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

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• ISBN13: 9780743538411
• Condition: USED – VERY GOOD
• Notes:

Product Description

What’s the secret to apt a millionaire?

In The Automatic Millionaire, David Bach shares that secret.

The Automatic Millionaire starts with the powerful tale of an average American couple — he’s a low-level manager, she’s a beautician — whose joint income never exceeds $55,000 a year, who somehow manage to own two homes debt-free, place two kids through college, and retire at fifty-five with more than $1 Million in savings. Through their tale you’ll learn the surprising fact that you cannot get rich with a budget! You must have a plot to pay yourself first that is really automatic, a plot that will automatically secure your future and pay for your present.

What Makes The Automatic Millionaire Unique:

• You don’t need to make a lot of money
• You don’t need a budget
• You don’t need willpower
• You don’t need to be that interested in money
• You can set up the plot in an hour

This one small audiobook has the power to secure your financial future. Do it once — the rest is automatic!Amazon.com Review
Despite its sensational title, David Bach’s The Automatic Millionaire: A Powerful One-Step Plot to Live and End Rich is not a get-rich-quick guide. Rather, the book is a straightforward march through common-sense personal financial preparation that suggests readers “automate” their contributions to retirement and investment vehicles. Bach, in fact, calls his model the “tortoise approach” to apt wealthy by retirement age.

In the early part of the book Bach builds on thoughts he customary in Smart Women End Rich and additional bestselling titles. His core principle is that, to make it, you must “Pay Yourself First.” In additional words, he suggests using pre-tax retirement accounts (e.g. 401(k)s or IRAs) to set aside a fixed, monthly sum of money before considering what is left for living expenses. The “automatic” part of the title comes from Bach’s emphasis on using automated payroll deductions to avoid the temptation of using the money to pay today’s bills.

Bach insists that “regardless of the size of your paycheck, you probably already make enough money to become rich.” But his claims that his plot requires “no budget, no discipline,” is a bit disingenuous. His discussion of the “The Latte Factor” shows that, to find money to start a retirement plot, a person with a modest income needs to make an up-front commitment to stop accruing debt and to lower spending on such “wasteful” items as lattes and cigarettes.

In the end The Automatic Millionaire does not offer much that is new for readers already familiar with personal finance basics like accelerated mortgage payments, “the miracle of compound interest,” and the setting up of urgent situation funds. But, for persons just starting with financial preparation, Bach provides a host of resources to place recommendations into action. He walks his readers through such fundamentals as shopping for interest excise, making a balanced retirement portfolio, and consolidating debt. And Bach’s chatty style will make this quick read highly palatable for persons daunted by more detailed investment and personal finance titles. –Patrick O’Kelley

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