Comments on: Book Review: Millionaire By Thirty http://www.thewisdomjournal.com/Blog/millionaire-by-thirty/ Wise Choices. Improved Finances. A Better Life. Sun, 05 Feb 2012 12:01:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Jake http://www.thewisdomjournal.com/Blog/millionaire-by-thirty/comment-page-1/#comment-2718 Jake Sat, 19 Jul 2008 21:33:34 +0000 http://www.thewisdomjournal.com/Blog/?p=141#comment-2718 Although I am passed my 30's I picked this book up at the bookstore and read through it. I found some of the advice to be good common sense, but I have to agree that I found the illustrations and 'case studies' simplistic and unrealistic in the use of the 7 and 10% returns on real estate. Sure it happens, but historically, not close in many markets. Thanks to the bursting bubble, I don't see a return like that anytime soon. Completely missing from any of the content was cost of ownership of multiple properties. The use of leveraging your primary residence to finance the purchase of rental properties is not new and is sold by every get rich quick in real estate infomercial out there (including the "rich dad poor dad guy" - who reminds me of the late Charles Givens - anyone remember him?). I'll stick with slow and steady accumulation through investing in tax advantaged accounts, paying off my mortgage and living below my means. One thing I will agree with is to buy as much life insurance as you can afford as early as you can - TERM - it's cheap and you can invest the difference you would have paid in premium for a whole life policy. Cheers, Jake Although I am passed my 30′s I picked this book up at the bookstore and read through it. I found some of the advice to be good common sense, but I have to agree that I found the illustrations and ‘case studies’ simplistic and unrealistic in the use of the 7 and 10% returns on real estate. Sure it happens, but historically, not close in many markets. Thanks to the bursting bubble, I don’t see a return like that anytime soon. Completely missing from any of the content was cost of ownership of multiple properties. The use of leveraging your primary residence to finance the purchase of rental properties is not new and is sold by every get rich quick in real estate infomercial out there (including the “rich dad poor dad guy” – who reminds me of the late Charles Givens – anyone remember him?).
I’ll stick with slow and steady accumulation through investing in tax advantaged accounts, paying off my mortgage and living below my means. One thing I will agree with is to buy as much life insurance as you can afford as early as you can – TERM – it’s cheap and you can invest the difference you would have paid in premium for a whole life policy.
Cheers,
Jake

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]]> By: Help a reader | The Wisdom Journal http://www.thewisdomjournal.com/Blog/millionaire-by-thirty/comment-page-1/#comment-2428 Help a reader | The Wisdom Journal Wed, 25 Jun 2008 07:33:44 +0000 http://www.thewisdomjournal.com/Blog/?p=141#comment-2428 [...] recently received this email i reference to my review of Millionaire By Thirty. I just read through this book, I’ve now read 10 [...] [...] recently received this email i reference to my review of Millionaire By Thirty. I just read through this book, I’ve now read 10 [...]

]]> By: Chrisitan http://www.thewisdomjournal.com/Blog/millionaire-by-thirty/comment-page-1/#comment-2321 Chrisitan Thu, 19 Jun 2008 03:21:46 +0000 http://www.thewisdomjournal.com/Blog/?p=141#comment-2321 I just read through this book, I've now read 10 "millionaire" books and I am (25 yrs) making less than $50K, I have no savings, and I live at home (after living in a rental that was foreclosed upon!)...I'm willing to try anything but every time I read one of these books I seem to make the authors "millionaires" and myself just $30 poorer. I've gotten a few ideas from this book, but common, a lot of this stuff I knew already thanks to "rich dad, poor dad". Is there a book that exists that shows "real people" how to make "real money" at this point I think I'm giving up on the "millionaire" quest and just looking to be able to provide for myself and my future family... :?: I just read through this book, I’ve now read 10 “millionaire” books and I am (25 yrs) making less than $50K, I have no savings, and I live at home (after living in a rental that was foreclosed upon!)…I’m willing to try anything but every time I read one of these books I seem to make the authors “millionaires” and myself just $30 poorer. I’ve gotten a few ideas from this book, but common, a lot of this stuff I knew already thanks to “rich dad, poor dad”. Is there a book that exists that shows “real people” how to make “real money” at this point I think I’m giving up on the “millionaire” quest and just looking to be able to provide for myself and my future family… :?:

]]> By: Personal Finance Blunders | The Wisdom Journal http://www.thewisdomjournal.com/Blog/millionaire-by-thirty/comment-page-1/#comment-2221 Personal Finance Blunders | The Wisdom Journal Wed, 11 Jun 2008 07:01:13 +0000 http://www.thewisdomjournal.com/Blog/?p=141#comment-2221 [...] There’s always time, that was my motto. I never thought I would be playing catch up. I was going to be a rich multi-millionaire before I was 30! [...] [...] There’s always time, that was my motto. I never thought I would be playing catch up. I was going to be a rich multi-millionaire before I was 30! [...]

]]> By: Ron http://www.thewisdomjournal.com/Blog/millionaire-by-thirty/comment-page-1/#comment-2037 Ron Thu, 29 May 2008 01:56:13 +0000 http://www.thewisdomjournal.com/Blog/?p=141#comment-2037 <a href="#comment-2035" rel="nofollow">#</a>traineeinvestor→ I don't disagree with buying anything when it's on sale. And real estate is certainly on sale right now. Where I thought the book went wrong was in using the interest only mortgages. With those you can only hope for capital appreciation. On the NAR numbers, you're right, the average is a poor number to use and the US real estate market is very large and diverse, but the book was written to the whole US population. "Average" isn't the best of statistical methods (though it is the simplest), but I think people understand it better than regression analysis or other statistical methods. For that matter, I've found that a lot of people don't even understand "median." Like I said in the post, if this book had been published 3 years ago, it would have gotten better reviews. Most of the reviews I've found on the web haven't been too flattering, but when housing prices have declined by up to 20% in the last year, what would you expect from a book that advocated using the methods and techniques that have contributed to our current housing and credit crisis? ;) Great comments. Keep 'em coming! #traineeinvestor→

I don’t disagree with buying anything when it’s on sale. And real estate is certainly on sale right now. Where I thought the book went wrong was in using the interest only mortgages. With those you can only hope for capital appreciation.

On the NAR numbers, you’re right, the average is a poor number to use and the US real estate market is very large and diverse, but the book was written to the whole US population. “Average” isn’t the best of statistical methods (though it is the simplest), but I think people understand it better than regression analysis or other statistical methods. For that matter, I’ve found that a lot of people don’t even understand “median.”

Like I said in the post, if this book had been published 3 years ago, it would have gotten better reviews. Most of the reviews I’ve found on the web haven’t been too flattering, but when housing prices have declined by up to 20% in the last year, what would you expect from a book that advocated using the methods and techniques that have contributed to our current housing and credit crisis? ;)

Great comments. Keep ‘em coming!

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