The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich Audio CD – CD, April 1, 2004

This guy is making millions by selling this very simple advice! I'm envious that he wrote this book and is selling thousands of copies and I didn't think of doing it first! But, getting my envy under control.....(clears throat).......I think this book informs the reader about a very good "wealth building" strategy.Of course, there are "pitfalls" to the plan....like the tendency of taking the money out early....but, even so, this plan is better than doing nothing...or buying lottery tickets! I think the book is worth reading..... But, perhaps borrow it from a friend so I won't get more jealous of the author than I am at present! :o)But, one more thing comes to mind: In the last chapter the author recommends "tithing". I suppose he means "tithing" to a church or synagogue or mosque or to some other charitable organization. He says at one point: "When you tithe you will recieve wealth back. I have seen this happen."....or words to that effect. I DISAGREE STRONGLY--especially for people making $10 an hour or in that vacinity! In the start of the book the author talks about "the latte effect" and he pursuades all of us that we CAN save without hurting our lifestyle hardly at all. Thus we give up Starbucks and other "luxuries" and that money goes into SAVINGS. Then at the end, he recommends us to SPEND that money we just saved by giving up "latte" and he recommends that we spend that money for "tithing"---giving the money away to someone else! That would be fine if your wage is, say, $50 an hour---tithe all you want! But, I assume this book is also geared to the wage earner who makes $10 an hour. At $10 an hour with todays prices for food, gas, lodging no one will be able to save a dime if they give 10% away as a gift! And, the idea that "if you give you will receive back" is so false because THERE IS NO CONNECTION BETWEEN WHAT YOU GIVE AWAY AND WHAT YOU RECEIVE. The "connection" is actually between "how much you benefit your fellow mankind and what you receive". For example, Bill Gates is wealthy..why? Because he gives money away? No, he is wealthy because he "benefits his fellow human beings" with his software that we all need and use. Thus, when someone says, "Give money to my cause or organization and you will 'position yourself to receive'" that person is not telling the truth? The truth is that if you BENEFIT your fellow man, then you will receive. Thus, is it true that there a connection between giving money to a church and later as a result receiving wealth back? I don't believe so. BUT I KNOW there IS a connection between benefitting mankind and receiving money back. So, I suggest the $10 an hour employee give, say, $10 a week to the minister of their church if that makes them feel good and they want to help the minister. But, forget about "tithing" to "receive back"...and use that "latte or tithing money" for savings for YOUR retirement and/or the investment in a college education for YOUR kids. Otherwise, you might find out that that personable and friendly minister used your "tithes" for HIS retirement and/or for the education of HIS kids! Email:boland7214@aol.

David Bach has written several books on personal finance. He authored "Smart Couples Finish Rich" and "Smart Women Finish Rich" before he wrote this book, "The Automatic Millionaire". Bach lectures individuals and families on personal finance and investment, and in this book he demonstrates how relatively easy it is for ordinary people to reach one million dollars in personal wealth over the course of 20 to 40 years.Before you write this book off of your list as just another "get rich quick" scheme, you need to know that this is not that type of book at all. It does talk about achieving one million dollars in wealth, but what Bach is advising is how to set aside money, using 401K, IRA, and other means, to reach one million dollars in wealth over a longer period of time, to ensure a secure retirement. He doesn't advocate taking unnecessary risks or becoming rich overnight. Instead, he shows how a person can start saving money (he recommends saving 10 percent of your income) without excessive risk and still reach his/her financial goals.The reason this book is titled "Automatic Millionaire" is because of Bach's plan for saving. He recommends making your savings plan simple by having the money transferred automatically from your paycheck and directly into an investment plan. He feels that making things "automatic" is necessary to guarantee that one's savings plan will be a success. If you rely merely on discipline, in David Bach's opinion, you will likely not reach your financial goals because after a while, you will lose interest in investing and will stop saving money (Personally, I have more confidence in the ability of people to be self- disciplined, but Bach feels otherwise). Thus, to make sure that you save money, Bach recommends establishing an automatic savings plan. That way, the money will be out of your reach and you cannot fail to invest or change your mind about saving for the future.Some of the advice given in this book is good and it makes solid financial sense. Like company 401k plans. If your company offers a 401K, you are doing yourself a great disservice by not signing up. Even if the funds offered in the plan are not performing very well, the match your company gives you and the tax advantages make it worth while to take advantage of your 401k. These plans are a great starting point for investors and they provide a nice barrier between ones' self and his/her money. Advice like this should be obvious, but many forget it and that is probably why the book stresses it the way it does.Bach makes many recommendations in this book besides saving money. He also stresses the importance of eliminating debt, refinancing your home mortgage if the interest rates have fallen, and consolidating debt to eliminate excessive interest payments. He wants people to eliminate debt and take other steps as soon as possible to set themselves on the path to financial security. Less debt means more than just interest savings- it means there will be more money available to save.Overall, this is an ok book that can prove to be helpful for those who are not familiar with investment and need a place to get started. For seasoned veterans of personal finance, there really isn't anything new in this book and I doubt that the well- informed among us will find much value here. But for the majority of people, "Automatic Millionaire" can at least offer a place to start. It shows how simple it is to plan for the future by setting up an automatic savings plan and preparing for a safe, secure retirement that is free from reliance on Social Security.

Very simple but POWERFUL book ! This is the kind of reading that changes your life and make you save 7 years in your life

It uses terms for UK and US readers. Some practices you will be unsure of because the writer uses UK or US programs as guide and explanation.Some of his idea is outdated e.g. mortgage down payment in AU

E' un libro molto semplice che aiuta a considerare i risparmi e le spese quotidiane in ottica futura e da dei consigli preziosi anche a chi conosce bene l'argomento, come i risparmi bi-settimanali.

Good fundamentals and a great place to start organising your finances. An easy read as fancy finance jargon isn't used.

Great book on how to automate our finance. This book includes many useful tips that will help you understand how the millionaires do.