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

Bach, David

Hardcover

ISBN 10: 0385660243 ISBN 13: 9780385660242

Publisher: Doubleday Canada, Limited, 2003

Synopsis

Bestselling financial advisor David Bach brings us his proven, revolutionary system that in one hour will make readers -- even those not smart about money, not disciplined or budget-minded -- rich.

The Automatic Millionaire shows readers how to change financial practices and financial lives, beginning with a powerful story of an average Canadian couple -- he’s a low-level manager, she’s a teacher -- whose joint income never exceeds $55,000 a year, yet who somehow manage to own two homes debt-free, put two kids through college, and retire at 55 with more than $1 million in savings. The incredible message Bach delivers is that the key to getting rich is by “automating” the way to wealth “by paying yourself first,” using automatic funded retirement accounts and money market accounts to secure the future and pay for the present.

In a short book destined for bestseller lists, The Automatic Millionaire introduces readers to a system that is powerfully simple, and automatically effective, a life-changing system that delivers. Do it once, the rest is automatic.

About this title

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. It's 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. His core principle is that to succeed you must "Pay Yourself First." In other words, he suggests setting aside a fixed monthly sum 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 pay cheque, you probably already make enough money to become rich." But his claim 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 such as 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. 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, Amazon.com

Review

"The Automatic Millionaire is an automatic winner. David Bach really cares about you: on every page you can hear him cheering you on to financial fitness. No matter who you are or what your income is, you can benefit from this easy-to-apply program. Do it now. You and your loved ones deserve big bucks!"-Ken Blanchard, co-author of "The One Minute Manager "The Automatic Millionaire gives you, step by step, everything you need to secure your financial future. When you do it David Bach's way, failure is not an option."-Jean Chatzky, Financial Editor, NBC's "Today "David Bach's no spin financial advice is beautiful because it's so simple. If becoming self-sufficient is important to you then this book is a must."-Bill O'Reilly, anchor, Fox News, and author of "The O'Reilly Factor and "The No Spin Zone "Finally, a book that helps you stop sweating it when it comes to your money! "The Automatic Millionaire is a fast, easy read that gets you to take action. David Bach is the money coach to trust year in and year out to motivate you financially."-Richard Carlson, author of "Don't Sweat the Small Stuff and" Don't Sweat the Small Stuff About Money "David Bach's "The Automatic Millionaire proves that you don't have to make a lot of money or have a complicated financial plan to get started -- you can literally start towards your financial dreams today, in a matter of hours, with just one life changing secret: Pay yourself first and make it automatic! Equally important, this book shows you how to simplify and automate your entire financial life."- Harry S. Dent, Jr., investment strategist and author of "The Roaring 2000s ""The Automatic Millionaireis, simply put...a great little book! You can read it in a matter of hours and take action immediately on a powerful, simple, totally AUTOMATIC plan to become a millionaire."- Robert G. Allen, coauthor of The "One Minute Millionaire ""The Automatic Millionaire is brilliant in its simplicity and thoroughly enjoyable to read. If you want to create financial security and still sleep at night, you've just got to get this book! Thank you, David...your advice will change people's lives." - Barbara Stanny, author of "Secrets of Six-Figure Women and "Prince Charming Isn't Coming "I once heard that to make something powerful, you need to make it practical. "The Automatic Millionaire is a book that is 100% practical and powerful. David Bach is one of the few individuals in the world of finances who truly wants to make a huge impact in other people's financial lives. This is one of those rare books that can really change your life!"- Louis Barajas, Author of "The Latino Journey to Financial Greatness "David Bach lets you in on the secret to finishing rich, and it's so simple anyone can do it. Read this book, follow his advice, and it will change your life."- Candace Bahr and Ginita Wall, co-founders of the Women's Institute for Financial Education (WIFE.org) "Pay yourself first. It's simple ideas like this that can make all the difference in your financial future. Ignore David Bach's new book at your own peril."- Al Ries, author of "Focus, The Future of Your Company Depends on It "David Bach makes understanding your finances easy, fun and exciting. "The Automatic Millionaire is a practical and smart guide to mastering your relationship with money."-Barbara De Angelis, Ph.D. author of "What Women Want Men to Know "More people will become millionaires in the years ahead than in all the previous years of human history. It has never been more possible for you to get out of debt, achieve financial independence and build a financial fortress around yourself than it is today. This fast-moving book by David Bach gives you the practical strategies and techniques you need to take complete control of your financial life and become the millionaire you want to be."- Brian Tracy, author of "Goals!

Edition details

• Publisher: Doubleday Canada, Limited
• Publication date: 2003
• ISBN 10: 0385660243
• ISBN 13: 9780385660242
• Binding: Hardcover
• Language: English