This Saturday marks a new feature on Think Your Way To Wealth, book reviews!
I may not have one every Saturday, but it will be at least twice a month. There are so many good personal finance books out there, and you can usually learn a thing or two from just about all of them.
A Million Bucks by 30 is Alan Corey’s story of how he reached his goal of becoming a millionaire. By living frugally, he managed to accumulate 1 million dollars by the time he was 29, beating his goal of becoming a millionaire by age thirty.
Alan Corey headed for New York City from the Atlanta area and took a job for a company as technical support. He lived very frugally, at one point eating ramen noodles for lunch every day for 3 months. In his determined quest to reach his goal, Corey came up with all sorts of ways to earn extra income, including appearing on several reality shows for freebies, a game show, and even appeared on the Jerry Springer Show in order to get a free vacation out of the deal. He lived off a fraction of his income, investing the max. amount in his 401k as soon as he started his job in NYC.
Even after he graduated, Alan Corey lived like a college student, taking a roommate in on his 1st real estate purchase, a one-bedroom apartment, which helped cover his mortgage payment.
The real basis of reaching his goal and the increase in his net worth came from real estate. After a couple of years, he rented out the one bedroom apartment, bought a duplex, and turned it into one large house with 6 bedrooms. He rented these out, and the rental income ended up covering his mortgage. Over the next few years, including the real estate boom of the early 2000’s, he bought several other properties(with partners), renovated them, and sold them for hefty profits. This boosted his net worth exponentially, until he hit 1 million dollars in net worth at age 29.
However, he also took frugal living to the extreme. The book is interspersed with some of his extreme tips on saving as well as not spending money. He hid money from himself, took advantage of free entertainment, put himself on an allowance, and frequently challenged himself to spend less and less money. Two of the more questionable ones I found amusing were: 1.) reusing popcorn bags at movie theaters on multiple visits, and 2.) getting a free umbrella from the lost and found from retail establishments! While these are a little too much for me, it shows how dedicated Corey was in his quest not to spend money, which was equaled by his desire to find additional income sources.
Thoughts:
A Million Bucks by 30 is actually a pretty good book. He gives a pretty detailed account of his life, the extreme frugality he employed, and how he bought and renovated several properties. He admits he reached his goal early due to the fast rise in real estate prices. However, his overall dedication to reaching his goal, and his endless pursuit of it, are the real reasons for his success. It is an easy read, interspersed with humor, and gives a true account of how one young man reached his goal of becoming a millionaire. It shows you that whether you invest in real estate, start a part-time business from home, or some other method, frugality and extra income are good ways to assist you in reaching your financial goals.
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