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The Automatic Millionaire, Expanded and Updated: A Powerful One-Step Plan to Live and Finish Rich Paperback – December 27, 2016
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About the Author
DAVID BACH is the author of nine consecutive New York Times bestsellers, including Start Late, Finish Rich; Smart Women Finish Rich; and Smart Couples Finish Rich. The Automatic Millionaire was a runaway hit when it was first published in 2004, spending thirty-one weeks on the New York Times bestseller list and appearing at number one simultaneously on the New York Times, USA Today, BusinessWeek, and Wall Street Journal business bestseller lists. Bach has appeared more than one hundred times on NBC's Today show to share his strategies for living and finishing rich. His FinishRich seminars are the leading financial seminars in North America. He lives in New York with his family.
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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.
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!!
It’s an easy, quick read with simple methods that will help you become an automatic millionaire OVER TIME. It’s not a get rich quick scheme so if that’s what you’re looking for, this is not the book for you but if you’re looking for a sure, fireproof way to achieve your financial goals then you’ll benefit from this book.
My husband and I have already started implementing some of the steps. I feel so empowered and that we are well on our way to becoming debt free and achieving financial freedom!
I have and will continue to recommend this book to everyone I know needs it!