- Paperback: 208 pages
- Publisher: Penguin (28 April 2005)
- Language English
- ISBN-10: 0141019921
- ISBN-13: 978-0141019925
- Product Dimensions: 19.2 x 12.8 x 1.8 cm
- Average Customer Review: 3.9 out of 5 stars See all reviews (13 customer reviews)
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292,024 in Books (See Top 100 in Books)
- #18 in Books > Business, Finance & Law > Personal Finance > Financial Planning
The Automatic Millionaire
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Product Description
Amazon.co.uk 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.
Product Description
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!
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 Browse Sample Pages
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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 Browse Sample Pages
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews
Most Helpful Customer Reviews
59 of 60 people found the following review helpful
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. For me, this couple were precise examples of how I absolutely do NOT want to end up- maybe my expectations were too high going into this book!
Anyway, for what it's worth I have one or two other issues with the book that are of a slightly more academic nature. Although I'm no economics professor, I have read credible predictions of an impending stock market crash in the future when a tidal wave of elderly retired workers try to cash in on their pension schemes. Here in the UK, the government is on the verge of forcing everyone into signing up for pensions schemes. You don't have to be a mathematical genius to realise that the figures don't add up- surely we can't ALL get 10% interest rates on our pensions, as the author insists we can. Can we? I also think that his approach is dependant on you and I being able to generate a steady income (i.e., hold down stable jobs) until we retire in our fifties and sixties. Again, without trying to lecture too much or sound too negative, I think we live in an age where life long job security is something that is no longer on the table. So, personally I would put the case that the automatic millionaire process may not be as stable and as surefire as the author would lead us to believe.
Anyway, on a more positive note, the book is very well written and the author does a great job of keeping the subject both interesting and educational. In particular some of the mathematic models he presents are extremely eye opening and well presented.
In conclusion I would say this is a good book is you're a conservative, non risk taking, worker ant. However, for a faster, more exciting and (admittedly!) more risky road to richness I would be tempted to look elsewhere.
7 of 8 people found the following review helpful
Format:Paperback
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.
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.
21 of 25 people found the following review helpful
Format:Paperback
I bought this book, and fair enough there are two nuggets of decent advice to make yourselve a millionaire. My favourite part of the book is the rather honest line, ' I once had an idea of how to make a million dollars and your holding it in your hands', Maybe not exactly word for word, but bang on.
Other than the 'Latte factor' this book reminds me of one of those '1000 word essays' we were forced to produce in school, alright for the first 100 words and then everything from slanted handwriting to large letters to try and make it look like we had a 1000 words easy, but in reallity we were on our arses.
On the plus side the book is cheap and easy to keep in good condition and therefore would make a shrewd present, and that's my money saving tip fellow readers.
Other than the 'Latte factor' this book reminds me of one of those '1000 word essays' we were forced to produce in school, alright for the first 100 words and then everything from slanted handwriting to large letters to try and make it look like we had a 1000 words easy, but in reallity we were on our arses.
On the plus side the book is cheap and easy to keep in good condition and therefore would make a shrewd present, and that's my money saving tip fellow readers.
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Most Recent Customer Reviews
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 2 months ago by B. Isabella
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 11 months ago by The Husband
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 19 months ago by JOTHIBALAN
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
It is really easy to read and has some easy to use concepts. Read more
Published on 29 Dec 2008 by R. Nag
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? Read more
Published on 8 Aug 2008 by Rolf Dobelli
read and loved!
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. Read more
Published on 9 May 2007 by Z. F. S. Ali
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
Excellent book for Personal Finance
Many of my friends procrastinate on Personal Finance. Many of my friends and relatives do not understand the basics of PF. Read more
Published on 8 Mar 2005 by Shree
Learn, Plan, Implement, and Enjoy A More Prosperous Future
Excellent book; very helpful even for the novice financial planner. Consider the monies spent to invest in purchasing this book as making a greater investment in your financial... Read more
Published on 5 Oct 2004
The Miracle Book
I recommend this book to any one who wants to change their spending & life!! By reading it thoroughly, i managed to save lots & lots of money by tracking my daily spendings &... Read more
Published on 1 Jun 2004 by latifa
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