The Automatic Millionaire
and over 670,000 other books are available for Amazon Kindle – Amazon’s new wireless reading device.
Learn more
| ||||||||||||||||||||||||||||||||||||
|
More from David Bach
Learn the secrets of achieving financial freedom with bestselling author David Bach. Visit Amazon's David Bach Page. |
Best Value
Customers Who Bought This Item Also Bought
The Automatic Millionaire Workbook: A Personalized Plan to Live and Finish Rich. . . Automatically by David Bach |
by David Bach
|
Start Over, Finish Rich: 10 Steps to Get You Back on Track in 2010 by David Bach |
Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner by David Bach |
by David Bach
|
Editorial Reviews
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
From Publishers Weekly
Bach, author of several bestsellers including Smart Women Finish Rich and Smart Couples Finish Rich, offers a simple prescriptive plan for financial security. The secret: the astonishingly vanilla "Pay Yourself First," which, in Bach's words, is "the one proven, easy way to get rich." Instead of worrying about taxes, budgeting or investing, the key, according to Bach, is to set aside between 10% and 15% of gross income for savings the equivalent of one hour's worth of income every day. While this strategy may seem obvious, many people don't take this basic step. That's why Bach says everyone should write down their "Automatic Millionaire Promise," which spells out what percentage of their income they will start saving by a certain date. To insure that people carry through on their efforts, Bach says they should have deposits automatically made to a retirement account. Then, the next step is to capitalize on the power of compounding by contributing the maximum amount to, say, an employer's 401(k) account. To help readers navigate the maze of investment choices, Bach includes contact information for a number of mutual funds and Web sites offering authoritative financial information. Bach's key principle, along with such advice as buying real estate, paying down debt and making charitable deductions, is not groundbreaking; and regrettably, it may be unrealistic for many: tens of millions of Americans are in serious credit card debt because they can't make ends meet on their salaries; how, then, are they to save so much of their gross income? However, his easygoing approach, complete with real-life examples and clever phrases such as "Latte Factor," will appeal to the many money-challenged consumers who have made a New Year's resolution to get their finances on a firmer footing.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Product Details
Would you like to update product info or give feedback on images?
|
More About the Author
Inside This Book
(learn more)
First Sentence:
I'll never forget when I met my first Automatic Millionaire. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
biweekly mortgage payment plan, automatic millionaire, pretax retirement account, biweekly payment plan, asset allocation funds, investment pyramid, paying yourself first, pay yourself first, finish rich, living paycheck, balanced fund Key Phrases - Capitalized Phrases (CAPs): (learn more)
Morgan Stanley, United States, Edward Jones, Fannie Mae, Freddie Mac, Charles Schwab, Principal Balance, Age Invest Value, Fidelity Investments New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Surprise Me!
I'll never forget when I met my first Automatic Millionaire. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
biweekly mortgage payment plan, automatic millionaire, pretax retirement account, biweekly payment plan, asset allocation funds, investment pyramid, paying yourself first, pay yourself first, finish rich, living paycheck, balanced fund Key Phrases - Capitalized Phrases (CAPs): (learn more)
Morgan Stanley, United States, Edward Jones, Fannie Mae, Freddie Mac, Charles Schwab, Principal Balance, Age Invest Value, Fidelity Investments New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Surprise Me!
Citations (learn more)
This book cites 10
books:
See all 10 books this book cites
4
books
cite this book:
- Smart Women Finish Rich: 9 Steps to Achieving Financial Security and Funding Your Dreams (Revised Edition) by David Bach in Front Matter, page 12, and Back Matter
- Finish Rich Workbook by David Bach in Front Matter, and Back Matter
- Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not! by Robert T. Kiyosaki in Front Matter
- What Women Want Men to Know by Barbara De Angelis in Front Matter
- What Women Want Men to Know by Barbara De Angelis in Front Matter
See all 10 books this book cites
- The Smart Mom's Guide to Staying Home: 65 Simple Ways to Thrive, Not Deprive, on One Income by Christine Walker in Back Matter
- Make Every Man Want You (or Make Yours Want You More): How To Be So Damn Irresistible You'll Barely Keep From Dating Yourself! by Marie Forleo in Back Matter
- The Success Principles: How to Get From Where You Are to Where You Want to Be by Jack Canfield in Back Matter
- How to Raise Millionaire Children by Dr. Jordan H. Jordan; Esquire in Back Matter
Books on Related Topics
(learn more)
|
What Do Customers Ultimately Buy After Viewing This Item?
 |
86% buy the item featured on this page: The Automatic Millionaire : A Powerful One-Step Plan to Live and Finish Rich $13.57 |
 |
4% buy Smart Women Finish Rich: 9 Steps to Achieving Financial Security and Funding Your Dreams (Revised Edition) $10.17 |
 |
4% buy Start Late, Finish Rich: A No-Fail Plan for Achieving Financial Freedom at Any Age (Finish Rich Book Series) $10.17 |
 |
3% buy Start Over, Finish Rich: 10 Steps to Get You Back on Track in 2010 $9.99 |
Tags Customers Associate with This Product(What's this?)Click on a tag to find related items, discussions, and people.
|
Customer Reviews
|
Share your thoughts with other customers:
|
||||||||||||||||||||||||||
Most Helpful Customer Reviews
Share your thoughts with other customers: Create your own review
|
|
Customer Discussions
|
This product's forum
Active discussions in related forums
Search Customer Discussions
|
So You'd Like to...
|
|
Look for Similar Items by Category
Look for Similar Items by Subject
Your Recent History
(What's this?)|
After viewing product detail pages or search results, look here to find an easy way to navigate back to pages you are interested in. |
