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Automatic Wealth: The Six Steps to Financial Independence Hardcover – February 28, 2005
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In addition to concrete steps, Masterson also writes about attitude and expectations. His first step, in fact, is to take an honest and realistic assessment of your current financial situation and prepare yourself to change habits. He stresses that you must make getting rich a priority and devote the necessary time to it--act immediately and don't wait until the perfect moment to change your situation (hint: the perfect moment rarely arrives.). Clearly written and filled with informative anecdotes and examples, Automatic Wealth will not make you a millionaire overnight. It could, however, make you one in a decade, and that's a timeline most people can deal with. --Shawn Carkonen
From the Inside Flap
In Automatic Wealth, self-made millionaire Michael Masterson draws upon his own experience and that of experts in the fields of retirement, investing, and real estate to offer you a complete program on achieving financial independence. Organized around six key principles, Automatic Wealth will show you how to develop your wealth- building skills and habits and turn yourself into an "automatic wealth-builder."
The proven program detailed throughout this bookone which incorporates nothing but strategies that have personally worked for Masterson as well as the people he's mentoredis broken down into six easy steps:
- Facing the FactsHere you'll discover what wealth means to you and come to a realistic conclusion about what you need to do to put yourself on a path that will allow you to live well and retire comfortably.
- Plan to Become WealthyOffers simple, straightforward advice that will prepare you for your journey.
- Develop Wealthy HabitsIllustrates how the right mind-set can translate into more money.
- Radically Increase Your IncomeProvides the framework for making the money you want through real estate, investing, and other proven financial vehicles.
- Get Richer While You SleepReveals the best ways to create a steady stream of income that will automatically flow into your pocket.
- Retire EarlyExplores proven approaches to wealth building that will allow you to retire sooner than you might have expected and still live comfortably throughout your retirement years.
Automatic Wealth follows a well-conceived plan that focuses on building income and equity simultaneously. Filled with in-depth insight and practical advice, this unique guide offers specific stepsincluding how to develop wealth-building habits now and how to develop a three- to fifteen-year plan to reach millionaire statusthat will help you live a more fulfilling financial life.
Top Customer Reviews
The book's pitfalls to me center around specific investing advice. For instance, he recommends not investing much in the stock market because of its volatility, and talks about how much he likes investing in bonds, since if you hold them to completion you know what you are getting. This is true, but does not consider the effects of inflation, which makes that steady income worth less (whereas stock valuations and dividends tend to keep up with inflation). This is a perfect example where you have to realize he is telling you what has worked for him, but may not be the best advice for many (although I agree with him the stock market is currently overvalued). He also seems to contradict himself when he uses the stock market's historical average of 10% returns to claim you need a net worth of 10 times your living expenses to retire (or 12 times if you're more conservative). In one breath he is poo-pooing the stock market as an investment, then using its average returns in his retirement calculations.
I also wish he didn't refer to real estate investing as "flipping" real estate.Read more ›
This 271-page book is divided into only six detailed chapters. Each one explains one of the six steps to achieving wealth, which are:
1. Face the facts - you won't get rich saving 10% or more in your pension plan or getting measly salary increases.
2. Plan to become wealthy - This is occurs one step at a time and requires planning.
3. Develop specific wealthy habits - work hard, good a what they do, are extraordinary savers, pay themselves first
4. Radically increase your income - to the tune of 25% to 150%
5. Get rich while you sleep - by receiving passive income
6. Retire early - to live the lifestyle you want
Masterson provides specific examples of each of his six steps, as well as personal experiences and appropriate stories. It all seems very real and makes a lot of sense. He mentions that an individual has to make getting rich a priority and be willing to focus his/her energies on building wealth. He also covers the need to have a detailed short-term and long-term written action plan with specific goals.
The author suggests that everyone choose specific lifetime goals; calculate their retirement income needs based upon an analysis of assets and liabilities, and lifestyle requirements.Read more ›
Advice: Buy the Book for its foundational principles of wealth building and his excellent assessment of real estate investing, but completely ignore Chapter 5's discussion on stock picking and double the amount you will need for retirement. All his advice will be flushed down the toilet if you follow those parts of the book. Instead, substitute those sections with the book, "The Four Pillars of Investing" by William Bernstein. The combination of the two books would certainly lead most logical consumers to significant wealth accumulation.
Most Recent Customer Reviews
I got this as a companion to one of his other programs. Now all I have to do is read it!Published 14 months ago by George White
Out of all of the financial self-help books that I have read, Automatic Wealth gives a lot of new advice worth following. Read morePublished 17 months ago by Jason Van Harrison
Masterson is an author full of wisdom and advice. I have read other books from him and they were fantastic. He is one of my trusted advisors. Read morePublished 18 months ago by Antonio F. Granados
It is very easy to read. It is a fun book to read as well. It is very easy to find.Published on April 17, 2014 by Christopher Glines
Probably the overall best book I've ever read on earning money and creating wealth. The author will honestly tell you that you aren't going to get rich with great stock picks and... Read morePublished on December 31, 2013 by James Hrusovsky