Sunday, July 13, 2008

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."

A Million Bucks By 30 is a unique personal finance book by self proclaimed 'fame whore' and cheapskate, New York City-based entrepreneur, and author Alan Corey. By his own account Corey has no particular skills, and is not really good at anything, but yet he was able to reach a net worth of a million dollars before he turned 30. The basis for the 'fame whore' title are his many television appearances including Queer Eye for the Straight Guy, The Restaurant, and The Big Idea with Donny Deutsch. The basis for the cheapskate moniker is due to the fact that, among several other examples, Corey maintained a food budget of $2 per day during his journey to a million.

My Thoughts on A Million Bucks By 30

What I really liked about this book was the simplicity of the writing, the story, and of the author himself. Not that Alan Corey is a 'simple' man by any terms, but it is refreshing to read a personal finance book that comes from a really down to earth, easy, and straightforward place. The book is an easy read, it's funny, it's inspirational, and it begins every chapter with guy in his twenties talking to himself.

Without giving the book away Corey proves that living an extremely frugal lifestyle, being innovative, creative, and a little bit lucky is the formula for financial success. The book is stuffed with loads of smart personal finance tidbits as well as several 'cheapskate strategies' (some that would even make Canada's Mr.Cheap blush). Some of these strategies are at the root of living below your means, while some are downright uncalled for. The book also delves into the world of real estate investing in a big way.

Overall I really enjoyed the book mainly due to it's humour, simplicity, and motivational qualities. It really makes you want to find a way to save an extra $100 this week. Corey does a great job of portraying himself as someone with no special money making advantage over any one else. I would argue that the man possesses an outgoing entrepreneurial spirit, great discipline, and an amazing will to win. Admittedly Corey got lucky due to a very hot real estate market, however his outgoing and courageous personality and dedication to his goals would have likely allowed him to succeed no matter what the market held. In summary the overriding theme of this book in my eyes is; sacrifice now for your future goals. Alan Corey took sacrifice to a new level as he focused on squeezing every dollar he could out of his every day twenty-something life. Absolutely worth the read and a great read for someone just out of university.

the moneygardener was not compensated for this book review


MoneyEnergy said...

OH yeah, I loved this book when I read it last fall - I wrote a review of it on my site, too (books section).

Alan Corey is hilarious. I loved the trick about re-using the popcorn bags at movies:)

He definitely got me motivated about personal finance again.

Dividend Growth Investor said...

nice review MG. Now the only thing you have to do is pick me :-)

Mr. Cheap said...

million dollar journey, thicken my wallet and myself have also reviewed this book if you want to read some other perspectives.

Some of his techniques DID make me blush :-)