My 1st Million At 33 – yes, you can do it too

I heard about this book long time ago, but have never read it until recently.  I had always dismissed it because one of the words in its title is Millionaire.  Since I never believe that by reading any books, one can become a millionaire, I tend to discard those fashionable titles.

After reading the book, I found that I really liked it.  This is one of the books that you can both learn from its experiential examples, and also use it as a solid reference.  Furthermore, the book is a good reading & reference for wide range of ages and income levels.  I highly recommend it to everyone.  Here is a short summary:

Because the entire content of the book is based upon a solid survey of millionaires, the texts in the book are not just empty words.  The author Thomas started with the description of the American millionaires (based upon his interviews, surveying questionaires).  He found that one of the common traits is frugality.  There were many other traits, such as a high percentage of the millionaires are self-employed business owners, or most millionaires are not active investors, and tend to hold stocks for several years, etc.  You could read about the book to find out the other interesting common traits in the “frugal frugal frugal” and other chapters.

Then Thomas went on discussing how most millionaires use their time and energy very efficiently to increase their wealth over the long term.  I think this is also a really good and important chapter.  Majority of people don’t realize that Roman empire is not built in one day, and that small daily changes in life goes a long way.  If you simply spend 15 minutes less in front of TV or on the phone, and spend those time wisely such as to increase your knowledge on wealth, you can learn and do a lot in the long term.  And because everyone has only 24 hours a day, spending the time efficiently over the long haul will certainly make a huge difference in terms of achievable success.  Personally, when I spend my time on money-related matters, I usually focus on the bigger dollar problems, or a habitually repeated process (which adds up to be a big dollar problem by its repetition).  My wife is much more frugal than I am in the daily matters.  I keep telling her not to waste too much energy on anything that is less than $100.  My daily portfolio swing is usually more than several thousand dollars.  It’s obviously much more important to get my portfolio right than saving $10 on an one-time deal.

Near the end of the book, Thomas also listed out several things that how and what the millionaires teach their children about money, and the professions of their successful heirs.  The list on what they teach about money is an excellent list for parents.  It includes things such as not revealing how much money to your children, not discussing how much they may get for inheritance, etc.  All of them are great advices to parents.

Overall, I must say that this book is definitely worth the money.  I’m pulling out my Amazon affiliate ads for this book (or for any future books that I recommend reading).  If you want to purchase this book, why don’t you go through my link as another way of showing support to my ongoing publishing efforts on this website.  I will certainly appreciate your kind gesture.