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For rich kids, it's only money; Young people risk big pots, when they have time to do it.(Report: Wealthy New Yorkers)

Crain's New York Business

| April 02, 2007 | COPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Andrew Marks

Investing and promptly losing $60,000 on a startup company doesn't show up on many college student resumes. But then, not everyone is as rich as Gianni Martire.

The 23-year-old also had the wherewithal to recently leave a six-figure job at Merrill Lynch to co-found CollegeHotlist.com, a MySpace-style personal networking Web site.

"No matter what I do with these business ventures, I'm going to be comfortable, money-wise,'' points out Mr. Martire, whose immigrant parents struck gold in Manhattan real estate. "Losing all that money was a great learning experience. I absorbed my lesson, and I went on to the next thing.''

Mr. Martire belongs to a rapidly expanding class of younger New Yorkers for whom dropping $60,000 on a business venture or $100,000 on a Maserati requires no sacrifice.

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