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

Binding: Hardcover
Dewey Decimal Number: 332.02401
EAN: 9780767914109
ISBN: 0767914104
Label: Broadway
Manufacturer: Broadway
Number Of Items: 1
Number Of Pages: 256
Publication Date: December 30, 2004
Publisher: Broadway
Release Date: December 30, 2003
Studio: Broadway
Sales Rank: 21905

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Editorial Review:

Product Description:

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 budget
You don’t need willpower
You don’t need to make a lot of money
You don’t need to be that interested in money
You 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!

Amazon.com Review:
Despite its sensational title, David Bach's The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich is not a get-rich-quick guide. Rather, the book is a straightforward march through common-sense personal financial planning that suggests readers "automate" their contributions to retirement and investment vehicles. Bach, in fact, calls his model the "tortoise approach" to becoming wealthy by retirement age.

In the early part of the book Bach builds on ideas he established in Smart Women Finish Rich and other bestselling titles. His core principle is that, to succeed, you must "Pay Yourself First." In other 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 plan 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 plan, a person with a modest income needs to make an up-front commitment to stop accruing debt and to reduce 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 emergency funds. But, for those just starting with financial planning, Bach provides a host of resources to put recommendations into action. He walks his readers through such fundamentals as shopping for interest rates, creating a balanced retirement portfolio, and consolidating debt. And Bach's conversational style will make this quick read highly palatable for those daunted by more detailed investment and personal finance titles. --Patrick O'Kelley

Customer Reviews

Average Rating: out of 5 stars

Rating:

- Good Advice but what about the working poor?
If you're just getting by, then don't even bother with this book. But if you do have some income to spare, its a great way to get your finances in order. There was just something really unrealistic about this book...especially for those of us starting over. Great book for teenagers and young college students who are just starting out.

Rating:

- David Bach is the greatest financial expert
At first I was a little intimidated to read a book about finances but David Bach explains everything in plain english. There are a lot of things that I already knew I should be doing with my money but David really motivates me and makes me feel like I could really do this. I am truly on my way to being a millionaire! Thanks David Bach!

Rating:

- A helpful guide on how to retire rich
Did you know that you don't need a big salary to become a millionaire, and that a carefully organized budget and intense willpower aren't even necessary? All it takes, says David Bach, is a simple one-step plan. Follow it to become an "automatic millionaire." Bach's save-your-pennies book is straightforward and sensible - though it predates the recent economic downturn. It comes complete with helpful tables and charts. He details how someone with an average income can eventually amass wealth through ... Read More

Rating:

- Simple as it gets for financial/spiritual freedom.
This is all about automating your way to financial freedom guys. If you are looking where to start and not overwhelm yourself, this is the book for you! Wonderful read! If you're married definitely get the "Smart Couples Finish Rich". Best book for married couples that want control over their finances ever. These books are about real life and not some "guru" shoving mostly useless junk down your throat. Enjoy!

Rating:

- A life changing book!!
Never thought that personal finance could be this simple and easy. Applying what is written in this book, has changed my life and how I value my earnings and money. Well done!

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