Automatic Millionaire

[Hot dog]

I just read the book by David Bach. I thought it was really good and makes it look so easy. It just made me feel like there is definitely hope for me. It gave me a renewed sense of I can do it! Has anyone else read it and what did you think.

[savemachine]

Can you summarize it in a nutshell?

[autoxer]

That's a good book. I've read it & I've automated all of my savings. It's all about paying yourself first.

[Elgin526]

I keep hearing about it, and keep meaning to go to the library to check it (and other financial books) out, but stuff keeps coming up and and I never make it. I'll go this weekend for sure! (would have gone last weekend but DH has my car torn apart trying to fix it, I've been car-less for over a week now!)

[Homebody]

Yes I got something out of it like nearly every financial book I have read except for one.

[disneysteve]

I think it is a very good book and gives good advice. This is the book that introduced us to "the Latte Factor." Basically, he gives good advice on budgeting, knowing where your money is going, setting up automatic investment plans so that you never see the money, don't miss it and don't have the chance to spend it before investing it.

[robex]

It is a good book and has some great ideas. Definately helps to pay yourself first...what I don't see, I don't spend!

[wakkus]

It's a good book, and worth the read, although you're basically going to hear the same thing over and over again. However, that's not necessarily a bad thing, considering our country's financial bad habits.

Americans don't get a key thing about money, which is, due to taxes, a dollar earned is worth much less than a dollar saved. So everyone is out there trying to get a pay raise to cover their new expenses, but in fact, they'd do much better just not spending as much. I know more people making $300K a year who are broke than I care to think about.

If more people got this basic fact, our country would be in much better shape.

[My English Castle]

good advice--but all the same

While I agree that bach's advice is valuable and worth listening to, all of his books are essentially the same. Automate, automate, automate.
he's right--and I admire his ability to sell the exact same message in about 10 different books.

[disneysteve]

While I agree that bach's advice is valuable and worth listening to, all of his books are essentially the same.

I think there is a lot of real estate info in Automatic Millionaire Homeowner that doesn't appear in the original book (though I don't necessarily agree with all of it). Otherwise, I agree with you.

[carsensejoe]

nice quotes steve

[LuxLiving]

He helped (FINALLY) THE Hubster to understand how we could actually put money away in our 401-K plan and how it affected the paycheck he was going to bring home. I tried explaining it multiple times and he didn't get it from me, but when I had him read those few pages of the book, it finally clicked. He dislikes reading, so isn't inclined to keep up w/how these things work. Pages 83-92.

On this point alone it was !!!!VERY HELPFUL!!!!

So, there is more to it than just the automate factor which is repeated throughout his books. In his women's book, I did get something from the multi-basket approach he laid out as well. These are a couple of the things he could elaborate upon more in my opinion.

Rexdart, the Richest Man in Babylon is standard here - I reread it OFTEN for the motivation to get out of 'slavery' juice it gives me! There must be five or six copies here. I buy them cheap at the resale bookshops/thrifts for $1 or less and then when someone complains about their finances I give them a copy!

[carsensejoe]

napolean hill

check out his material --- great author

[disneysteve]

nice quotes steve

Thanks. Welcome to the board.

[carsensejoe]

thank you... glad to be here!