthvaenger, 28
Elisabeth Furthvaenger is now worth $ 1.2 billion after her father Hubert Burda gifted her 37.4% of the family’s media empire, which earned her significant fast cash.
Evan Spiegel & John Collison & Kylie Jenner
There are also a couple of young billionaires who have managed to earn fast cash, including Snap CEO Evan Spiegel, John Collison of payments startup Stripe, and makeup artist Kylie Jenner.
In November, Kylie Jenner signed a deal to sell 51% of Kylie Cosmetics to cosmetics giant Coty Inc. for 600 million dollars which brought her fast cash. Jenner recently donated $ 1 million to Cedars-Sinai Medical Center in Los Angeles, the hospital where she gave birth to her daughter Stormi in 2018 and bought personal protective equipment such as face masks and face shields which earned her quick cash flow.
Born and raised in Limerick, Ireland, Collison now lives in San Francisco and is the richest billionaire under 30 with a net worth of $ 3.2 billion. The value of his stake in private company Stripe has nearly tripled in the past two years, thanks to three rounds of nine-figure funding from fast cash.
The most recent, a $ 250 million G series held in September, values the Stripe at $ 35 billion. The rest of the billionaires under the age of 30 inherited their fortune with fast cash.
More Young Billionaires
At an age when most of us are wondering what courses to study, what job to look for, and how to make money, some people seem to be a couple of dozen steps ahead, having understood how to make big money with fast cash. This is not to deprive them of merit but to say that they managed to reach this point before most of their peers and get on the list of billionaires who have earned their own fast cash. Their stories show how high school dropouts and people from humble backgrounds have changed their lives through hard work and determination.
Jonathan Kwok, 28, became a billionaire for the first time after his father, Hong Kong real estate tycoon Walter Kwok, passed away in 2018.
Alexandra Andresen, now 23, has become a billionaire since 19, thanks to her stake in Ferd. The Norwegian investment company is still run by her father, which earned her fast cash.
Brian Armstrong is the CEO of Coinbase, the largest cryptocurrency trading firm in the United States. He has amassed a huge fortune thanks to his stake in the company, as he owns almost a fifth of Coinbase shares. Coinbase went public in April this year for about $ 100 billion.
Why are Fast Loans Criticized?
Fast cash is really expensive. Most often, they are used by people who have significant financial problems. High-interest rates become too burdensome and further complicate the situation when borrowers are faced with fast cash. Fast loan services are accused of making money from human needs.
Due to the availability of online loans offering fast cash, borrowers are able to adequately assess their opportunities and risks. Often, they cannot pay off the debt on time which leads to the accrual of fines and even greater debts. As a rule, a borrower of fast cash online borrows money from strangers without proof of income and runs the risk of not receiving it at all. This threatens with losses, and the borrower, in most cases, is still spoiled by nerves and bad credit history.
When is Fast Cash Bad?
- A quick loan is the worst solution if you constantly do not have enough money for a salary. Instead, look for opportunities to make more money.
- Do not take out a cash loan without proof of income for spontaneous purchases; the satisfaction will quickly pass, and the return to interest will definitely not be pleasant.
- A bad decision is to use a quick loan to have a good time; it is better to wait for your paycheck in this case.
Is Fast Cash a Good Solution Anyway?
Indeed, there are situations in which it is worth taking advantage of a quick loan, like the ones you could get at MoneyZap.com. To put all doubts aside, test yourself. If all of the statements below describe your situation, then the following criteria are right for you:
- You cannot do without money and wait for your paycheck.
- You are guaranteed to receive the amount necessary to pay off the debt until the end of the contract.
- In the near future, you will be able to find additional sources of income.
- There is no cheaper option to borrow money anytime soon.
- You understand all the points of the contract and know exactly the amount that you will have to pay.
- You have compared the rates and cost of a loan taking into account fast cash in different companies, and found the cheapest one available, which will make it easy to take a loan as collateral.
Take each point seriously, weigh the risks of fast cash and make the right choice. Do not take a quick loan if it poses a serious threat to your financial condition. It is worth paying high interest only in really critical situations. In all other cases, do not throw money away but save money so as not to borrow in the future.
Frank Glemstone – Frank is a graduate of the master’s program in Economics Sciences. He has written several articles about personal finances and wealth. Working as the main author for MoneyZap, he is now with clients across the country, helping them achieve their financial and life goals.