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.
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, avoid payday loans, 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!