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The Automatic Millionaire : A Powerful…
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The Automatic Millionaire : A Powerful One-Step Plan to Live and Finish…

by David Bach

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David Bach puts forth what many of us learn from teachers, financial advisors, and parents into simple and straight forward methods. Add to that the examples and charts help emphasize the importance of following his advise, which is where many advisors, parents, etc have failed to do for many of us. ( )
  capiam1234 | Aug 14, 2013 |
David Bach puts forth what many of us learn from teachers, financial advisors, and parents into simple and straight forward methods. Add to that the examples and charts help emphasize the importance of following his advise, which is where many advisors, parents, etc have failed to do for many of us. ( )
  smcamp1234 | Aug 14, 2013 |
It's been a few years since I've read this book, but I remember being impressed by the advice to automate your finances, and I've done that to an extent. I could probably benefit from a re-read of this one, but it would have to get in line behind so many others on my to-read list. ( )
  dukefan86 | May 29, 2013 |
blah....i tried to get through this, but it sounded like he was repeating himself the whole time and had waaay too much enthusiasm. ( )
  pam.enser | Apr 1, 2013 |
The hour I spent reading this was more than it's worth, I have to say.

Bach proposes what is basically the blindingly obvious, and keeps hammering on the point. In no particular order, the recommendations are - when you get money, put some of it away in the quickest, most efficient way possible; try to arrange matters so you can't dip into the savings; pension contributions good; investing in a house good; not using credit cards good; and, finally, figure out something small you spend money on regularly, and stop doing it.

As I say, the blindingly obvious. I mean, none of it's wrong, but I'm a little worried that someone would be thoughtful enough to buy a book on financial management and not manage to think of any of this themselves, you know?

The book itself is written in large type (small paperback, 11.5pt, lots of headings), in that dreadfully earnest, personal, American self-help-book style. The text is absolutely littered with cutesy names for concepts ("Make It Automatic", "Pay Yourself First", some with trademarks, god help us), repeated references to the author's other books and seminars, and people's names thrown around with abandon to make it more engaging.

Again, nothing in this book is wrong; it won't make you penniless, though it is oddly focused on saving the money and a bit light on what you can then do with it. But it puts my back up something vile; there's something wrong about a book on a serious issue which doesn't seem to want to treat its readers as adults.
  generalising | May 6, 2009 |
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To my English teacher, Peter Annas, thanks for caring and inspiring me to write. You changed my life.
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What if I told you that in just an hour or two I could share with you a system that would slowly but surely transform you into a millionaire?
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Amazon.com Amazon.com Review (ISBN 0767914104, Hardcover)

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

(retrieved from Amazon Mon, 30 Sep 2013 13:48:37 -0400)

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Outlines a system for achieving financial security and building wealth, discussing how to make the most out of automated financial transactions, including 401ks, scheduled transfers, and early-payoff programs.

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