The Web    www.100share.com    Google
 
The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich
List Price: $12.95

Our Price: $3.70

You Save: $9.25 (71%)

 


Product Description

What¡¯s the secret to becoming a millionaire?

For years people have asked David Bach, the national bestselling author of Smart Women Finish Rich, Smart Couples Finish Rich, and The Finish Rich Workbook, what¡¯s the real secret to getting rich? What¡¯s the one thing I need to do?

Now, in The Automatic Millionaire, David Bach is sharing that secret.

The Automatic Millionaire starts with the powerful story of an average American
couple--he¡¯s a low-level manager, she¡¯s a beautician--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. Through their story you¡¯ll learn the surprising fact that you cannot get rich with a budget! You have to have a plan to pay yourself first that is totally automatic, a plan that will automatically secure your future and pay for your present.

What makes The Automatic Millionaire unique:

You don¡¯t need a budget
You don¡¯t need willpower
You don¡¯t need to make a lot of money
You don¡¯t need to be that interested in money
You can set up the plan in an hour

David Bach gives you a totally realistic system, based on timeless principles, with everything you need to know, including phone numbers and websites, so you can put the secret to becoming an Automatic Millionaire in place from the comfort of your own home.

This one little book has the power to secure your financial future. Do it once--the rest is automatic!

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

Customer Reviews:

  • Good practical advice, nothing new
    The thesis of "The Automatic Millionaire" is that you should automatically invest a small amount of your income every pay check. Over time this will make you rich. In fact the author claims that if you start early you can retire young as a millionaire. Hence the title. While this is no doubt true, I don't think many people will do it.

    I was annoyed the authors repeated self promotion. He referencing his previous books and web site in almost every chapter, several times in some cases. If they were so useful, he should have just included them in this book. His enthusiastic tone gets to be annoying after awhile too. He does also list other useful sites and services.

    The advice to save part of your income automatically via direct deposit, or automatic deductions sounds like good advice, and seems achievable. Much of the rest of his advice is old hat. His suggestions about paying off credit card debt were not very interesting.

    In summary, short well written solid advice, but you know most of it already....more info
  • Great book on simple money management
    This is a great book that shows at time, just common sense when it comes to money management. There are problems today that have greatly distracted people from recognizing why they are in financial ruin. One is the fact that too many people overspend. One of the others is a pure lazy attitude. I've met so many people who ask me how my wife and I are able to save money and still live comfortably. This book is one of those reasons, and I will explain why. David Bach does a great job at showing people how to do something they usually are not doing, and that is realizing where their priorities are in what they spend their money on. So many of these things are small things that they don't realize, like Mocha Latte's every day or putting fancy yet really needless accessories on their vehicle. Bach shows how these little things can add up over time, and that with a different structure in one's spending that little money spent on a daily basis over time can add up to big money in the long run, if saved instead of spent. Cable Television, the constant want of new items and an extreme abuse of credit cards are just some of the things he outlines.

    With Bach, he also gives us insight on how a consumer can scale back and still have a retirement account as well as having their home paid off in a much shorter time than usual. Buying used will not keep you up with the Jones', but it will guarantee that you will have money to use later in life while the Jones' are still trying to figure out how they got so deep into debt. Effort is rewarded and in today's society Bach notes that there are just too many people wanting something for nothing, which is in a way what has pushed the ideals of socialism back to the forefront. With this attitude people will never be responsible for their actions and those who do make the right choices will not be rewarded in the end. Just by scaling back on some regular spending and setting up a plan that will help you get away from the constant use of credit cards will allow one to have more in savings as well as a retirement account in regards to ROTH IRA's which allow you to not have to be taxed on it when it is all said and done. The time of relying on pensions and social security is over for many young people, so I would recommend this to every youth out there in hoping they do not make the same mistake their parents made. By following the plan, you will feel much more vindication and power over your own personal financial situation, and in the process leave all the stress that your financial hardships caused you in the past, behind. If there is one thing a person should purchase, it is this book. You don't have to "aspire" to be a millionaire, but you are responsible for you, and if you can identify and correct your mistakes, you will notice a difference in the first week you apply them. ...more info
  • Common sense in paperback form
    It's a well-written, accessible book. Bach is an engaging writer. That's not my beef.

    My beef is that this book is good common sense. . In fact, I bet you're doing most of what Bach suggests right now by having your 401(k) or IRA contributions automatically deducted from your paycheck or bank account and using online bill pay.

    There's no revolutionary or insightful information in this book that you can't get from his column on Yahoo! Finance, or from almost any financial web site. Save your cash....more info
  • Pretty thin on content
    A couple good ideas but drawn out over a few hundread pages. I was able to skim through the whole book in a day. Pretty thin on content overall....more info
  • Changed the way I handled my money
    This book helped me tremendously, therefore it gets 5 stars. The concepts are simple, but not always so easy to apply. Saving your money takes discipline and this book has helped me make better decisions and I immediately opened up a basic money market account through ING Direct after putting the book down. I started out putting $35 per week away, and have worked up to $65 per week with occasional deposits of $1,000+ when I make bonus income (I run my own business). This book will help you get on the right track to saving more and spending less, get it!...more info
  • A life changing book!!
    Never thought that personal finance could be this simple and easy. Applying what is written in this book, has changed my life and how I value my earnings and money. Well done!...more info
  • Changed the way I handled my money
    This book helped me tremendously, therefore it gets 5 stars. The concepts are simple, but not always so easy to apply. Saving your money takes discipline and this book has helped me make better decisions and I immediately opened up a basic money market account through ING Direct after putting the book down. I started out putting $35 per week away, and have worked up to $65 per week with occasional deposits of $1,000+ when I make bonus income (I run my own business). This book will help you get on the right track to saving more and spending less, get it!...more info
  • David Bach is the greatest financial expert
    At first I was a little intimidated to read a book about finances but David Bach explains everything in plain english. There are a lot of things that I already knew I should be doing with my money but David really motivates me and makes me feel like I could really do this. I am truly on my way to being a millionaire! Thanks David Bach! ...more info
  • The Automatic Millionaire: A Powerful One-Step Plan
    Excellent information. Packaged well and shipped promptly. ...more info
  • Simple as it gets for financial/spiritual freedom.
    This is all about automating your way to financial freedom guys. If you are looking where to start and not overwhelm yourself, this is the book for you! Wonderful read! If you're married definitely get the "Smart Couples Finish Rich". Best book for married couples that want control over their finances ever. These books are about real life and not some "guru" shoving mostly useless junk down your throat. Enjoy!...more info
  • Common sense for the 20 something crowd
    Pay yourself first. Start saving early in life. Avoid credit card debt. If you need to read the same message in an expanded format then this book is for you. Check the book out at the library, if you really like it and need it for a reference buy it later....more info
  • Automatic Millionaire
    Good advise, easy read. Got copies for my son (22) and nephews (21). My son told his friends about the book, now they're reading it. ...more info
  • BEST financial book ever
    I HIGHLY recommend this book to anyone...preferably to a teen so they start off on the right foot but anyone at any age would benefit. It teaches you just how easy anyone with any salary can save money and retire early. I borrowed this book from a friend and loved it so much that I bought one for me to have and bought a second one to give as a gift for Christmas. ...more info
  • If You Want to Be Rich Don't Follow Bach's Advice
    It is August of 1997, the markets have just started their gyrations, Robert Kiyosaki, Donald Trump, David Bach and others are on a Larry King panel to discuss personal finance and current market conditions. David Bach said that the reason the markets were depressed was that the market makers had gone on holiday. They will return, he said, and the markets will go back up.

    That is the kind of information that is in "Automatic Millionaire" and if you follow it, you will lose a fortune in the stock market and have all of your net worth tied up in the most illiquid purchase of all, your house.

    I bought the audio book, read by David Bach, long before the current meltdown and couldn't believe what I was hearing.

    First: there is nothing "Automatic" about becoming a millionaire. Even the laziest person has to look at a financial statement or rebalance their retirement accounts once a year. According to The Millionaire Next Door wealthy people pay attention to their financial statements and consistently engage in certain behaviors that lead to wealth.
    Second: your house is not an asset, therefore it is better to use the money that would go for extra payments (to pay down principle according to Bach) to buy a rental property to generate cashflow.
    Third: Latte Factors are nice, it was in this book that he coined the phrase, but the Latte Factor is just a catch phrase that obscures the need for greater financial literacy and sound long term financial habits. That phrase has left people cutting out their goodies rather than looking holistically at their financial picture.

    Automatic Millionaire was written during boom times when the market was supposed to always go up.
    Here is the litmus test for financial advice. If the bottom falls out of the market or the basic assumptions of the book (that real estate prices will always go up, for example) are not true, is the advice still good?

    The answer is no...so I would recommend a pass on the book....more info
  • If You Want to Be Rich Don't Follow Bach's Advice
    It is August of 1997, the markets have just started their gyrations, Robert Kiyosaki, Donald Trump, David Bach and others are on a Larry King panel to discuss personal finance and current market conditions. David Bach said that the reason the markets were depressed was that the market makers had gone on holiday. They will return, he said, and the markets will go back up.

    That is the kind of information that is in "Automatic Millionaire" and if you follow it, you will lose a fortune in the stock market and have all of your net worth tied up in the most illiquid purchase of all, your house.

    I bought the audio book, read by David Bach, long before the current meltdown and couldn't believe what I was hearing.

    First: there is nothing "Automatic" about becoming a millionaire. Even the laziest person has to look at a financial statement or rebalance their retirement accounts once a year. According to The Millionaire Next Door wealthy people pay attention to their financial statements and consistently engage in certain behaviors that lead to wealth.
    Second: your house is not an asset, therefore it is better to use the money that would go for extra payments (to pay down principle according to Bach) to buy a rental property to generate cashflow.
    Third: Latte Factors are nice, it was in this book that he coined the phrase, but the Latte Factor is just a catch phrase that obscures the need for greater financial literacy and sound long term financial habits. That phrase has left people cutting out their goodies rather than looking holistically at their financial picture.

    Automatic Millionaire was written during boom times when the market was supposed to always go up.
    Here is the litmus test for financial advice. If the bottom falls out of the market or the basic assumptions of the book (that real estate prices will always go up, for example) are not true, is the advice still good?

    The answer is no...so I would recommend a pass on the book....more info
  • Nothing earth shattering
    This book highlights the time value of money. It shows you don't have to make big money to save big money. Hint: start early. The principle ideas in this book work: pay yourself first, stay away from debt, pay as you go, payoff mortgage early, etc.

    Start early and follow these general principles and you will be far ahead later in life. It worked for me. The reason I bought this book is sometimes you have to revisit what you already know.

    I give it a 3-star mainly because I can't help but feel like i'm in front of the tv on a Sunday morning watching an informercial.
    ...more info
  • Good Advice but what about the working poor?
    If you're just getting by, then don't even bother with this book. But if you do have some income to spare, its a great way to get your finances in order. There was just something really unrealistic about this book...especially for those of us starting over. Great book for teenagers and young college students who are just starting out. ...more info
  • The Basics Are Important and This Book Has Them Covered!
    On the way to work last summer, I stopped at a yard sale and bought this book for the proverbial "one thin dime." Frankly, the title turned me off, but I've read a lot of finance books and, heck, why not give this David Bach a chance?

    Well, I sat on the exercise bike and read it in one go! To me, it includes 'most all of the basics you need for a solid financial start. Just as helpful, the author keeps things simple and also is willing to carefully explain the concepts he is introducing. Bach doesn't talk down to you. He makes you feel excited about getting yourself in good financial shape, instead of intimidating and/or overwhelming you.

    I was happy to see, and I bet it will be the case for you, too, that I was already on the right track. Automatic savings is awesome, particularly if it comes out of your paycheque without being taxed! I was glad to see that Dean thought US Government Savings Bonds were a reasonable place to accumulate the "rainy day" savings we all need to have on hand just in case.

    I have read quite a few financial guides and find many of them, frankly, overwhelming; they left me wondering how I could ever digest, let alone implement, all that advice and information.

    The ideas Dean presents are easy to implement and make good sense even to a relative financial novice like me. Yes, you do have to be willing to do without some extraneous (and often ultimately unrewarding) goodies. But, soon enough, you realize how much you are helping yourself by foregoing the often not all that satifying series of media-inspired "treats." You are doing something good for yourself and for your future.

    So, this financial guide is a keeper; it ranks up there with _Your Money or Your Life_, as far as I'm concerned.

    Oh, if only high schools would teach this information to their students, along with all the other vital practical information they need to have a shot at a successful, happy life!
    ...more info
  • The Automatic Millionaire
    Gave this book as a gift. It was a wonderful success. ...more info
  • A Must Read!!
    Easy to read and easy to apply principles for managing your money. This book has become my standard gift for high school grads because as helpful as this book has been to me at 40 years old, it will be that much more beneficial to an 18 year old. Start reading and start saving!...more info
  • should be required college reading
    Great book but should be read before one starts their career. I am 37 and finding that it is mostly too late for me to start implementing the techniques this book suggests. Wish I had read this 18 years ago......more info
  • A helpful guide on how to retire rich
    Did you know that you don't need a big salary to become a millionaire, and that a carefully organized budget and intense willpower aren't even necessary? All it takes, says David Bach, is a simple one-step plan. Follow it to become an "automatic millionaire." Bach's save-your-pennies book is straightforward and sensible - though it predates the recent economic downturn. It comes complete with helpful tables and charts. He details how someone with an average income can eventually amass wealth through automatic savings. getAbstract finds it hard to argue with his basic, common-sense principles: Save steadily, avoid credit card debt, and so on. But Bach gives little weight to various real-life scenarios that can throw a money wrench into the most sensible savings plans. For example, what happens if you lose your job, get seriously ill or find that your home is depreciating? (In fact, he says U.S. houses double in value over five years. Alas, that's not the case in many places at the moment.) What about folks with erratic incomes who can't make automatic savings payments - the locus classicus of Bach's plan? What if 15% of your paycheck just doesn't add up to enough accrual? That's not to mention that Bach's instruction to invest at a 10% return, which is not an easy score to achieve these days. Do your own math. Despite his occasionally utopian tone, Bach does provide solid information on how to build wealth. You can only benefit from his concrete, logical suggestions on how to get rich, slowly....more info