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04-11-2006, 09:38 AM | #1 (permalink) |
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Rep Power: 0 | 23 Year Old Millionaire By Rick Munarriz Matt Koop is only 23, but he's already on track for a million-dollar retirement. Motley Fool's Prosperity Tips · Making a Million Over Coffee · Riding Technology to a Triple · Predicting the Next Wal-Mart · One Swede Stock Picker Your Advice: Share It Here If They Can Do It, So Can You · Retirement Dreams Happen · Late-Saver Turnaround · Extreme Money Makeovers · Millionaire in the Making When you think of Wall Street's legendary investors, it's easy to picture seasoned elders donning polyester suits in smoky boardrooms. Even the boyish-looking Peter Lynch went prematurely gray. You certainly don't picture someone like Matt Koop -- all of 23 years old -- to be trouncing the market averages. He has, though. An investor since his teens, Matt has already managed to more than double his money by buying promising growth stocks that have panned out. Matt's a quick learner -- no surprise, given that he's the son of a biology professor and a math professor. His parents encouraged him to make his own money. At their insistence, he took a summer job making salads at a local restaurant while still in high school. It didn't take him long to realize that he would rather be elbow-deep in another kind of greenery. Matt decided to turn his hobby -- writing Web site programming scripts -- into a money-making venture and began scripting applications for other Web site operators. It made majoring in computer science a no-brainer. He graduated in 2004 but hasn't strayed far from the ivory tower; Matt's still in school as a second-year Ph.D. student. But it wasn't the money he made in high school that fueled Matt's early stock-picking success. It was the compensation he got for yet another early working gig. The gift that keeps on giving His stock market indoctrination came at an early age. As a teen, Matt was a community leader at the GeoCities network of Web sites. In exchange for helping other registered users set up their Web pages on the site, he received five shares of GeoCities. The company was eventually acquired by Yahoo! (Nasdaq: YHOO) in 1999. That was just a taste, and it left Matt hungry for more. For his high school graduation present, his parents opened -- and funded -- a Roth IRA in Matt's name. His dad suggested a few initial purchases, and some, such as Halliburton (NYSE: HAL) and high-yielding real estate investment trust Liberty Property Trust (NYSE: LRY), more than offset his loss from WorldCom. Matt hasn't neglected that IRA. Even though he is still decades away from retirement, he has continued to contribute to the tax-advantaged investing vehicle -- and it has paid off nicely. |
04-11-2006, 10:04 AM | #4 (permalink) |
Join Date: Feb 1 2006 Location: Tennessee Age: 62
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Rep Power: 103 | Re: 23 Year Old Millionaire Who's the good lookin' girl?
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04-11-2006, 11:04 AM | #6 (permalink) |
Join Date: Feb 1 2006 Location: Tennessee Age: 62
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Rep Power: 103 | Re: 23 Year Old Millionaire Wilson?? (Funny name for a girl...)
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04-11-2006, 12:26 PM | #9 (permalink) |
Join Date: Sep 30 2005
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Rep Power: 22 | Re: 23 Year Old Millionaire When they post a follow up on how he lost it all when his woman decided he wasn't "big" enough and took off with long dong silver and his money.
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