A Million Bucks By Thirty Review By Alan Corey

July 25th, 2008 — Book Review, Personal Finance, Wealth 

Everyone loves a true rags to riches tale, and although we’ve had some with the dot com boom, there were few that echoed the stories of immigrants that moved to the big city with a pocket full of pennies and a dream. We were thrilled to read this book and discover that the American dream is still alive and well, and this modern day rags to riches story was not only heartwarming, but packed full of advice that everyone can take to heart.

The author was twenty two when he decided to live his dream of making a million dollars by the age of 30. This Georgia native packed up what little he had and headed off to New York City to make his fortune. His family was not exactly supportive of his wild ideas, but within a space of six years, they were amazed to find that Corey managed to get the job done.

What we liked best about this story was that Corey didn’t find his wealth by getting lucky, nor did he make tons of money in the tech world. He did it the old fashioned way, and worked the same 9-5 job for that entire six year period. He simply managed his money, found good investments and watched as the balance in the bank grew to seven figures.

You really get the feeling after reading this book that anyone, given the right mindset and drive, can become a millionaire. There are few books that are this inspirational and helpful on the market, and there is a lot that can be learned from this story. The author did a great job of telling his tale, and it feels more like a memoir than a dull tome about personal finance.

However, even though this reads like a heartwarming novel, there is an incredible amount of advice contained in these pages that the reader can put to immediate use. While not all of it may be attainable, such as buying and wearing only one pair of shoes a year, there are some tips that everyone can use.

One of the biggest failings keeping Americans from realizing their dreams of wealth is overspending. You’ll sure be able to look at your budget in a whole new way after reading through Corey’s Cheapskate Strategies. While these can be modified to reduce their overall severity, chances are if you do follow them, you’ll be able to put quite a bit of money aside.

Overall, there are few books that have this much merit in the personal finance genre and we highly recommend this book. While you may not be able to follow all of Corey’s advice, even a small portion of it will help you get on the road to realizing financial security. A big part of Corey’s success is due to the fact that he was willing to sacrifice quite a lot before he was thirty, but now, he’s pretty much set for life. That’s a pretty small trade off in the grand scheme of life.

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The Benefits of Leveraging Debt to Create Multiple Income Streams

July 8th, 2008 — Debt, Financial Security, Income Streams, Investing, Leverage, Money, Personal Finance, bad debt, good debt 

money in bankLet’s face it, debt has managed to earn itself a pretty bad name in most circles, but in many cases, this stigma is undeserved. Debt, when used properly, can help you secure your financial future. While no one is arguing that improperly used debt is a bad thing, good debt is possible. Commonly, good debt is synonymous with leveraged debt. This refers to the process of using debt in order to create multiple streams of income. You have to spend money to make money and unless you happen to have a bunch just lying around, you’re going to need to go into debt at first in order to secure your future.

There are many benefits that can come from leveraging your debt in order to create multiple streams of income. By going into a little amount of debt, you can take advantage of opportunities that would otherwise not be available to you. Only the independently wealthy have the capability of writing big checks for investments. But they all had to get their start somewhere. No one starts off with everything, you have to work to get it. How many stories have you heard of immigrants with a few cents in their pocket that turned it into an empire? Somewhere along the way they had to go into debt to get the capital they needed to make all of that money.

You can use this same proven formula in your own personal finance. You don’t have to be a financial genius and you don’t have to be wealthy to start making money right now. One of the best ways to illustrate this point is investing in the stock market. Let’s say that you have the opportunity to purchase shares in one of the hottest new companies. You’ve got a little saved away, but it will only purchase you a handful of shares. However, if you were to take out a loan, you could easily buy numerous shares. When these returns start to come in, you’ll have a much larger return, simply because you were able to invest more.

This is one of the main benefits of using debt leverage to secure multiple streams of income. You wouldn’t normally have the opportunity to make large investments that will have larger returns. While you can certainly play it safe, it simply makes more sense to take that small risk for the larger return. If you manage your finances correctly, this won’t be a big sacrifice to you. We’re not saying run out and get into debt over your head in hopes of becoming a millionaire.

You need to manage your debt effectively if you want it to work for you. That means starting off with one stream of income and then when that starts to return, leveraging a little more for the next opportunity. Soon, you’ll have numerous forms of income coming in that will more than cancel the debt you got into to start the whole process.

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