Comments on: Book Review: Millionaire by Thirty

By: Jared

Jared — Fri, 12 Jun 2009 08:33:40 +0000

I love it when people comment on how bad a financial strategy book may or may not be when they can’t spell simple words to carry on a conversation to save their life. I mean WOW!!
First of all, this book has some really good ideas. Investing in real estate is almost always a “safer” investment no matter how bad the U.S. housing market may be. However, most people don’t get the fact that real estate has its own risks just like a mutual fund or stock.
Follow my words closely, if you are about to purchase a second home as an investment, research the market first like you would a stock, ETF, or mutual fund. If everyone says “Buy,” you’re too late, you missed out on profit. It’s like buying stock in a company when it’s reaching the end of a bullish blow-off top. Just because profit increases are going through the roof, doesn’t mean that it will continue to do so forever.
Lastly, don’t slam a book because you don’t agree with what it’s teaching you. These strategies made one man and his family successful, therefore, the same thing can happen to you as well. Be eager to learn, not to criticize something that didn’t work for you.

And Shawn (Guy right below me), the reason for the housing bubble burst was due to the fact that investors in the late 90’s and early 2000’s were investing in real estate to hedge against the rapid fall of the once booming stock market, driving home prices sky high to its peak in 2005. Now that the bubble popped, investors are looking to ETFs, which again will eventually pop. Investors were smart to sell their overpriced homes to dumb tax paying americans that didn’t do their research expecting to make big bucks on an already drying market. So don’t get bent out of shape because you were one of the ones that got screwed.

By: brett

brett — Sun, 15 Jun 2008 06:48:58 +0000

jonathan, you should look into indexed universal life. then you should see about editing your comments above. i have an indexed universal life policy with pacific life. and they guarantee 1% minimum returns with no cap on the upside. so i get to participate in the in the market with as much upside potential as you do with your index fund, but when the market goes south, i preserve my capital. whereas you lose on the down side. remember that if you have a dollar and you lose 25 cents(25%), it takes 33 cents(or 33%) to make it back to square one. capital preservation is key. that is where you put your equity from your house. because nobody but the banks make money on home equity. your returns are zero leaving it in the house. not too mention, assume you have 50000 in home equity and i have 50000 in the bank.. if i went to the bank to get my money out and the banker said ok, but you have to have a steady, verified income and pay him (the banker) 6% on it, i would tell him he’s crazy. but that is exactly what a heloc is.

By: jon

jon — Mon, 09 Jun 2008 04:19:40 +0000

I agree with most of the above reviews, but I do like the idea of funding an alternate retirement vehicle AS WELL as my 401k. In addition, I was wondering why Douglas never mentioned how someone was to make the extra mortgage payments upon squeezing the equity out and allocating that to the insurance fund…can anyone shed some light on that?

By: Lucian

Lucian — Tue, 27 May 2008 09:12:23 +0000

Good quality review and good quality book

By: Steve Carr

Steve Carr — Mon, 19 May 2008 20:22:09 +0000

I have met the authors and studied their methods in depth. As a Financial Strategist, I can see how these methods work for the disciplined person. Douglas Andrew’s fist book, “Missed Fortune”, is a much more comprehensive piece that explains the investment concepts. However, very few insurance professionals have the knowledge to implement the concepts. I am pleased that Doug taught them to me.

By: Ryan

Ryan — Mon, 12 May 2008 16:36:50 +0000

I have a better way to make a million. Write a book that makes it look supper easy to make a million in ten years, and then let all the people that love the idea of making a quick buck buy this book, and you are well on your way to making a million dollars.
I bet this Douglas guy has made much more money swindling books to the gullible people in our get rich quick desiring society than he ever made buying property or anything else. And yet people will always buy these books, read them, be disappointed and go out and buy the next book that comes along.
Wise up people. Stop funding these authors and making them rich, and start using the money to line your own pockets.

By: Stephanie

Stephanie — Tue, 06 May 2008 18:47:54 +0000

Buying investment properties with 0% down will only work if you are able to rent them out EVERY SINGLE MONTH. If you can’t afford to cover the payment on your own, the likelihood of foreclosure is extremely high.

By: Cindy B.

Cindy B. — Tue, 06 May 2008 15:38:21 +0000

When I think this might be a good idea, I remind myself that insurance companies have those big tall buildings because they turn a profit. They are not in business to loose money, they are not a charity. Using life insurance policies that you can borrow from AND have a death benefit seems like the way to go. But there’s no such thing as a free lunch.

By: Jonathan

Jonathan — Tue, 06 May 2008 01:16:59 +0000

I’m reading this book as well. Your review is more positive than mine is going to be… This guy wants you to believe that these life insurance plans are better than unmatched 401ks and Roth IRAs.

Getting the same returns as stocks with no risk of principal loss, and better tax deferrals? Wow, I’m almost as excited about this as the $10 million dollars I’m getting from Nigeria next week. I gotta send off my $10,000 cashier’s check right away!

By: Frugal Dad

Frugal Dad — Mon, 05 May 2008 19:18:32 +0000

Thanks for providing your honest assessment. I’ve been wanting to read this for some time after seeing it advertised on several blogs, but held off on a purchase. I think I’ll grab a library copy and read it for a couple real estate nuggets, but that’s about it.