Save your way to a million by the time you're 30
Being 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 mainstreet.com:
"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.