The Automatic Millionaire

ISBN: 0385661495
ISBN 13: 9780385661492
By: David Bach

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

Reader's Thoughts

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.

Erika B. (Snogging on Sunday Books)

I'll remember all your kindness when I become an automatic millionaire.

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.

Diana Bogan

I guess in principle I agree with the steps in this book. I've cut out all "extras" as in, no dining out, no extracurricular activities for the kids, and the biggest accomplishment NO Credit Card debt. But I don't own a home and I still live dollar to dollar with no hope of "paying myself first" into an early retirement. As a writer and editor based in FL I've never been paid a wage I can live off of let alone save off of - not even a penny's worth of wiggle room. I bought the book years ago, when it came out in Hardcover and Bach was making rounds on Oprah and Today. While I am free of credit cards, I'm still nowhere near becoming an "automatic millionaire." Not that I necessarily strive for millions, but having a savings account might be nice.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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