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The Automatic Millionaire: A Powerful One-step Plan to Live and Finish Rich [Paperback]

David Bach
4.2 out of 5 stars  See all reviews (17 customer reviews)

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Book Description

28 April 2005

Making your money work for you ... automatically

In The Automatic Millionaire David Bach unlocks the secret to getting rich. Cutting through the jargon, it's full of common-sense advice and practical strategies to help you take control of your finances. The step-by-step guide and no-budget, no-discipline, no-nonsense system makes reaching financial security amazingly simple and easy, no matter what your income.

You can get rid of the debt that's holding you down. You can get on top of your day-to-day expenses. You can create a safety net that will protect you from life's unknowns. You can have the money to get the things you want. You can build a seven-figure nest egg that will keep you secure and comfortable for the rest of your life.

This book has the power to secure your financial future and change your life. All you have to do is follow the one-step programme - the rest is automatic!



Product details

  • Paperback: 208 pages
  • Publisher: Penguin (28 April 2005)
  • Language: English
  • ISBN-10: 0141019921
  • ISBN-13: 978-0141019925
  • Product Dimensions: 1.4 x 12.9 x 19.7 cm
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (17 customer reviews)
  • Amazon Bestsellers Rank: 137,844 in Books (See Top 100 in Books)

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Product Description

Amazon 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 --This text refers to an out of print or unavailable edition of this title.

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!

Inside This Book (Learn More)
First Sentence
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. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

Most Helpful Customer Reviews
75 of 76 people found the following review helpful
3.0 out of 5 stars Very well written, but not for everyone. 19 July 2005
Format:Paperback
Over the past few years, I've bought and read several books on the theme of how to get rich. I have observed that these kinds of books come in three flavours;
1. Get rich by scrimping and saving (eg, "The Money Diet")
2. Get rich by making bold investments (eg, "Rich Dad Poor Dad")
3. Concepts on how to get rich (eg, "Think and grow rich")
The automatic millionaire is very much of the first flavour (scrimping and saving). In fairness, the author does a good job of disguising the fact that his approach amounts to little more than scrimping and saving by making his particular process "automatic" (I won't spoil the book too much by explaining what that means).
At the start of the book, the author describes a meeting he once once had with a couple of retired automatic millionaires, whose names escape me. He describes in depth how happy this married couple were now that they had held down steady (apparently low paid) jobs all their lives and were now reaping the benifits of many decades of savings and conservative investments. We learn about how they have two homes (one that they live in and one that they rent out) and how the husband drives a second hand car. We also are reminded over and over about how joyful and full of romance and wide eyed wonder this ageing couple seem to be now that they're cashing on their healthy pension schemes.
Whilst, I do not question that the automatic millionaire process has clearly paid off for these people, I was struck with a distinct feeling of disappointment as I read their story. Personally speaking, I find it very difficult to get excited about the idea of saving for the rest of my working life in the hope that I can life off a pension some day and drive second hand cars, like our happy couple described in the book.
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3 of 3 people found the following review helpful
4.0 out of 5 stars A helpful guide on how to retire rich 8 Aug 2008
By Rolf Dobelli TOP 500 REVIEWER
Format:Hardcover
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.
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3 of 3 people found the following review helpful
5.0 out of 5 stars read and loved! 9 May 2007
Format:Paperback
i have read a few of these type of books and this is by far my favourite one! i am 22 and i'm in an early stages of a career that i hate but making really good money. after reading this book, my spirit was lifted and i feel there's hope for me still! if a normal person with normal wages can do what it says they can do, then it'll be a cinch for me! i am young, with no loans or debts to pay and i feel like i've gained a huge advantage after reading this wonderful book.

this book is well written, so easy to read and entertaining with real life anecdotes. i couldn't put the book down and read it in one sitting. the best book for beginners, especially those who lacks the knowledge of financial jargons.

get it. read it. love it.
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8 of 9 people found the following review helpful
3.0 out of 5 stars Won't suit everyone but good for what it is... 12 Mar 2006
By jakeone VINE VOICE
Format:Paperback|Verified Purchase
The Automatic Millionaire outlines a method of becoming rich through a combination of scrimping and saving - despite its dynamic, exciting title, that really is all there is to it. The "automatic" part is no more than advising the reader to set up standing orders, direct debits or deductions from monthly wages, straight into a savings account (so you're not tempted to spend it). That's it.

The outlined strategy will work IF you start young enough. The examples given assume the aspiring millionaire is in their early 20s - plenty of time to make 1m through the power of compound interest - but too late for many people.

My main disappointment with the book is that the strategy outlined is for the long-run (40-50 years) so you'll be about 65 when you make that million. For anyone looking for a faster alternative, this isn't it.

However, if time is on your side and have no idea where to start, I would recommend you get this book and follow its strategy (about savings in particular, not sure I agree with the pensions advice). Doing so will virtually guarantee financial security upon retirement. But if you want a strategy that delivers faster-returns, look elsewhere.

In summary, the book outlines sensible (albeit widely-known) principles of personal money management so it's valuable for those who have no idea where to begin. But if you're already pretty savvy about "paying yourself first" and watching the pennies or if you want a faster route to that million, you will get limited value from this book.
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Most Recent Customer Reviews
5.0 out of 5 stars The Automatic Millionaire Process
As another reviewer pointed out, the key contribution from this book is the idea of making personal financial planning into an automatic process. Read more
Published 2 months ago by A reader
5.0 out of 5 stars Great book!
This book as been transforming for me. It is easy to read, provides specific ideas of how to invest and save your money. Read more
Published 6 months ago by Amber Stitt
5.0 out of 5 stars All you need to know
I was a skeptic at first however after applying a few of the basic principles to my own life I have changed my financial situation. Read more
Published 15 months ago by Miss A L Richards
5.0 out of 5 stars GET RICH SLOWLY!
The thing is that not all of us will create huge wealth as this is extraordinary. This is why David is helping all of us to make changes right now, today. Read more
Published 21 months ago by Mr. G. M. Detisi
3.0 out of 5 stars Too US focused
The tips in the book are very useful, but they are focused to the US market. In the UK we do not have 401(k) retirement plans. Read more
Published on 29 Mar 2012 by Culture Enthusiast
1.0 out of 5 stars One More Dream
The market place is crammed with people offering to increase your bust/manhood/wealth/popularity/longevity (cross out those that don't apply) This is one more unproveable... Read more
Published on 2 July 2011 by The Husband
5.0 out of 5 stars Best book i ever read
I found the advice in The Automatic Millionaire simple, easy to use, common sense and automatic. Certaintly a lot better than going through college-like textbooks that are supposed... Read more
Published on 21 Oct 2010 by Balch
4.0 out of 5 stars Really Good Book To Take Action On Your Future
I bought this book not quite knowing what to expect.

It is really easy to read and has some easy to use concepts. Read more
Published on 29 Dec 2008 by R. Nag
5.0 out of 5 stars EXCELLENT!
i am turning 27 on sunday and have nothing to say for myself financially. i owe £2000 and have £90 in savings. i havent had a proper job in 4 years. Read more
Published on 2 Feb 2006 by Toni Tease
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