How do you become a millionaire by thirty (or hey, even earlier?) Could you do it if you’ve passed the 3-0 mark?
The book I read this weekend explains an unconventional approach. The book is “Millionaire By Thirty: The Quickest Path to Early Financial Independence”, written by best selling author Douglas R. Andrew and his twenty-something sons, Emron and Aaron. Douglas Andrew is known for his book series “Missed Fortune”.
The beginning of the book lays the groundwork for sound financial planning. It’s a great encapsulation of what an individual can do to build a strong financial future. One big concept is to “use credit to conserve, not consume”. Another is and the concept of arbitrage in real-life application.
It is the middle and last half of the book that really stands out as unconventional. The book illustrates how you can use real estate mortgage(s) and life insurance to grow your net worth. Many view a mortgage and the cost of life insurance as shackles to growing wealth. The Andrews, however, present these as the key to a building a strong fiscal foundation. There method is likely a concept different than most you’ve heard before (unless you’re already familiar with the “Missed Fortune” series). The Andrews compare the benefits of this tandem approach to other long-term savings vehicles. They end up with a pretty compelling argument.
My only complaint is that the book’s additional online material isn’t yet online.
The book is written in a clear and concise manner. Still, for anyone who is new to some of these concepts it is well-worth owning this book so you can read and reference it multiple times. The book challenged the way I view some expenses (like my student loans). In the end gave me a new way to think about debt. For that alone the book is highly recommended!
GET A COPY! I’ve got 2 copies to give away. I’ll give it to the first two Geezeo users who send me an internal Geez-mail with a link to their group or goal. Make sure to include your mailing address. Good luck!
Discuss these and other books in the Geezeo Group Bookworms Unite.
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