A Million Bucks by 30

[Squandered Halfpints]

"How to overcome a crap job, stingy parents, and a useless degree to become a millionaire before (or after) turning thirty"
Has anybody read this book. I bought it the other day and read it all in one sitting (it isn't all that long). It makes me think that if I were to be a total cheapo (and I mean cheapo) for a couple years, I could have at least a couple hundred thousand in 7-8 years. Sure, the guy was lucky enough to be in the real esate boom, but I'm sure we'll see another one coming after the economic slump (recession - whatever you wanna call it). I figure if I were to be a total cheap wad for 3-4 years, I could afford I down payment for some prop. and watch it appreciate. This is pretty much all this guy did. Took his equity out, bought another prop. rented it out, kept investing in his Roth IRA, 401k, and savings account. Bought some underdeveloped prop. fixed it up and flipped it. And thats it. Lived frugal until he got his 1 mil. He wasn't any good at investing his money, but he still did it. I believe I know other investment vehicles that provide better returns and have just as much risk, so this gives me one step above what he did. And his salary of 30K, I sure as hell hope I'm getting more than this considering the 20k I'm spending on school.

[Jay Brass]

I haven't heard of or read the book before, but my long term goal is to retire a multi-millionaire by age 30.

[entrepresooner]

I wish I were only spending 20K on my eduacation. I almost spend that much in two semesters! My goal is to make my first million within a couple maybe 3 yrs of my graduation.

[exstatic]

I wish I were only spending 20K on my eduacation. I almost spend that much in two semesters! My goal is to make my first million within a couple maybe 3 yrs of my graduation.

What are you studying?

[criniit]

Yeah, I am spending near 100,000$ on college. Starting salary wise depending on what your studying (I am assuming some business major) my college says that the starting salaries range from 35-50 thousand with an undergrad. All depends on your major and which company you go work for.

Keep in mind he was working as a customer service caller making 30,000$ in new york city. So the spending power of 30,000$ in New York city is a lot less than it would be in other parts of the country.

PS: I actually met the guy who wrote this book at a book signing in Atlanta. Real nice guy.

[exstatic]

I don't see the point in spending $100,000 on college? Imagine investing $100,000 on a business idea instead? Not only would you learn so much more, but your investment actually starts paying you back straight away rather than 15 years down the road.. if your lucky.

[criniit]

College is an investment. It is an environment where you can study anything you want along with other people who are enjoying it as much as you are. If you want to take a class in marketing you can. If you want to take Chinese you can, not to mention it is easier to get bank financing when you have a degree. (No experience doing this but I have talked to bankers who say it is true)

PS: I am working 2 jobs as well as own 3 businesses so I am coming out of college with 100,000+ in cash so yah i will be investing it in a business idea.

Being in college does not restrict me from acting on business ideas. Actually being in a college environment gives me more resources to help and also markets than I would ever have if I wasn't in college. And besides, if i do strike on something big, I'll leave. College is never a waste of time..

[matt_15]

im interested in your 3 companys and your 2 jobs. send me some links..

[ramsharma]

Investing is the way to go when you want to make that much in a few years. If you want a cool website to get the best financial news to help you with your investments, check out b2logs - Up-to-date news on everything business | finance

[criniit]

im interested in your 3 companys and your 2 jobs. send me some links..

My 2 jobs are working as a sous chef at a fine dining steak house in my college town, and also running/updating my colleges IS departments website.

My 3 companies are:

Streak Free Windows LLC - Residential and Commercial window cleaning.

A personal chef business

And I own several rental houses around campus.

None of them have websites so I don't have any links for you

Though I am working on a website about how to cook. You can check it out at Beginnerchef.com

[rogercbryan]

The real estate investing idea is going to be shaky for the next few years and I doubt you will see the hyper inflation in pricing that you saw over the past 10 years. If the guy that wrote that book started in the late 90's in CA then doing what he did will be near impossible now.

For those of you who say you want to retire at 30 after you made your first million... you are... hmmm.. never going to make it with that attitude. Earning money and building wealth is some what of an obsession. I turn 30 in 12 days... I have a multi-million dollar company and could retire (I guess) with a $50K to $100K income. Why in the hell would I do that? I spent the last three years of my life working 80 hours a week to build what I have now and I'm not done.

Any time I hear someone say that want to retire before 60 by making a million dollars early... I just have to laugh. The people with the drive to make a million have no desire to retire. The money gets in their blood and they want more. This is how they make their first million to begin with. Get retirement out of your mind because if that is all you are chasing then you are never going to make it...

[dima08]

Very interesting, I will try to get a hold of this book and read it when I get a chance. From what criniit said in this thread so far, it seems like he is well on his way to prosperity as well. Kudos.

[JohnnyBudZ]

I know this is random, but the book subject came up. So I want to reccomend a book called " The neatest little stock market guide you will ever need" By Jason Kelly

Those who are interested in stock market investing (or college account investing) this is a great book to read, deff gave me great incentive on investing.

Just my 2...

[alluwanted]

Guys,
Investment is a relative term. part of investment may be 'waste'.
As some one said College and education are investments. You can not consider them as 'waste'. If you have not learnt anything in college, it is your problem.
If you want to work for some one, making a million takes a longer time. Earning extra money and making it big are two different things.
Entrepreneurs are the ones who take risk and their chances of making millions is faster and higher.
We all want to be millionnaires!! And at the earliest.
All the best

[Aletheides]

The problem is, real world experience is better than anything college can teach you. And if you're really interested in learning a subject, pick up books on it.

100k for college is outrageous.

I don't see how anyone can justify going 100k in debt right when they are beginning their lives as an adult - even if its in the name of education. It doesn't make any sense to me.