Enter your mobile number below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
Getting the download link through email is temporarily not available. Please check back later.

  • Apple
  • Android
  • Windows Phone
  • Android

To get the free app, enter your mobile phone number.

Buy Used
FREE Shipping on orders over $25.
Condition: Used: Very Good
Comment: Book is in very good condition. It may have some slight wear and possibly include a previous owner's name. We ship within 1 business day and offer no hassle returns. Big Hearted Books shares its profits with schools, churches and non-profit groups throughout New England. Thank you for your support!
Have one to sell? Sell on Amazon
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See this image

The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich Hardcover – December 30, 2003

4.2 out of 5 stars 563 customer reviews

See all 21 formats and editions Hide other formats and editions
New from Used from
"Please retry"
"Please retry"
$1.98 $0.01
Unknown Binding
"Please retry"

Excel 2016 For Dummies Video Training
Discover what Excel can do for you with self-paced video lessons from For Dummies. Learn more.
click to open popover

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.

New York Times best sellers
Browse the New York Times best sellers in popular categories like Fiction, Nonfiction, Picture Books and more. See more

Product Details

  • Hardcover: 256 pages
  • Publisher: Crown Business; 1 edition (2004)
  • Language: English
  • ISBN-10: 0767914104
  • ISBN-13: 978-0767914109
  • Product Dimensions: 5.8 x 0.8 x 8.2 inches
  • Shipping Weight: 9.6 ounces
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (563 customer reviews)
  • Amazon Best Sellers Rank: #253,578 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover
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.
Read more ›
3 Comments 215 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
Format: Hardcover
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.Read more ›
Comment 206 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
Format: Hardcover
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.
Comment 145 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
Format: Hardcover
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.
Comment 147 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
Format: Hardcover
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.
Comment 95 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse

Most Recent Customer Reviews