So, you think you want to be filthy rich? Thirty year-old Alan Corey had the same dream, and in his new book, A Million Bucks by 30, he explains exactly how he went from average Joe to a millionaire before his thirtieth birthday.
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 30 is not your garden variety how-to-get-rich book.
There is no positive-thinking pseudoscience or shady investing or marketing schemes in this book. In fact, save a few boxes with helpful tidbits on saving money, there is very little personal finance advice at all. A Million Bucks by 30 is Corey’s life story to date. It just turns out that Corey’s life has been devoted to making money – a lot of money, in a very short period of time.
After graduating from college Corey was, like many graduates today, aimless and unenthusiastic about going to work for the Man for the next 30 or 40 years of his life. But Corey knew two things. He wanted to own a bar or restaurant, and he wanted to be wealthy.
With those dreams and a couple of thousand bucks in his checking account, Corey moved to New York City where he found an average job and a very, very cheap apartment. For the next few years he worked just hard enough to do well at work, but devoted all of his energy to being cheap and saving money.
(Well, almost all of his energy. At one point Corey had a reality TV fetish that led him to appear on no less than five reality shows).
Between TV gigs, however, Corey lived a lifestyle that proves frugality pays off. He ate Ramen noodles and cheese pizza. He shared small apartments in neighborhoods many people won’t walk through. He let no penny go to waste, and he invested the difference.
It’s those investments that launched Corey to millionaire status. Frugality alone might make a millionaire by 40, but not in a few short years.
Corey snapped up real estate as soon as he was able and turned owning a dirt-cheap one bedroom into a multi-unit apartment home worth more than $500,000. He made smart moves, and some bold ones, even borrowing from friends and family for one deal.
And today Corey achieved his dreams. He is worth more than a million and owns a bar in Brooklyn, all before his 30th birthday.
A Million Bucks by 30 is certainly worth a read for anybody who is not satisfied with just a paycheck and a 401k. Corey proves that you can go from $0 to $1 million in ten years if you are willing to take frugality to extremes and root out smart investments. That said, I don’t think Corey’s book is a roadmap to wealth – in your twenties or at any age.
From the sound of it, Corey never had any debt – even student loans. That’s a huge leg-up in the net-worth race. Some twentysomethings aim to be worth $100k, $400k, or even $1 million before turning thirty, others are just striving for a positive net worth.
Secondly, Corey’s biggest gains came from the super-hot real estate market of the early-to-mid 2000s. As we know all too well today, such rides only last so long. While I have no doubt that a savvy investor could make a killing buying cheap real estate today and holding it a few years, the market (and the credit market) in unquestionably a different game today than it was five years ago.
Cheers to Alan for his continuing success and for writing about it. If you have read A Million Bucks by 30, or are on the road to becoming a millionaire by 30, please share your thoughts with a comment!
Read more reviews of 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 and purchase online at Amazon.com or visit Alan’s website.