Jeong Kim – A millionaire from a dedicated nuclear submarine
Jeong Kim had sold his telecommunications company in 1998, when he was just 37 for a whopping amount of $1.1 billion. His story of becoming a millionaire is a classic rags to riches one. Being an immigrant from South Korea, he was almost alien to the English language when he first arrived at the United States at the age of 14. He sustained himself with the help of several jobs which included a night shift at the 7-Eleven stores when he stayed at the basement of his math teacher. He was 16 at that time.
Then, with the help of some financial aid, he attended the Johns Hopkins University to acquire his engineering degree. After completing his graduation, Kim decided to join the Navy as he felt that he had some ‘obligation towards the society’. For seven years, he served at a nuclear submarine and inculcated the attributes of leadership, teamwork and integrity.
As Kim says today, he had inculcated his business philosophy from this part of his life – to say less and do more. In 1992, Kim started off as a consultant and acquired $75,000 that formed his capital when he performed a nuclear safety assessment. Then, he made a formal introduction of his technology and started to sell his switches to AT&R, Verizon amongst others. His company is called Yurie Systems. He also got involved in the optical networking business.