He means $3400/yr total average over the first 5 years, because it's $5000 up front initiation, and $2400 annual dues. Then if he wants to continue the membership after 5 years, when he turns 30yo, it's an additional $5000 initiation. A good deal compared to the regular membership which involves $15k up front.
Other options would be Monticello or the Lime Rock Drivers' Club. Both are more expensive, Monticello much more so. Monticello would like to keep the riff-raff like us out; they market to captains of industry and celebrities who can helicopter in from Manhattan. That's right--they have a helipad. And while Monticello has multiple track configurations, Lime Rock only has an ALMS chicane or two to mix things up.
I think I'd prefer to have the variety of being able to run on multiple tracks. Lime Rock, NJMP, Watkins Glen, Pocono, and the upcoming Alpine Motorsports Park are all relatively close drives. I would at least make sure that the NJMP membership offered equal times on both Lightning and Thunderbolt.
Unfortunately, track time is expensive no matter how you do it. The California guys have it good if $75 trackdays are accurate. Around here, the cheapest you can do is around $200 for a day with a PCA chapter. NASA and SCDA are in the $350 range per day. And once you add the expense of track insurance, a hotel stay, and likely three tanks of gas, you're looking at up to $1000 for a track event. As mentioned above, probably the best strategy is to do this enough that you climb up through the ranks and become an instructor so you can run your sessions for free. Then get an E36 M3 or such that you can track prep and blow off track insurance--you wouldn't have enough invested in the car to justify the expense of the premium. But then you'll need a trailer and a tow vehicle. Welcome to the circus.