They don’t call it the American (or Canadian) dream for no reason. Most people graduate and dream one day of being financially independent and having total control over where they work and what they do. This week’s podcast is with Alan Corey. At the age of 22, Alan set a goal to become a millionaire by the time he was 30. On Sunday he just turned 30 and as of that date is worth $1,030,000. In fact, he had hit his goal one month shy of turning 29. Alan has written an interesting book about his experience called "A Million Bucks by 30".
This is not a get-rich-quick book or a buy-my-system-and-you-too-will-be-rich-like-me scheme. Alan simply shares how one young guy from college with no Ivey league heritage, living in New York and not working for an investment bank made "a crazy commitment to be a millionaire" by the time he was 30. Alan graduated from a state college in Atlanta, Georgia and at the age of 22 moved to New York City. "I got a $40,000 a year job on a help desk. It was the only one that I was qualified for in the most expensive city to live in North America". While living in New York, he observed how the "other half" lived, what they wore, where they lived and whom they dated. He made a decision, "I am going to make a million bucks by 30. I was going to find a way to get it done, the problem was I didn’t have a lot of skills to get it done". He made a decision to learn as much as he could about money and read 30 books on wealth principles looking for important patterns. For Alan, this was the most productive way to learn the principles from others who had achieved his goal. From those books, he pieced together a strategy that he could stick to and that was well-suited for his personality. He made it fun framing it around his college lifestyle of cheap beer and cheap entertainment.
Why did he want to do this? For three reasons:
1. For a better dating life
2. To escape the trap of the 9 to 5 job
3. To have control over his life
Interestingly enough, money is usually the third or fourth most important issue on most professionals’ list of needs, yet according to a conference board study, 42% of employees admit to working only for the money. Like Alan, if you can understand how to take control over money, you can have control over your life choices and future. Look at your "lifestyle gravity". That is how much money you need to keep your lifestyle at its current level. What can you do to get a handle over your expenses? As Alan said, "I knew that I couldn’t control my income, and more income wouldn’t necessarily help me, but I could absolutely control my expenses. It became a game for me." He found all kinds of creative means, ending up on 5 reality shows and one game show. From these he received free food and clothes and even had his apartment made over for the TV show, Queer Eye for the Straight Guy. He diversified his investments and only visited the ATM once per week on Sundays for his $70 per week spending allowance. He didn’t ask if he could do it, he found ways to do it. Here are the four keys that Alan used to attain his goal:
1. Decide clearly what you want, when you want it and why you want it.
2. Design the best process and system suited for you that will help you achieve the goal.
3. Discipline yourself to follow the system on a continual basis.
4. Measure how you are doing along the way. You may not desire to be a millionaire, but you most likely have other career and life goals.
The ultimate benefit that Alan received from this process was the confidence in his own abilities – not in the economy, his employer or in his education. It was this confidence that allowed him to take control over his future. The results – a great relationship with a woman he loves, "retirement" from his day job and a freedom over what he does each day. That’s not bad for a 30 year old! You may need help with defining your plan or finding a way to reach your goals. Join us for our free workshop, or book an initial consultation. I can’t guarantee you will become a millionaire, but I can help you take smart actions toward a better future.
Along the road with you!