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

by David Bach

Book Overview

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...

• Format: Hardcover
• Language: English
• ISBN: 0767914104
• ISBN13: 9780767914109
• Release Date: January 2004
• Publisher: Crown Business
• Length: 256 Pages
• Weight: 0.75 lbs.
• Dimensions: 0.8" x 5.8" x 8.6"

Customer Reviews

Simple saving and investing system

Motivating book to help you get started in saving and investing for your future. Step by step directions and challenges to help you do the next thing. Just make sure you buy the most current printing (blue cover) because the first printing is out of date even though the basic idea is still accurate and repeatable. I bought the old edition (2004) and still thought the basic idea was worth doing. It would make a great high school graduation or wedding gift if they would read it. I liked it enough to want the current edition. Wish I had read this in my 20's or had helped my children start young. Anyone should read this if you haven't started a 401K or ROTH to save/ invest your money in.

Get Read!

Great book. Hard to put down once you start.

Finance Education

Excellent book, very simple and precise. Also easy to understand.

good price, quick delivery

I bought this for my company to hand out to Spanish speakers to try and improve their participation in our 401k. Hopefully it will be useful for them - it has been for me and my wife.

Por que no me dijeron esto antes ....

Muchas veces, lo sencillo no nos deja ver lo importante que es invertir en nuestro futuro y el de nuestros hijos. Con el plan presentado por David Bach no hay que ser un inversor inteligente ni nada por el estilo; como el lo dice solo hay que hacerlo AUTOMATICO y veras que si funciona. Le recomiendo su lectura y haganselo saber a sus hijos y veran que se retiraran FELICES Y RICOS

Good, solid advice. On the money. Ignore paid bashers.

I am constantly amused by that JBQ shill who shows up on every website for every financial book that comes out that does better JBQ's book--which is just about everybody.David Bach has written a very good book here. Some, you may have heard before but hey, at least it works. Better than th ose frivilous 1,000 page books written by magazine authors who don't know beans about personal finance.Follow David Bach's advice to lead you to the Road to Wealth and learn how to true Make The Most of Your Money.I have been following Bach's advice and it has made a tremendous difference in my financial bottom line. Great advice that really works.I do recommend that you read everything you can about personal finance, just get a little annoyed by people who try to tear down people for no reason other than peer pressure and hate to see a very knowledgeable financial author like Bach for no reason other than he has a formula that works and that is helping other people. I guess I'm old fashioned that way.

Not necessarily new, but worth reminding

Some of what Dave Bach talks about here is not new. And that should not be news to anyone who has actually read the book, not just the free stuff on the internet and wanted to write a review and state their opinion.I had an uncle who sold insurance and he always taught us to save 10% of our money. He taught this to his kids and he taught it to his nephews and nieces too. Guess how many did it?In The Automatic Millionaire, Bach's core principle is to pay yourself first. Stanley and Danko talk about this in The Millionaire Next Door. Givens taught this in More Wealth Without Risk and George Clason is perhaps the best known for teaching this in The Richest Man in Bablyon. Once again, it's not news, but how many people do it?Bach suggests using pretax retirement accounts like your 401 (k), IRA, SEP-IRA, ROTH IRA, SOLO 401 (k) to set aside a fixed monthly sum of money before considering what is left for living expences.By taking advantage of payroll deductions, money can be invested automatically and you won't even miss it. For example, employees can have money automatically going into their companies 401 (k) and through money link have money going into their IRA. Just like a bill, except you are paying yourself first.By contributing to an IRA, you can also complete a new w-4 and claim your IRA increasing your take home pay while you increase your investments.Thanks to Pres. Bush's plan to raise the amount that can be contributed to retirement plans and makeup provisions, Americans have the best opportunity ever to create tax deferred wealth.The other principle that Bach talks about is his "latte factor."Bach insists that many people are wasting money on "lattes." Got to have that bottled water, go out for lunch everyday, hit the soda machine several times per day, cigerettes, candy, stop at a 7-11 for gas and got to get a snack, buy something new to keep up with our peers etc., etc. And these are the people that say they have no money to invest. In this regard, people are wasting money just to live a little better than they should be.And I am not pointing fingers. I was there too and I had training! 19 years ago, I started accumating wealth and self help books. One of the first was The Richest Man in Bablyon. I made dramatic progress. Then around 4 years ago, after years of being sloppy, I lost it. I felt that I had read it all, been there done that. I gave my books away. Amazing when you think you know it all, you really don't and horrible things start to happen.I was living on 125% of income. When my company closed down, I had to raid my 401 (k) and IRA accounts untill they were gone. Then reality set in and I had to start over.People who think they have already heard this before, how are you doing financially? Truthfully. My guess is that many are living in denial. If you are already doing well, congratulations. You are one of the few that are.Getting back to The Automatic Millionaire, Bach reveals "regardless of the size of your paycheck, you pr