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Millionaire by Thirty: The Quickest Path to Early Financial Independence | 
| Authors: Douglas R. Andrew, Emron Andrew, Aaron Andrew
Publisher: Business Plus
Category: Book
List Price: $22.99
Buy New: $13.99
You Save: $9.00 (39%)
New (25) Used (4) from $13.99
Avg. Customer Rating:  4 reviews
Sales Rank: 2641
Media: Hardcover
Number Of Items: 1
Pages: 256
Shipping Weight (lbs): 1
Dimensions (in): 9.1 x 6 x 1.3
ISBN: 0446501840
Dewey Decimal Number: 332.02401
EAN: 9780446501842
ASIN: 0446501840
Publication Date: April 30, 2008 (New: Last 30 Days)
Availability: Usually ships in 1-2 business days
Shipping: Expedited shipping available
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Product Description
Most people know that there are 70 million Baby Boomers in America today....but what is less known is that there are approximately 100 million people in America between the ages of 16 and 30. This generation has just entered, or will soon be entering the work force. And they have no idea how to invest, save, or handle their money.
Young people today come out of school having had little or no formal education on the basics of money management. Many have large debts from student loans looming over their heads. And many feel confused and powerless when their pricey educations don't translate into high paying jobs. They feel that their $30,000-$40,000 salary is too meager to bother with investing, and they constantly fear that there will be "too much month left at the end of their money."
Douglas R. Andrew has shown the parents of this generation a different pathway to financial freedom. Now Doug and his sons, Emron and Aaron - both of whom are in their mid-20s - show the under-30 crowd how they can break from traditional 401k investment plans and instead can find a better way by investing in real estate, budgeting effectively, avoiding unnecessary taxes and using life insurance to create tax-free income.
With the principles outlined in Millionaire by Thirty, recent graduates will be earning enough interest on their savings to meet their basic living expenses by the time they're 30. And by the time they're 35, their investments will be earning more money than they are, guaranteeing them a happy, wealthy future.
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| Customer Reviews:
 Unconventional wisdom for young adults May 14, 2008
0 out of 1 found this review helpful
A refreshing approach to wealth accumulation, Millionaire by thirty shows how young adults can, with discipline, create a budget, and accumulate wealth by leveraging the equity in their home. Many wealthy individuals as well as financial institutions have used this method, also known as a tax arbitrage, to create a tremendous amount of wealth. This is a great starter book for college grads who are open to a different approach to long-term financial planning. It will teach them that it may be better to pay taxes on the seed, and receive the harvest tax-free, than to deduct the seed, and pay taxes on the harvest.
 WE DON'T PLAN TO FAIL, WE FAIL TO PLAN May 7, 2008
1 out of 16 found this review helpful
With proper planning, Doug is teaching how even two young men were able to acquire over one million in assets by being financially responsible, disciplined and consistent. Today's college graduates need to learn a new and fresh financial approach. The concepts on this book are teaching America's new work force (new generations) to be financially open minded and to believe in themselves. Every parent should recommend their young adults to read this book. We need to teach our young adults to take control of their financial future. If they don't, who will? I really recommend this book!
 Financial Advice not Universally Applicable May 1, 2008
28 out of 28 found this review helpful
I shelled $[...]+ bucks on this book and now I regret. This book basically talks about 2 things:
1. Buy a house early, and separate the equity from the house by taking a big mortgage or refinancing often. Now invest the equity in some "side fund" which earns a bigger return than mortgage interest.
The priciple works, but it largely depends on the appreciation rate of the house. In boom time earlier this century, it was very feasible. That's probably why Doug's 2 sons (co-authors of this book) made a million. This advice is not universally applicable because real estate appreciation is very much location and time sensitive.
2. One investment vehicle exceeds all the others because contribution/accumulation/districution are all tax-free. Sounds attractive? Definitely! The first 7 chapters talk so much about this myterious "side fund" which is low risk and high return. I held my curiosity and discovered in the end that it's MFTA (max-funded, tax-advantaged) life insurance contract. "If it's properly structured", the authors say, you can be tax-free in all 3 phases mentioned above. I've found the description of this cash value universal life insurance (indexed or fixed) very confusing. Looks like it's not very straighforward to implement, and, we never know how future legislation will affect this strategy. For a common investor like me, I wouldn't try this strategy without a complete understanding of it.
Also, the book is not very well structured. Lots of repetition of the same stuff (guess there are 3 authors writing it). Sometimes it over simplifies financial matters by summarizing everything into 3 rules.
One plus is, you can access on-line resources for free: [...]. However, lots of links are still unavailable.
All in all, it doesn't contain solid financial advice that I was expecting and it largely hinges on past performance (e.g. real estate appreciation rate shoots through the roof) rather than focusing on future possibilities.
Unrealistic Assumptions April 21, 2008
31 out of 34 found this review helpful
The main idea is to own multiple real estate properties all of which are financed at 100% at low interest rates while the excess value of the homes is invested in higher yielding (after tax) investments.
The assumptions about home appreciation rates, interest rates (borrowed and invested) and income tax rates are not realistic in today's environment in my opinion. I don't see how 18-29 year old individuals could apply these principles.
There are a few interesting ideas here and if you can get them to work, please let us know your methods.
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