- File Size: 31345 KB
- Print Length: 275 pages
- Publisher: Currency; Expanded, Updated edition (December 27, 2016)
- Publication Date: December 27, 2016
- Sold by: Random House LLC
- Language: English
- ASIN: B01G0GD0PE
- Text-to-Speech: Enabled
- Word Wise: Enabled
- Lending: Not Enabled
- Amazon Best Sellers Rank: #51,449 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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The Automatic Millionaire, Expanded and Updated: A Powerful One-Step Plan to Live and Finish Rich Kindle Edition
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If you're not familiar with the foundations of personal finance and want to start accumulating wealth: this is a fantastic book to get started with. It covers all the basic things you need to know to be successful at managing your money.
The main concept is this: you should save at least 1/8th of your total (pre-tax) income. If you have debt (other than a house), pay that off first. Then, in this order, stock your money away:
- In your 401k
- Roth IRA
- SEP IRA
- Taxable accounts
Use low-cost index funds (with a broker like Vanguard).
If you do this, you'll live well and build a significant pile of money.
The main idea of this strategy is that if you work a full-time job (and are doing 8 hours per day), you should be working at LEAST one hour per day for yourself (not your bills, etc.) -- this is where the 1/8th number comes from. If you can do more? That's great! If you can do less? Work on lowering your expenses or raising your income until you can make it happen.
Invest 10-20% of your wages for retirement before your take home pay. You won’t miss it.
Avoid silly debt like expensive cars and things that you might think impresses people. Nobody truly cares.
Live below your means and let the difference create wealth.
I hope the emotional effect this book had on me can work on you, and give you the motivation you need to take action to automate your finances. It is so simple anyone can do it.
I have been saving this way for decades "set it and forget it" - like the old infomercial used to say! I can retire in 2 years and look forward to a future of financial independence.
According to multiple sources, 6 out of 10 Americans don't have $500 in savings. This book is a powerful tool to help fix this crisis!!
Top international reviews
1. Set up your government pension on direct debit
2. Buy a house and pay it off early.
3. Clear your credit card.
I'm not sure if I can agree with the order of things here.
oh and don't forget #4. Buy all my other books.
Though the content is nothing revolutionary new, it is great content, that can help a lot.
But... It is terribly written. Seriously, it is so boring and unnecessary long. Filled with super predictable nonsene stories to make a point. I really needed to fight through the book, reading it is no pleasure.
You won't learn anything from this book, period. Half of it is advertisement for mutual funds and banks, he even gives you their phone number...
It's all about dream selling, nothing even close to be interesting, or maybe if you start extremely low on your learning curve.