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Millionaire by Thirty: The Quickest Path to Early Financial Independence Hardcover – April 30, 2008

ISBN-13: 978-0446501842 ISBN-10: 0446501840 Edition: First Edition first Printing

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Product Details

  • Hardcover: 256 pages
  • Publisher: Business Plus; First Edition first Printing edition (April 30, 2008)
  • Language: English
  • ISBN-10: 0446501840
  • ISBN-13: 978-0446501842
  • Product Dimensions: 6.2 x 1 x 9.2 inches
  • Shipping Weight: 15.2 ounces
  • Average Customer Review: 2.3 out of 5 stars  See all reviews (37 customer reviews)
  • Amazon Best Sellers Rank: #935,796 in Books (See Top 100 in Books)

Editorial Reviews

About the Author

Douglas R. Andrew is the owner and president of Paramount Financial Services, Inc., a comprehensive personal and business financial planning firm. His sons, Emron and Aaron Andrew, have clients nationwide whom they advise for asset optimization, equity management, and wealth empowerment. Starting with annual incomes of $30,000 at the age of 22, they have used the strategies outlined in Millionaire by Thirty to each accumulate assets totaling over $1.5 million at the ages of 26 and 27.

From AudioFile

Measured writing and occasionally stiff narration don't reduce the homespun appeal of this helpful investment guide by a financial advisor and his two 20-something sons. With a humanitarian spirit and many helpful strategies, they show how young people with ordinary jobs can focus on the long-term and invest wisely enough to become millionaires at an early age. Their three pillars of wise investing (compound interest, tax minimization, and leveraged investing) and three investment criteria (liquidity, safety, rate of return) are only a few of the lists and categories used to keep listeners focused on big-picture principles. These and memorable recommendations that are easy to understand make this an outstanding resource for any 20-something you know and love. T.W. © AudioFile 2008, Portland, Maine-- Copyright © AudioFile, Portland, Maine --This text refers to the Audio CD edition.

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Customer Reviews

Anyway, if you read Missed Fortune, you don't need this book.
T. Gorniak
This book assumes you can easily find conservative investments with 8% yield, that real estate always grows in value and that market bubbles/crashes don't exist.
Ben Weeks
Personally I don't think you should pay your student loans or LOW interest mortgages off early either, but never buy a universal life insurance policy!!!
Scuba Steve

Most Helpful Customer Reviews

99 of 108 people found the following review helpful By Young Reader in Silicon Valley on May 1, 2008
Format: Hardcover
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.
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72 of 83 people found the following review helpful By RainKing422 on October 11, 2008
Format: Hardcover
First off let me start by making a statement about the author. When I was searching for a website for his "financial services" firm, other than the "missed fortune" website that was set up specifically for his books, what I came across was the website "Bay Area Family Wealth Institute" which I assume is the business site for Mr. Andrews' firm. I wasn't able to find anything concrete on it that really said what services he actually offers, nor was I able to find anything that indicated what his credentials in personal financial advice are (save for a cryptic statement that he has "experience in business management, economics, accounting, financial and estate planning, and advanced business and tax planning"). The site says he's the president of "Paramount Financial Services" but the only Paramount Financial Services website I found, which is out of Arizona, claims to specialize in "a wide range of commercial equipment financing & leasing programs to meet the changing needs of our valued clients. Our competitive programs help established and start-up companies to acquire new and used equipment for their operations". If this is Mr. Andrews' company, which I doubt, it seems to be in a business that is of little relevance to the individual personal investor.
VERDICT: Unable to verify Mr. Andrews' actual credentials or experience, or in fact what services he actually provides or how he makes a living other than through the sale of his books. While this in and of itself doesn't necessarily mean that the advice in his books is wrong, it should be the first red flag that one should use extreme caution when considering his strategies.

Now for the actual content.
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61 of 73 people found the following review helpful By J. Laden on April 20, 2008
Format: Hardcover
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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15 of 17 people found the following review helpful By wasatchpowder on December 31, 2009
Format: Hardcover
The only millionaires by 30 are those like Mr. Andrew and his sons who sell Universal Life policies to unwitting consumers.

I bought a UL policy 16 years ago from Mr. Andrew. He showed me the unrealistic returns one could make based on a 12% annual return to get me to buy.

His book talks about returns of 6, 7, and 8%. I've never made those types of returns. More like 3%.

Also, the original policy he sold me was with Kentucky Central Life which promptly went bankrupt two years later. Jefferson Pilot took it over and then they got bought out by Lincoln National.

Mr. Andrew sold himself as a financial planner and said he contacted his clients once a year. Unfortunately, I've never heard from him again. He was too busy making his millions to bother.
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5 of 5 people found the following review helpful By vr on February 3, 2010
Format: Hardcover
This book is a sales pitch that keeps repeating the same thing (some times the exact same sentence) every few pages. In addition to the poor editing, the financial advice proposed in this book is very unrealistic:
- expects house values to increase at least 8% year over year FOREVER
- assumes an investment strategy that consistently returns 10+% per year with no risk

Besides the unrealistic expectations of return on investment, the strategy completely disregards the risk factor. It relies on a eternally rising real estate market at 8% or more, not accounting for market fluctuations, in which case the homeowners would be underwater and very likely to default. It also assumes rental properties as easy and fixed income, without accounting for late rents, or periods without renters, which would again cause the homeowner to not have funding to pay the mortgage.

This book advocates several of the very risky financial strategies that led to the recent real estate meltdown, and I wouldn't recommend anyone to follow it.
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