Through a combination of extreme cheapness, hard work, and determination, Alan Corey became a millionaire at an age when most of us are still trying to figure out how to start paying back our student loans. How did he do it? He shared some of his saving secrets with Mainstreet.com, and they’re useful whether you aspire to wealth or just need more money to pay down debts.
- Hide money from yourself. – By direct depositing money into a secret checking account or his 401(k), Corey could pretend that he never had that money in the first place.
- Only get cash once a week. – By taking out $100 a week and either stretching that cash or not going out once it was gone, he was able to limit entertainment expenses.
- Use a coin purse – Whatever, Grandma. This is actually good advice – either to keep from wasting that pocket change (as Corey did) or saving the coinage, rolling them up, and depositing it in the bank. Money earns more interest in a savings account than between your couch cushions.
- Keeping busy through side gigs – Constantly working not only earns extra cash, but keeps you too busy to spend the money you already have.
Millionaire By 30: How He Made It Happen [Mainstreet]
Amazon.com: A Million Bucks by 30: How to Overcome a Crap Job, Stingy Parents, and a Useless Degree to Become a Millionaire Before (or After) Turning Thirty [Amazon]
(Photo: Shika Kaoin)