The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich

ISBN: 0767923820
ISBN 13: 9780767923828
By: David Bach

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Business Currently Reading Finance Financial Money Non Fiction Nonfiction Personal Finance Self Help To Read

About this book

What's the secret to becoming a millionaire? For years people have asked David Bach, the national bestselling author of "Smart Women Finish Rich," "Smart Couples Finish Rich, " and "The Finish Rich Workbook," what's the real secret to getting rich? What's the one thing I need to do? Now, in "The Automatic Millionaire," David Bach is sharing that secret. "The Automatic Millionaire" starts with the powerful story of an average American couple--he's a low-level manager, she's a beautician--whose joint income never exceeds $55,000 a year, yet who somehow manage to own two homes debt-free, put two kids through college, and retire at 55 with more than $1 million in savings. Through their story you'll learn the surprising fact that you cannot get rich with a budget! You have to have a plan to pay yourself first that is totally automatic, a plan that will automatically secure your future and pay for your present. What makes "The Automatic Millionaire" unique: You don't need a budgetYou don't need willpowerYou don't need to make a lot of money You don't need to be that interested in moneyYou can set up the plan in an hour David Bach gives you a totally realistic system, based on timeless principles, with everything you need to know, including phone numbers and websites, so you can put the secret to becoming an Automatic Millionaire in place from the comfort of your own home. This one little book has the power to secure your financial future. Do it once--the rest is automatic!

Reader's Thoughts

Maya

Unabashedly basic. You could easily learn this information from some good personal finance blogs. And the tone is overly condescending.

Troy

Great book. Everything he talks about is really common sense. If you just invest 15% (give or take), you'll be well off in your retirement. The key is to automate it, so you don't 'see' how much you're 'losing'. It's very informative too, he gives you actual details on how to do what and where to go for it. I highly recommend this to people of all ages, but especially people in their 20's and 30's.

Dora McFadden

This was a good book but honestly its a lot of common sense. The reality to being a good saver is to use good judgement. But the author does make some good points about how in the long run when you buy your daily cup of coffee from any place $2 a day over decades adds up fast and you could have saved yourself a couple hundred grand. When you think of the little things at that perspective you think twice about "the latte factor". He has good points on investing in your 401K and IRAs. Plus the concept of paying yourself first. Its something that after the first read I think you can skim over every three to five years to "refresh" your goals and get yourself back on tract.

Molly Murphy

Put financial savings as a priority. This book was a great motivator and teaches you strategies to find money to save and how to put it on autopilot.

Raphael Aquino

Ended up almost regreting I read this book. The first few things in this book as a lot of people have said on here are good. Pay yourself first and do everything you can to get out of debt. After that the book just seems to go on and on about the same pay yourelf first theme. I'm not blaming the book or saying that the author was wrong but, I wonder how many people bought a home a few years ago after reading this book and now regret that they did? 401K's are looking more and more like social security every day and I guess "do everything slowy step by step until the day you retire" is a good commen sense tip but, the age to retire might continue to rise and this book doesn't factor in the cost of living for some people in certain parts of the country. I have a rule and it's "whatever you see the majority doing when it comes to how they spend or invest their money, it's probably best to do the opposite. This book seems to tell everyone that everything is fine when you put your money all in the same pot. It'll just be waiting for you when everything is said and done.

Shan

The Automatic Millionaire is a popular personal finance guide geared toward beginners that, despite having some good advice, fails to be a solid finance book due to two major issues.First, the first impression one gets is that this book reads like a late night infomercial. Had I picked this book up at a bookstore I would've put it down after reading the first few pages. I was able to make it through the book by ignoring the snazzy marketing-speak; and that's no small feat. I felt like the whole time I was being sold some sort of Ronco product, and that made me feel dirty and dishonest on Bach's behalf. That style of writing only succeeds in turning off your readers.Second, Bach misleads his readers by suggesting they forgo a planed budget. His point is that if you do a written budget you'll fail to pay yourself first. For beginning personal financiers, that is a risk of budgeting your paycheck, but there is a way around it . Bach should suggest people pay themselves first, then budget with what's left. This approach is not only more holistic, but it also teaches first-timers the importance of actually knowing where money is coming from and where it ends up.

Diana

David Bach's titles were recommended by our financial planner, so I read this one first. A good, quick read with one basic premise: pay yourself first. This means if we're going to up our savings, it's best if it comes out of our paycheck automatically and if it goes straight into a pre-tax retirement account, like an IRA.His plan isn't just for retirement accounts. The idea is that any sort of savings needs to be set up on an automatic plan if it's going to happen. From reading this, I know we have two points of action: we need to up the amount going into the retirement account as it's not nearly enough and we need to start an auto-transfer from our checking to our savings account after every payday. Then I'll have to re-read to decide on our next step.

Catherine

The Automatic Millionaire by David Bach is another book recommended by the financial planner Husband and I want to go see. It was an easy read and the principles he sets forth are so simple to to and keep doing. The trick is to make everything AUTOMATIC.Pay your bills automatically using a bill pay service. Pay yourself through payroll deduction so that you never see it. What you see you don't miss. How to pay your mortgage off quick and easy. How to get out of credit card debt quick and easy and still save money. He shows how investing early pays of big in the long run, bigger than if you start late and invest continuously. I wish I had read this book when I was still a teenager. Some of the things Husband and I hadn't done yet, and we have already corrected that. Some things we didn't have to worry about b/c we have no credit card debt. We do have a car loan and a lease payment, but we have a plan to get that taken care of fast. (Anybody want to buy our 69 GTO? She's a beauty!) We've decided that any future car purchases are going to be cash and only cash or otherwise it is a no go. We already have a plan in effect for paying our mortgage off early, but it reinforced to me that I was doing something right. I would recommend anybody, regardless of age and income status to read this book, it will change your life.

Mike

Basic information about money presented through some of the most contrived stories I've ever heard. I won't say that the information is wrong, but it isn't really groundbreaking either. The book might be aimed more at people who really are clueless about finances, because most of this is already in practice for me. Maybe I'm just ahead of the curve.

Sasha

This is a difficult book to rate. Informationally, it should get a 5. For ease of understanding, it should get a 5. But as a "good read," well, much of the first half read like an annoying infomercial and that really bugged. I also don't like phrases like "get rich."So, it's weird that I read this book. I did so at the suggestion of a friend, otherwise I never would have given it a thought. (Thank you, Katrina!) I began skeptically, but this ended up being the very book I needed to read, for me and for my marriage. Dear Phil has been patiently waiting 15-1/2 years for me to have any inkling about finances and planning. Nothing in this book was new to him, but it was a complete revelation to me. Knowing what I now know, I am amazed that Phil has stayed married to me this long!!!!! What a real man.This is going to be required high school reading for graduation from our homeschool. I truly wish I had understood all of this as a college student. Thankfully, Phil DID understand it as a college student and he's quietly tried to do what he could without me being "on board." Now life should get better for him.

Chris

This is the most helpful financial book I have ever read. It is easy to understand and fun to read. I am already excited to start building my wealth.

Anita Renaghan

This is a great book for anyone looking for a financial plan. I remember seeing David Bach on Oprah a decade ago, and his ideas are very good for practical application. If you want to retire with some cash in your pocket and before you are 70 years old, read this book, even if you are 20 years old right now. Especially if you are 20 years old right now.

Sarah Tiambeng

This book was absolutely terrible. It provided some good insight on money management however I could not get passed how sales-oriented this book was. I couldn't get through one chapter without him trying to sale me some additional project he has or lead me to his website. I found this distracting and it felt like he was trying to take advantage of readers by weaving this information throughout the book. Also, the information generally caters to people with steady jobs and does not account for people who make lower wages. I imagine that anyone earning minimum wage would find the guidelines of this book extremely hard to follow.

Andy Valen

It couldn't be any easier to save for retirement, or save in general. This truly is a one step plan...so why is the book 200 pages? Because one page books don't sell. Read this as your only David Bach book, because his other ones are just rehashing the same thing without the automatic part. The Latte Factor is interesting...if you buy a Latte from starbucks every work day for a year, you should stop. You should invest that money in an account and yield 10% interest on it annually. If you are in your 20's then this should add over a half million to your retirement (if you ignore taxes). But his point was more along the lines of, look - you spend so much moneyon crap you don't need to be spending it on...stop wasting it and start investing it.

Deena

This book made me rethink all my views on money. It was also the impetus to get me focused financially.

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