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on February 7, 2004
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 probably already make enough to become rich." Bach goes on to say that his plan requires "no budget, no discipline," is a bit disingenuous i.e. his "latte factor" A person with a modest income needs to make an up front committment to stop acruing debt, to reduce spending on such wasteful items as lattes and cigerettes and to begin investing.
Fans of 1,000 page financial books (mostly worthless filler) will probably find Bach's book vanilla, too simple, too easy. But guys, it's working. It's what people really need. Not a huge 1,000 page tome that people won't read and doesn't work anyway.
I highly recommend The Automatic Millionaire that will set you on the road to wealth and show you how to make the most of your money automatically.
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on January 13, 2004
The advice by David Bach may not be new, but how many people are applying it? Pay yourself first was originally covered in the classic Richest Man in Bablyon and the late Charles Givens beat it to death in his classic More Wealth Without Risk. Most people have heard about it, but again I ask, how many people are actually doing it?If you are not taking at least 10% of your paycheck and paying yourself first then you are cheating yourself.Think about it; we pay our mortgage, phone bill, telephone bill, light bill, garbage bill, credit card bill, groceries, entertainment etc. but the last person that gets paid is ourselves.Bad strategy.I also agree that most people are not taking maximum advantage of their companies 401 (k) plan and/or IRA. I know people that tell me all the time that they cannot invest in a 401 (k) or IRA but I find these same people are livin examples of what Bach talks about in his book. People who always eat out. Waste money on bottled water, coffee, donuts, cell phones, extra, unneccessary clothes and so on but have no savings, no 401 (k) and nor IRA.Bad strategy.The biweekly mortgage concept is also a great way to pay off your mortgage 5 years earlier with the same amount of money. As Bach explains, this could save you $25,000 or more. People are getting ripped off with credit card debt and the banks are certaintly no help. As Bach tells us, miss just one payment and late fees are added in and your interest rate jumps up ensuring that you will never get out of debt. Exactly what the banks want. Bach recommends making extra payments on your cards which I agree with. He also recommends cutting up your credit cards which I don't totally agree with, unless the person is just totally out of control.Lastly, Bach does recommend mutual funds as the safest way for the average investor to invest. I agree here too. The average investor has no business playing the stock market. The only thing I would suggest is to pick up a copy of Charles Givens book More Wealth Without Risk. Givens teaches a strategy called "the money movement strategy" which has you in the best investments per the economy. For example, following Given's advice you would have been out of stock funds in 2000 and not suffered the huge losses that so many other "buy and hold" investors did but into other investments that went up by 20%-40% per year from 2000 through 2003.It's true that Bach offers no "no money down" ways to buy real estate. That is not his goal here. I would suggest Robert Allen's book "Nothing Down" if that is your goal.Overall, Automatic Millionaire is a great book for anyone interested in adding to their wealth. If these concepts soud familiar, let me ask you a question: how are you doing with them? Sometimes the best advice is just a reminder of what we already know.Good book. Highly recommended.
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on January 29, 2004
To many people, The Automatic Millonaire looks too simple to be believable. Nothing could be that simple right?Yes and No. It is simple. EASY TO UNDERSTAND AND EASY TO DO, BUT HOW MANY PEOPLE DO IT?Save 10% of what you make. Use biweekly mortgages. Make extra principal payments. Make extra payments on your credit cards. Is it really this simple? Absolutely.I am now giving this book away as an accessary gift at weddings and birthdays. Automatic Millionaire is also an easy read.
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on January 15, 2004
I saw Dave Bach on the Ophrah show a couple of nites ago. I agree that much of what Bach says is not new but that doesn't make it a bad read.
Sometimes the best advice is what we already know. Some people need to be reminded to pay ourselves first. That it is okay to invest while you are in debt. And that simple things like a bi-weekly mortgage which you can do on own (some unscrupulous companies charge $400 or more for this service + additional fees)can save you 5 years of mortgage payments.
Bach recommends no load mutual funds (no doubt this upsets commissioned brokers and advisors)and other advice that takes money out of the pockets of sales people and puts it right back in ours.
Some of what BAch says has been covered in his other books, but again, sometime we need to be reminded and what if you didn't buy those earlier books?
I highly recommend The Automatic Millionaire. Title is very appealing and the book really works.
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on February 17, 2004
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.
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on January 14, 2004
Without a doubt, Automatic Millionaire is prooving to be the best selling financial book in America...and for good reason--IT WORKS!If you haven't read this great book yet, by all means do and take another lesson from Bach by ordering it from Amazon and save some $$$$.Great book. Let's keep it #1 and let's help make a stronger America by stamping out financial ignorance.This book is needed badly. Tell your friends about it.How many of your friends could benefit with a bi-weekly mortgage? That strategy alone could easily save $25,000 in mortgage payments!Get this book and let everybody know about it.
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on February 19, 2004
I don't know what impressed me more, David Bach's financial advice or the total lack of financial education if not outright financial ignorance (based on 1 star reviewers)that exists in this country.
I guess the financially clueless find some pleasure for their lack of financial success by bashing good books like this one by Dave Bach.
1 star reviewers; you need to get the cow minure out of your head. Stop rationalizing for your financial inadequecies by attacking Dave Bach. Stop reading those antiquated 1,000 page books by financially clueless authors (the blind leading the blind???) and get on the path to financial success by reading Dave Bach.
I also recommend Rich Dad Poor Dad and How To Get Rich Without Cutting up your credit cards by Robert Kiyosaki.
A lot of these financial authors are telling people what they want to hear, but not what they need to hear. People like Bach and Kiyosaki are telling it like it really is and offer advice that works.
I also agree with the other reviewers who like the fact that Bach encourages you to contribute to an investment plan even while you are in debt.
Some of these other reviews (1 stars) would be funny except that we are talking about personal finance and tells me that these people never really read the book and perhaps are overwhelmed with credit card debt which says a lot about their ability to manage money, especially debt. And also says a lot about how responsible they are. Yeah, these are exactly the kind of people that I want to give me financial advice!
Can't invest because it will bankrupt them? Having their cars repossed? House in foreclosure? Being evicted from their apartments? And these are the people bashing Bach? Think I'd rather listen to Bach.
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on February 11, 2004
It seems that some shills have now switched to remaining nameless. They may as well be because there opinions are worthless.
This is a great book for anyone who is seriously interested in building and keeping wealth.
Amazon, do you have any idea how much money this guy is costing you?
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on April 10, 2004
My spouse and I are very similiar to Jim and Sue in income. In fact that was what persuaded us to buy the book and go to work. Hard to believe that people could become debt free millionaires on an income that was equal to ours.
The first thing we did was forget the word budget and simply pay ourselves first. We then automated our financial lives by selecting direct deposit for our payroll checks and automatically having our first 10% deposited into a no load mutual fund.
We then revamped our mortgage and began, just like Jim and Sue to make two monthly payments instead of one. On those months when got got paid three times in a month, we make three mortgage payments. Unbeliveable how much faster oour mortgage is bing paid off thanks to this strategy. Geez, I wonder why our bankers never told us this?
We had some credit card debt especially after Christmas and began using the same strategy to our cards. We thought it would take most of the year to pay the cards off. No so. They are already paid off!
Following Jim and Sue's example we are planning on renting out our home as soon as it is paid off and then buying a new one. The rent payments recieved from this home will help us pay off our new mortgage in record time.
When I first read this book I was taken back by it's simplicity and had to ask myself over and over if it was this simple, how come we never heard about this before and how come everybody isn't doing it?
Good questions!
Perhaps too many have been JBQ'ed to poverty!
I was also excited to see that credible financial people like Jean Chatzky, Cnadace Bahr, Ginita Wall and Robert Kiyosaki all recommend this book in addition to other highly credible business people like Brian Tracy, Ken Blanchard, and Bill O'Reilly.
Overall, The Automatic Millionaire is a great book that will make a tremendous difference in your financial life. It has already made a tremendous difference in our lives and we have only just begun. We look forward to being up there with Jim and Sue, hopefully in even less time.
Thank you Mr. BACH!
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on May 22, 2004
I think I've finally figured out why the 1 star reviewers don't like this takes discipline. Sort of like dieting or anything else constructive. It's easy to say save 10% of what you make, but after all, you have to get up early every morning, fight that traffic enroute to your long commute to work, listen to a boss everyday so it's easier to take that 10% plus a whole lot m ore and spent it on your lifestyle.
I love that when people say they spend their money on their lifestyle....and then always want to borrow money too.
Sometimes I'll ask them; "How is your IRA doing?" The response is usually; "Huh?" , "What?", "What are you talking about?"
The 1 thing that Dave Bach cannot give you is the discipline to accomplish it. Too bad 1 star reviewer (s).
The Automatic Millionaire is still in the top 10 best selling books. Must be a reason.
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