Save your way to a million by the time you're 30

6 October 2009

Bitterwallet - how to save one meeeeelllion dollarsBeing a millionaire in the US is dead easy compared to the UK; you only need around £620,000 to be considered weathly over there, which is a bit of a cheat. Still, some may still consider such a lowly amount a bit of a stretch. One way to make your first million might be to flog a book called A Million Bucks By 30. That'd be easy enough if it wasn't the sort of subject matter you need some experience of if you're going to sell any copies. Damnit.

One bloke has written the book anyway, because he's actually made a million by scrimping and saving in a Steptoe manner. Alan Corey trained himself to be a compound interest ninja, and has gone on to make more loot by sharing his success in his book. His tips include:

  • hiding money from yourself; by making deposits into accounts that are difficult to access, you're less likely to try and spend it
  • only go to the cash machine once a week and take out a fixed amount; either you learn to make the money last, or you piss it all up the wall by Tuesday and have to do without until the next withdrawl
  • if you've got a spare room, rent it - there's always the chance of yankee doodle on top of the extra cash (Corey didn't quite phrase it like that, to be fair)
  • if you've nothing to do, fill your time up by working; Corey spent his spare timing doing other jobs or selling stuff on eBay - an easy way to effectively double your money; if you're working then your earning extra income and you're too busy to spend what you already have

There is a downside to acquiring wealth, though. According to

"At one point, Corey suggests to his girlfriend that she drop her satellite tv service and invest that money instead. He even presents her with a spreadsheet showing her what this investment would grow to in 25 or 26 years. (She breaks up with him, but the advice is still totally solid.)"

Yes, you'll be rich but you risk becoming the dullest man alive, reduced to spending your savings on hardcore German pornography and a Fleshlight. And you won't even be a proper millionaire either.


TOPICS:   Banking


  • Michelle
    The third tip "Rent your spare room"- you can do that now on, and it's free and less cluttered that gumtree. Perfecto :D
  • John M.
    Iaim to be one of the "idle rich" by the time I'm 30 I'm hallfway there!!
  • John M.
    Soddin' useless keyboard (I aim.......halfway......)
  • Junkyard
    So to sum up, you can become weathly by not making withdrawls in your spare timing? How confusing.
  • MrRobin
    @John McGuckin So you're 15 then?
  • Gunn
    I dunno, I think the idea of being rich goes with spending it, not being some recluse in an old house thats dilapidated, you only end up leaving your money to cats or relatives you dont know.
  • scouse
    fuck it spend it, global warming/cooling etcetc were all going to be dead soon anyway lol.
  • Simon
    Totally agree with Gunn, having reached a decently high balance we decided to spend a good chunk of it, and it was fantastic! So much better than watching our bank balance fill up to line the shareholders pockets...
  • MrRobin
    The whole point of the book is that you scrimp and save for a set period so that you can then blow it all on living the luxury life or liberate yourself from a dead end job or whatever whilst you still have the youth to do so and get the most out of it. It's not about denying yourself anything forever just so you can leave it to your pet meerkat, Orlov. Besides, although he did get some initial money to invest by all the scrimping and saving, the majority of Corey's fortune was amassed through investments and risk taking, so a large factor in this is down to luck. As one reviewer on Amazon says, don't be fooled by randomness.
  • Inactive
    I was a cash millionaire once, then they devalued the Turkish Lira. Damn and blast it. I think I paid about 62 pence for a 1.000.000 Lira note, I still have it.

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