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Millionaire by Thirty: The Quickest Path to Early Financial Independence Paperback – March 15, 2010
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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.Read more ›
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.Read more ›
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.
Basically, you read through about 7 or 8 chapters of fluff and buildup. The authors trash financial wisdom - you know, crazy stuff like don't run up big debt on homes and pay off student loans quickly. They keep telling you about this mysteriously awesome investment strategy. And about 10 chapters in they finally tell you that you need to buy life insurance with the equity you pulled out of your home.
It's important to note that I believe this book was written in 2006. So, viewing it on the other side of the housing bubble shows you truly how much this book is completely "snake oil."
The only thing I got from this book was that it may be more important in some instances to have liquid cash than to pay certain debts off quickly. Other than that, this was totally worthless.
I wish I could give this book zero stars. It was a complete waste of a Sunday afternoon. You're much better off with a a book by Dave Ramsey, David Bach, or Gail Vaz-Oxlade.
Most Recent Customer Reviews
I mean, it teaches you exactly what it says in the title which is to make $1,000,000 by thirty, but this book is only for people who don't really dream big, you can probably only... Read morePublished 18 days ago by Amazon Customer
Bought three of these books. One for my daughter and one for each of my nephews. They are enjoying the book and I hope they apply the principals and achieve financial independence.Published 5 months ago by JEFF TOKAJI
The first half of this book may be useful for beginners (its target audience), but I'm sorry, I just can't get behind the ideas preached by the author. Read morePublished 13 months ago by Jerry Sanchez
This is a great book for anyone, especially the young professional just starting out.. Good for seasoned or new investor..Published on September 22, 2013 by Texas Belle
Doug Andrews is a great teacher. We appreciate that he has pushed through many of the same circumstances we have gone through. Read morePublished on May 25, 2013 by ROBERT S SCROGGINS JR
I find if funny that other reviews are by people who think, maybe, possibly, they know what the book/concepts are about. Read morePublished on May 17, 2013 by live the dream
The book was shipped in good time. I look forward to reading it as soon as the semester is over, and I have free time.Published on March 19, 2013 by Diana J. Green
I have already referred other parents to this book. It helps "baby boomers" understand the different methods of building wealth especially ion a shrinking economy.Published on March 5, 2013 by Vince
This book assumes entirely that real estate prices will go up. When did I stop reading? When the author told about his son taking $100,000 equity out of his home after 2 years... Read morePublished on September 26, 2012 by Joe