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.
Initial thoughts: For someone who doesn't believe they're actually able of building their own wealth, Millionaire by Thirty is a good starting point to demonstrate that it is indeed possible. They outline very specific steps and encourage readers to think creatively about increasing the value of their assets and ensuring liquidity. However, the strategies are very US-centric, so they don't necessarily apply or work elsewhere. As a result, things like 401(k) and particular tax deductions weren't relevant to me. That being said, it was refreshing to listen to Douglas and his sons also talk about their values and how they affect their views and approaches to financial independence.
