A Million Bucks By 30 | Book Review
I just finished reading A Million Bucks By 30:How to Overcome a Crap Job, Stingy Parents, and a Useless Degree to Become a Millionaire Before (or After) Turning Thirty. The author, Alan Corey, was kind enough to send me a review copy. I must say, it’s one of the most interesting personal finance books ever! In fact, its my all time favorite.
The author, Alan Corey, was kind enough to send me a review copy. I must say, it’s one of the most interesting personal finance books ever! In fact, its my all time favorite.A lot of people have complained that Robert Kiyosaki’s Rich Dad, Poor Dad stories sounded insincere and that killed the whole concept for them. If you’re in that camp, then you’ll love Corey’s book. He recounts his days of living in abject poverty until he become a millionaire. Don’t get me wrong, he wasn’t poor – he just lived that way to achieve his dream of becoming a millionaire before his 30th birthday. While his story is quite hilarious, he actually covers all the points of personal finance without actually dwelling too long on them; live on less than you earn, learn about investing, invest for your retirement, delay your gratification, take educated risks, make sure your significant other is on the same page or get another significant other. Instead of explicitly mentioning these points, he just shows you how he practiced them on a daily basis.
He was so passionate about living below his means that he moved into the projects (Spanish Harlem) in NY and lived on Ramen noodles for 3 months. He invested 55% of his meager pre-tax salary into stocks, 401k, a Roth IRA and real estate and lived on the rest. By deeply studying the real estate market he was able to recognize changing market conditions and he took a big risk with his investments. But he partnered with the right people and his investments grew exponentially. Coupled with his frugal lifestyle and his book deal, he achieved his goal at the age of 29.
It’s a very enjoyable read. He doesn’t hit you over the head with any lessons and you really feel you’ve gotten to know him by the end of the book. Thanks for the copy Alan!
If anyone else would like me to review their book, you know where to find me!
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March 14th, 2008 at 1:34 pm
That does sound like a good book. I might have to check it out.
April 12th, 2008 at 5:47 pm
I just finished reading Alan’s book, also. His story is definitely educational for any reader planning on becoming financially independent. I was impressed with his ability to practice delayed gratification at a young age (anything younger than 40!!), and a willingness to follow his dreams regardless of the cost.
He also had helpful parents who loaned him $10,000 each (if memory serves me right–I just returned the book to the library so I can’t verify the exact sum right now), so his parents could hardly be called “stingy.”
Otherwise, a good quick read.
April 16th, 2008 at 9:23 am
$20k may not be a fortune, but it can surely jump-start any investment, whether stocks, business, or real estate. Not everyone is so lucky to have wealthy parents.
June 2nd, 2008 at 7:04 am
Yeah $20K is a great jump start. Making the right choices obvioulsy turns it into 50K or 5K. He seems to have made sacrifices many are just unable to do. Doing it when you’re single must be somewhat easier also I’d say.
June 13th, 2008 at 11:55 pm
There is no shortcut to success….you need time and patient..and thinking out of box
Cheers,
Online Issues
July 24th, 2008 at 1:19 am
Lucas Thorn…
your ideas make me want to start rigth now…
November 30th, 2008 at 6:22 pm
I read the book! Corey reall focus on his long term! I took some of tips, but not cheapsteak tips.
July 22nd, 2009 at 10:22 pm
Interesting book review. I’m with Fisher Investments and I’m familiar with another interesting book on gaining wealth. This book by Ken Fisher is called The Ten Roads to Riches. In it, Ken outlines ten paths to wealth and how many famous people got there (of course with advice as to how you can too!)