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

C.J. Graves

I'd read many other personal finance books before this one. Something you learn after a while is--they all have the same basic information in them.Pay yourself firstLive below your meansSavePut your money in the right investments for your situationyadayadayadaWhat made this book different was the "automatic" concept. Not that other books don't tell you to set up automatic payments as well, it's just not the central concept, and I believe it's a crucial component for people to understand if they want to get ahead without sabatoging themselves. Once you set up an automatic withdrawl from a bank account to be deposited automatically into an investment, well, it's hard to change that. This is a good book for those wanting to learn some simple strategies to guard against the old "money burns a whole in my pocket" excuse. I've given this book as a gift and would recommend it to my friends.

Anthony Deluca

The Automatic MillionaireBy: David BachCopyright 2003Reviewed May 2008Listened to Unabridged AudiobookThe automatic millionaire is an excellent, practical book that will indeed instruct anyone how they can become a millionaire. In my subjective opinion, however, the younger one is, the easier it will be to make this work well. Also, some minimal level of income will help too. BUT, I recommend this book to EVERYONE who is not already independently wealthy.The book basically illustrates how one can mass a ton of savings in their lifetime and retire with plenty of money in the bank. This revolves around saving at least ten percent of your income… and not just manually putting it away each month, but automating the process of filling this repository of savings. A typical hard-working American couple in their early fifties is used as the example throughout this book.Techniques mentioned in the book include: The Latte Factor: Instead of spending just a few dollars each day on frivolous items, such as a $3.50 Latte, save that money. charts are given to show the mass amount of investment savings to which this can lead.; Pay yourself first: In other words make the redirection of money into your saving happen before any other redirection of funds, even taxes, occurs to your paycheck.; Make paying your self automatic: Don’t count on yourself to manually make a transfer, instead having this money redirection be automatic so you never have to think about it.; Don’t buy anything with credit other than a house: You cannot invest and save well if you are paying interest charges on non-investment items.The only thing I did not like about this book was the drawn out introduction where Bach kept saying over and over again how his plan is practical and works, but without starting to explain his plan. In conclusion, however, even with the few negatives I mentioned this is an excellent, insightful, inspiring publication that would be useful to all.

Tiffany

Fast read on finances, but really the same message drilled in over and over: automate your finances. Automate your retirement, automate your credit card payments, automate your tithing (I have to admit I didn't finish the last chapter). It's a no-brainer book nowadays. Who doesn't automate these? Really helpful chart though that I did print out on how starting saving earlier can not only make you more via compound interest, but it involves less principle paid in. This information doesn't help me now, but it's good for me to show visuals to my kids. I'd love to start them off on the right financial footing, and it seems investing their teenaged-year-jobs wages is one of the most prominent methods to secure this.

Mark

A very easy quick read with large type. The few ideas in it are very good, pay yourself first, eliminate debt, buy a house, automate everything, the Latte Factor to help people budget, setting up an emergency, and giving charity. There is also a fair amount of information on how to get started in these ideas, but overall this book could have been condensed considerably. I think I would like to automate more than I currently do, and it has inspired me to track my spending to see where I could save more, if I’m spending too much on certain things I don’t really need. The house chapter is very worthwhile, but doesn’t apply to me now, and for now I consider my parents to be my emergency fund. I do like the chapter encouraging charity which I would like to further do. I don’t think there is enough solid information about how to allocate your assets, but this is more of a starter book to get you headed in the right way rather than a finance book.

Mohammed Alsaleh

الكتاب بالجملة مفيد لعامة الناس .. كونها يحوي طريقة لتجميع مبلغ مالي جيد من خلال التوفير من الإيراد الشهري أو النصف شهري ..يحوي أفكار كثيرة رائعة .. لا يرقى لما طرحه كيوساكي في كتابه " الأب الغني والأب الفقير " لكنه في الجملة رائع ومفيدأكثر ما أعجبني فيه طريقة التسديد النصف شهري والذي يضيف نصف شهر في السنة ويسقط عليك نصف التكلفة بعد مرور عشرين سنة ..أنصح بقراءته

Migelle Dominic

I chose the guidebook, "The Automatic Millionaire: A Pwerful One-Step to Live and Finish Rich" by David Bach, because I'm the type of person that plans ahead for the future. To be able to predict what'll happen and to be independent, supporting myself such as being financially stable. The story includes the Mcintyres, an ordinary looking family that were actually well off into their retirement for a permanent vacation. They benefited from David's lessons to become an automatic millionaire and they are set for life while they are still in their 50's. They are only one of many, and it's many more that were impacted by David Bach to be financial wise, be richer and enjoy life worry-free. "The idea was identical. If we saved a few dollars a day, we could eventually buy our own home." It seems simple enough, but the power to be dedicated and have enough sheer will power to do so challenged me to try it and I'll be looking forward to how much I invested. It's the idea that money we spend on little things like coffee and cigarettes shouldn't be wasted and should rather be saved for a better benefit than taking in dose of essentials every now and then. The words the author used were very demanding, but also encouraging,it wasn't all too confusing and was very straight forward. The words used was leveled for young-adult readers. I would recommend this book to anyone in general, it wouldn't hurt anyone to gain money, depending how much. The point is, with the lessons learned from this book, anyone can become an automatic millionaire.

Josie

This is one of the best personal finance books I've ever read. It is simple and straightforward. Even though I'd heard much of this advice before, the simplicity of this book has inspired me in ways I haven't been before. Is it brilliantly written? no. But I found it ridiculously useful.

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.

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.

Leah Nadeau

Best way to not have to be disciplined and budgeted is to make everything automatic. If it's automatic you don't have to think about it and it's just running in the background. Even saving 5% of your pay will make a huge difference in the end.

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.

Deena

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

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.

Maya

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

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