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

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

by David Bach (Author) "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..." (more)
4.2 out of 5 stars  See all reviews (10 customer reviews)
RRP: £7.99
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Frequently Bought Together

Customers buy this book with The Richest Man in Babylon: Now Revised and Updated for the 21st Century by George S. Clason

The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich + The Richest Man in Babylon: Now Revised and Updated for the 21st Century

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Product details

  • 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: 4.2 out of 5 stars  See all reviews (10 customer reviews)
  • Amazon.co.uk Sales Rank: 124,268 in Books (See Bestsellers in Books)

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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
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Customer Reviews

10 Reviews
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Average Customer Review
4.2 out of 5 stars (10 customer reviews)
 
 
 
 
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43 of 44 people found the following review helpful:
3.0 out of 5 stars Very well written, but not for everyone., 19 Jul 2005
By David Connelly - See all my reviews
(REAL NAME)   
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.

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19 of 23 people found the following review helpful:
3.0 out of 5 stars Someones making themselves into a millionaire, 8 Jun 2005
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.
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7 of 8 people found the following review helpful:
5.0 out of 5 stars The Miracle Book, 2 Jun 2004
By latifa (Dubai, UAE) - See all my reviews
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 & minimizing almost everything....it will change your life :)
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Most Recent Customer Reviews

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 10 months ago by R. Nag

4.0 out of 5 stars 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 15 months ago by Rolf Dobelli

5.0 out of 5 stars 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

3.0 out of 5 stars Won't suit everyone but good for what it is...
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... Read more
Published on 12 Mar 2006 by jakeone

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
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5.0 out of 5 stars 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 arti_srinath

5.0 out of 5 stars 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

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