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

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!

Customer Reviews:

  • automatic millionaire
    this book is one of the greatest books I ever read,its easy to read and understand. people are always looking for that magic little secret to make them rich when in fact the secret is right in front of us.
    all we have to do is make the right choices and make them automatic!!!
    wealth does not come overnite,but it does come with the right guidence.
    THIS IS A MUST READ!!!!!!!!!!!!!!!!!...more info
  • Follow the advice in this book. Don't wait! Do it now!
    This book has information regarding setting up your retirement, setting up an emergency fund, paying down your mortgage, and more. All of the technical information is available publicly. So why should you buy this book?

    Because David Bach is going to motivate you and teach you how to do the above, and set everything up so it's automatic, so you don't need to budget or have the discipline how to do these things every month. He's going to teach you how to Pay Yourself First, instead of waiting until you've paid everyone else. He's going to give you real examples of people who have changed their lives by taking a few hours to automate their financial future.

    How many of you know that you should be saving more for retirement, putting away money for a rainy day, your kids education, or a down payment on a home? Probably many of you. So use the advice in this book, figure out how much to save and invest every month for these things, and set your program on auto-pilot so you can forget about it. After a few months, you'll never miss the money your saving, because you'll never see it in your checking account.

    There's nothing about getting rich quick in this book. There's no risky schemes or hare-brained ideas, only sound advice on how to save for the important things in life and how to do it automatically. There's nothing complicated. Everything's simply explained.

    The naysayers (negative reviewers) say all of this is common knowledge, and that's true, but it's not common practice! I knew all the technical stuff as seperate pieces of information. What this book helped me do is to is put it all together in a comprehensive plan and implement it. Simply. Automatically. That's the true value of this book!

    Don't make excuses. It's never too late to start. Even saving some money is better than saving none. Do it now! I did. It's easy. It's actually kind of fun too!...more info
  • Good Advice
    He shares very good advice, but I had already started many of the suggestions in the book before I even read the book. Take much of what is said and do apply it in your financial portfolio, hopefully you will gain knowledge. I may not be a millionaire but my money is working for me just fine....more info
  • Simple But "It Works"!
    This guy is making millions by selling this very simple advice! I'm envious that he wrote this book and is selling thousands of copies and I didn't think of doing it first! But, getting my envy under control.....(clears throat).......I think this book informs the reader about a very good "wealth building" strategy.
    Of course, there are "pitfalls" to the plan....like the tendency of taking the money out early....but, even so, this plan is better than doing nothing...or buying lottery tickets! I think the book is worth reading..... But, perhaps borrow it from a friend so I won't get more jealous of the author than I am at present! :o)

    But, one more thing comes to mind: In the last chapter the author recommends "tithing". I suppose he means "tithing" to a church or synagogue or mosque or to some other charitable organization. He says at one point: "When you tithe you will recieve wealth back. I have seen this happen."....or words to that effect. I DISAGREE STRONGLY--especially for people making $10 an hour or in that vacinity! In the start of the book the author talks about "the latte effect" and he pursuades all of us that we CAN save without hurting our lifestyle hardly at all. Thus we give up Starbucks and other "luxuries" and that money goes into SAVINGS. Then at the end, he recommends us to SPEND that money we just saved by giving up "latte" and he recommends that we spend that money for "tithing"---giving the money away to someone else! That would be fine if your wage is, say, $50 an hour---tithe all you want! But, I assume this book is also geared to the wage earner who makes $10 an hour. At $10 an hour with todays prices for food, gas, lodging no one will be able to save a dime if they give 10% away as a gift! And, the idea that "if you give you will receive back" is so false because THERE IS NO CONNECTION BETWEEN WHAT YOU GIVE AWAY AND WHAT YOU RECEIVE. The "connection" is actually between "how much you benefit your fellow mankind and what you receive". For example, Bill Gates is wealthy..why? Because he gives money away? No, he is wealthy because he "benefits his fellow human beings" with his software that we all need and use. Thus, when someone says, "Give money to my cause or organization and you will 'position yourself to receive'" that person is not telling the truth? The truth is that if you BENEFIT your fellow man, then you will receive. Thus, is it true that there a connection between giving money to a church and later as a result receiving wealth back? I don't believe so. BUT I KNOW there IS a connection between benefitting mankind and receiving money back. So, I suggest the $10 an hour employee give, say, $10 a week to the minister of their church if that makes them feel good and they want to help the minister. But, forget about "tithing" to "receive back"...and use that "latte or tithing money" for savings for YOUR retirement and/or the investment in a college education for YOUR kids. Otherwise, you might find out that that personable and friendly minister used your "tithes" for HIS retirement and/or for the education of HIS kids! Email:boland7214@aol....more info
  • A very good motivational book.
    All the pessimism and condecension aside, this book is a very positive and motivating book, for a first timer like me. I've heard much of the advice in this book before and I've read the same advice in many other books. The bottom line is this book is a motivational resource and platform for people who are intimidated by their personal finances.

    Yes, the recommendations for funds are generally good and as everyone needs to do, check the status of the funds to see if they're the right ones for you. Do your own research. The markets change on a daily basis. The author's recommendations to use Morningstar.com as a resource is spot on. All the funds listed in the book are recommendations/guidelines. It's the same in all finance books you read. You need to do your own research.

    Not everyone is on an automatic savings plan and not everyone knows the lingo for finances. This book makes the financial world less intimidating and I highly recommend it. Not everybody thinks like everyone else and nobody lives their lives the same way as anyone else. This book helped me start funding my retirement. It also helped me to think differently about my money. ...more info
  • Become Wealthy in One Easy Step
    The basic premise of Bach's book is to automate as many financial aspects of your life as possible. With today's technology, this is much easier and more accessible than in the past.

    A main focal point of the automation is having automatic deductions from one's paycheck go into a retirement account. The benefit being that one learns to live on the lower net income and does not even notice the automatic deduction. At the same time the investor is saving tax if investing in tax deferred accounts such as a 401(K), 403(b), SEP, or traditional IRA retirement account.

    So for example if you take a $1,000 paycheck and deduct 15% to go directly into a retirement account, that would be $150. In contrast if you did not put anything into the retirement account first, you would bring home $800 assuming a 20% tax rate. By "paying yourself first" you avoid tax today on the $150 and rather than only bringing home $650 based on the $200 tax on a $1000 paycheck, you would actually bring home $680 due to not paying tax on the $150. This may not seem like much but can make an enormous difference over time.

    The millionaire part comes into play by following this system of setting it up one time to automatically deposit the money and letting the power of compound interest work over the course of a number of years.

    He also recommends automating things such as a house payment by having payments drafted from your account once every 2 weeks rather than once per month. This results in an additional full payment each year with the advantage of paying off a 30 year mortgage (if using one that long) in only 22 years. This cuts out a huge amount of interest paid and gets you out of debt that much quicker. Rather than relying on discipline and remembering to send in a payment every 2 weeks you've automated it and don't ever have to worry about it.

    An additional idea Bach presents is that most people have a "Latte Factor." This essentially is little things through out the day which you may not think about spending money on such as picking up a $3.50 latte and $1.50 muffin at Starbucks in the morning. While this is ok from time to time, the point is that if done on a regular basis without thinking about the total cost, it can really add up to substantial amounts of money in time. Say for example you did this on the way to work each morning (5x50=250x5=1250) $1,250 per year in coffee and muffins. In my book that's a decent chunk of change.

    An idea Bach does not mention but which is effective is to give oneself a monthly budget for random purchases. Dave Ramsey calls this the blow category in a budget. Money which can be spent as you please without having to fall in a specific category. If your blow category is $50 for the month, at the beginning of the month you put $50 in an envelope and can spend it any way you choose. But when the money runs out and the envelope is empty, you don't spend any more. It really helps in making you pause to consider a purchase before whipping out the plastic and swiping away that $1,250 in muffins and coffee.

    Other elements which Bach promotes are paying off debt and giving money away. Debt will really hamper one's ability to become wealthy so by attacking it, you free yourself to run unfettered towards wealth. The giving aspect helps put things in perspective and give you a sense of wealth and generosity even before becoming "wealthy."

    One aspect that I would give caution to the reader about is Bach's chapter on real estate. If not read in a proper context, the reader could get the impression that taking on large amounts of debt or "leverage" great ideas with limited risk. One should always incorporate a big risk factor whenever introducing large amounts of debt. Regardless of how leverage is couched, real estate prices do not always go up as seen recently, and renters do not always make payments. So if taking on a mortgage to purchase real estate, it would behoove the person to make a large down payment and pay off the mortgage as quickly as possible.

    Overall, The Automatic Millionaire offers some good ideas on helping to reduce the discipline needed to attain financial independence and comfortable retirement. Automation of investments is a great way to consistently build wealth over a long period of time....more info
  • Great/easy to read book!
    I find this book as a good reminder of what I already know. Simple things like:
    1) If your money is deducted automatically-there goes the saying 'the money you don't see, you don't spend"
    2) It's not how much you make but how much you keep that matters.
    3) Living below your means will make you rich-spending less, saving more

    Yes, it takes a lot of discipline to apply Mr. Bach's advice. But as he said, do changes in your life gradually, it will become second nature to you then things will get better.

    No, you won't have a miserable life just to have a lot of money saved up. The point is to plan ahead of time. It's also choosing what you prefer to have. For example, my family and I would rather go for expensive vacations like cruises and international destinations than live in a 'gigantic' house. Drive a Honda or any reliable vehicle until it dies instead of having a Mercedes and keep trading it every 2-3 yrs., etc. It's a matter of choice....David mentioned that there's nothing new on what he's going to say but he wrote the book in such a way that people will see little things they take for granted. Little expenses they don't realize adding up....I know having money deducted from my paycheck automatically for different things like retirement, emergency savings, college for kids, vacations, future vehicles, etc...is easy said than done. But it really can be done...As I said earlier, it's all about planning and prioritizing...I've done it before...it takes $50/week for 4 years to save >$10,000 (don't forget the interest!)....That was my vacation fund.....during those 4 years, I didn't even have to skip putting money away for retirement and other things; no credit card debt either....It's all up to you! Use time to your advantage....David mentioned that we all need to have balance in our lives. We can have fun and financial security at the same time....Good Luck!...more info
  • Excellent Book with GREAT advice!!
    I was urged by a family member to read this book. They kept raving about how good it was. I finally found it at the library and they were right! This book is excellent. He pretty much outlined what we have always been doing (paying yourself first) but it was good to see we were doing it right! I would recommend this to anyone who thinks they can't save enough money!!...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
  • The "Who Moved My Cheese?" of finance
    This guy took the simplest, barest points of The Richest Man in Babylon (albeit with proper homage... when an author says "pay yourself first" he's alluding to George S. Clason in 'Babylon') and blew them into a big book with a big marketing campaign and a big pile of baloney.

    Much of the advice in the book, when Bach starts playing with numbers, winds up being contradictory. The principles aren't bad (although they aren't his) but his specious, overblown examples wind up compromising the value of the whole message taken together.

    About the only thing this book is good for is working children or teenagers with very limited imaginations, who can't connect to The Richest Man in Babylon or aren't capable of grasping its allegorical implications (like growing food in your own garden when you own your home... it's not entirely literal you see) or won't care for the more abstract or mature messages about personal honor and the responsibility of financial wisdom in challenging settings.

    So this jerk sells a ton of truly mediocre books and looks like some kind of a superstar. I don't like it. If this and Who Moved My Cheese are where self-help books are headed, then I think a revival of Samuel Smiles, Orison Marden, and Napoleon Hill would be just around the corner. At least, that's the hope....more info
  • Good advice, if you're already not doing it...
    I picked up this book because this guy was on Oprah and seemed to be helping folks out so I thought I'd give it a shot.

    But I was already doing everything he suggested, plus more! I don't see why people wouldn't be already doing everything in this book, it's so easy and forgettable once you set up automatic deductions.

    Essentially what we learn is that most people live above their means and are in debt. The advice in the book would help some, but the majority of folks just won't do it because they need to keep up with the Jones' and spoil their kids so they won't be picked on at their school for wearing Old Navy instead of over-priced designer rags.

    The stories he uses to convey the ideas are easy to follow, but just too darn cheesy to be real. Nobody but a gimicky salesman would talk like the middle-aged couple in the first story. It's totally unbelievable and off-putting.

    The only thing I can't really do now is buy a home because I'm in the military and I could move any minute but once I do settle down, I'm confident that I'll be well on my way to live comfortably with my wife until the end.

    If you want better financial advice and a no-nonsense approach, you'd be better off reading and watching Suze Orman and visiting armchairmillionaire.com

    *edit*
    After reading the book cover to cover, I would like to add one thing that I was motivated to do: I increased the percentage of my pre-tax retirement account from 10% to 15% plus I started a Roth IRA and maxed out the automatic investment on that....more info
  • Boring
    This book provides nothing new. It is centered on the whole idea of setting up your retirement accounts so they automatically deduct from your paycheck. If you have 401k, duh, it does that automatically...anyway, boring. It also says to save money, don't use credit cards, pay yourself, blah, blah, blah. Oh yeh, if you save early you will be a millionaire in like forty years...zzzz. Ok, it did help me by reminding me about the interest rates in banks. One idea was to put the emergency funds in a money market account which offers a higher interest rate than a regular savings account. Upon reading this, I decided to do this and doing this made me realize the dismal .2% I've been earning on my saving account. And not realizing the latest craze started by ING, all the other banks offer an "online savings" account which offers 5% compare to the dismal .2%. I immediately switched! Other than this part of the book, it was boring....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
  • Sensible financial guide
    David Bach offers a very straightforward and basically foolproof method for managing your finances in "The Automatic Millionaire." This isn't a get-rich-quick book: "The Automatic Millionaire" is based on the principle that anyone can become wealthy by following a few basic steps and learning how to manage their money well. Bach insists that the only way people can truly get rich is if they "pay themselves first" with every check before shelling out money for bills, basic expenses, and trivial purchases. The idea of making everything "automatic" stems from Bach's belief that by using automated payroll deductions for things like retirement accounts and monthly bills, people won't be tempted to stray away from their budgets.

    "The Automatic Millionaire" doesn't really offer much new information on personal finance, but Bach makes everything very easy to understand and provides numerous examples and scenarios that really drive his points home. I grew a bit annoyed at all the self-promotion for other "Automatic Millionaire" products that Bach has scattered throughout this revised edition, and the final chapter on tithing also seemed a bit preachy to me. Overall, though, this is a great financial guide for people who are ordinarily intimidated by money or are just getting started with serious financial planning. I think everyone will be able to find some useful information in this book. It changed the way I think about money and I've already taken a few steps to move toward a more "automated" financial lifestyle. I'm also going to suggest that my husband read this book so we can apply Bach's techniques to our collective financial assets....more info
  • Got me on Track, Financially.
    I started following his instructions about four years ago. I simply paid myself first by having a certain amount of money deducted from my bank account automatically each pay check and wow has it gotten me on track.

    This is not a book for the super financially savy. If you're an investment banker type don't bother. But for the average person who may not have been taught much about higher finance its a great book. One of the examples that rang true for me was if I can spend $60 a month on latte's then I have at least $60 I can be saving for my future. Actually I found a lot more than $60 to save! The only thing I thought was a bit off was his idea that budgets are not helpful. I also do not believe in real estate being a good investment for everyone. Other than that he offers great advice that people can follow on pretty much any income.

    ...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
  • 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
  • The Automatic Millionaire
    As a entrepreneur this book did not impress me in the least. If you are a person stuck in the industial age and want to stay there this book is for you. One of my bankers recomended that I read this book witch showed me the sad realities of people's industrial age mind set's that are still inbeded in to many of us in today's world of globalization and information. See no healthy reasoning in this book in relating to modern ecconomic realities. This type of thinking holds no real future for us. Recomend reading Donald Trump's and Rich Dad's series book's instead....more info
  • must read!
    This book is a must read for anyone! It's invaluable information and had I known 20 years ago what I learned in this book, I'm sure I'd already be a millionaire. I also bought a copy for my daughter and son-in-law....more info
  • Some of the things are a bit hard to believe...
    Okay, I LOVE financial books. Love them. I like David Bach, he's okay, but this book is kinda hard to believe.
    First, when he tells the "story" of the couple from when David Bach was back in his 20's, so that would be back in late 70's or early 80's(?) - he talks about how the people told him about his "coined phrase" the Latte Factor (insert trademark symbol here).

    Uh, was a Latte even a common phrase drink back them? Not that I recall, so that little "PR" move for his "catch phrase" AUTOMATICALLY put me on guard as to what was real vs. not real.

    His info is a bit far-fetched if you want to truly read into it, but on the whole the book gives great ideas on how to set aside money for your future. Without picking it apart, it's not bad advice.

    Easy to read, but the stories are totally unbelievable to me. I kept thinking that he totally made them up, or how embellished they were.

    Get it from your local library. Also recommend Jean Chatzky books....more info
  • Common Sense
    This book gives information that actually makes sense and is achievable. It was written to hold your attention and at times seems gimmicky because of this but the information is solid can do stuff....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
  • long winded, myopic and basic
    I am not in any way a financial expert, but I found that I could have written the same book myself with ad hoc advice I've picked up passively throughout the years. The most frustrating thing about spending the money on this is, I don't live in the USA and nearly all the advice is for Americans... executing what he advises is not possible where I live. ...more info
  • Fluffy, heavy marketing, nothing original
    The subtitle of this book is "A Powerful One-Step Plan to Live and Finish Rich." That's a bold statement. Instead of a 9-step plan from Suzie Orman, here we have a one-step plan. So it goes, just do this one thing and you are golden. It turns out there is more than just one step, but the gist of the book is that you should pay yourself first, i.e. setting up automatic payroll deduction and electronic fund transfers for saving, investing, and debt reduction. I'm all for that, even though that idea is nothing new. All 401k plans work this way. There's not much secret in personal finance. So don't expect a magic wand that fixes everything without any sacrifice.

    The book says his plan requires "no budget, no discipline, less than ten dollars a day of investment." If only it were that easy! It still requires commitment and re-prioritization. When you want to buy a plasma TV and you don't have money, do you stop your automatic savings or do you forego that TV? Paying yourself first requires commitment. It means you won't be able to have as many nice dinners as you want or do today. It means you won't have leather seats in your car but settle for regular cloth seats. There's no way around that. Automate however you want. At the end of the day, you have to cut your spending. If your spending doesn't come down, you won't be able to continue on your auto-pilot for too long.

    The book also gives the illusion that you don't have to save much in order to retire rich. The "less than ten dollars a day" part is totally misleading. Investing $10 a day at 5% after inflation for 40 years gets you about $18,500 a year in retirement income before tax. Not bad, but I don't think anybody can call it Finish Rich if you retire on $18,500 a year. If someone is not saving any money at all, saving $10 a day is better than nothing and we all have to start somewhere. If you really want to Finish Rich, $10/day is not going to cut it. Later in the book the author said you should save 10-15% of your income for retirement. That's a lot better. Saving and investing $7,500 a year on a $50k income at 5% after inflation for 40 years will generate $38,000 a year in retirement income. But that's 40 years. If you want to retire in 30 years, your investments can only generate $21,000 a year. Don't expect that you will be like Jim and Sue McIntyres in the book, at age 52 having two homes paid off free and clear, two kids in college, and a $1 million investment portfolio. I'm sorry to burst the dream, but saving 15% on $50,000 income for 30 years is not going to get you there. It will get you somewhere, a lot farther than where you otherwise would be, but Finishing Rich will require more sacrifice than that.

    This book is more on the inspirational side than on the information side, for example his suggestion on bi-weekly mortgage payments is plain bad advice. You should pay off all high rate credit cards and car loans and contribute the maximum allowed to your 401k and Roth IRA before you even consider paying extra on your mortgage. For people who are spending everything they earn and then some, it motivates people toward saving and investing in their 401k plans and Roth IRAs. That's great, even if the numbers don't necessarily add up. If that gets people started on saving for retirement, more power to David Bach! If you are reading other Personal Finance books or blogs, you are probably already contributing to your 401k and Roth IRA. You are not going to gain much insight from this book. David Bach is living proof that a motivational seminar host can package anything into warm and fuzzy book series, workbooks, audio tapes, and live seminars with heavy marketing. People don't want to hear that saving for retirement requires real sacrifices. This book gives them exactly that.

    Final verdict: 2-stars, Fair, skip, you won't miss anything....more info
  • Most Americans would benefit
    Yes, much of the information and advice in this book comes from other sources (The Richest Man in Babylon, etc.). And yes, most of the stuff in here is "common sense" to many people. However, reading this simple book would benefit so many people I know...and isn't that the aim of a "self-help" book after all?

    To be a successful book in this genre, the book not only has to inform but also inspire. This book does so, not with a bunch of rah-rah type stuff, but by simply printing out charts of how much of a difference some of these small steps can make.

    Einstein (allegedy) said that the greatest power in the universe is that of compound interest. While that may be an exaggeration, I think it's clear that Americans really have no idea just how much of an impact compound interest has on their finances by doing things like carrying credit card debt or by making that extra mortgage payment. Bach emphasizes this fact with his illustrations of the "Latte factor" and other things.

    Having recently read "Rich Dad, Poor Dad" I found it interesting that the two books took a totally different view of home ownership, with "Rich Dad" claiming that home ownership is a liabiity, while Bach emphasizes the forced savings, leverage, OPM, tax breaks, pride of ownership and investment advantages of owning a house. While I understood the point being made in "Rich Dad.." the explanation here makes much more sense.

    I skipped the chapter on tithing...it has seemingly become obligatory to encourage the reader to be charitable in these "amass wealth" books.

    Even if you're good with your money, buy this book. Give it to a friend if you must...most would surely benefit....more info
  • This is wonderful!!
    We have been giving the Automatic Millionaire to graduates instead of cash so that hopefully they will learn to save their cash as they go through life. We truly believe in the automatic way to save and invest our way to becoming millionaires!!!...more info
  • Very informative
    I loved the information in this book. it is definately something i plan on passing along to my kids....more info