19-year-old millionaire gives advice

If you aren't happy with your rate of pay, don't be afraid to try something new. Many have taken a pay cut this year but remember, if you work for yourself it's possible to avoid layoffs.

Billy Jinks is 19 years old, lives in Arizona and works for Lexani Limos. That's his business and he now takes in more than a million dollars a year in profits. Even in this struggling economy, Billy is expanding his business.

He now owns 30 Mercedes, Hummers and party buses. Called the "Limo King" in grade school, Billy says he just always had a love for the suave look of limousines. So, when he was about 18 years old, he convinced his parents to buy him his first limo. Since then, Billy has booked client after client and soon one limousine turned into two, two into four and so on until he was making more money than he knew what to do with.

How can you use Billy's story in your life to make or save more money? Find something you're passionate about. Can you use a hobby or extra job to make more money? If you decide to start a business, get creative raising the start-up costs. Talk to your friends, family and consider fund raising. Once you get started, expand when you can and work hard. Billy says he works 12 to 15 hours a day.

I checked into starting a business in Lane County and it is not as difficult as you might think. Contact your county government to apply for a business license. The cost is approximately $50 for most businesses and in many cases, you can register for the license on-line.

Have you recently started your own business? Are you expanding even in this economy? Leave a comment below to share your story.