The Automatic Millionaire
A Powerful One-Step Plan to Live and Finish Rich
Ratings11
Average rating3
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!
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I learned about this book during an OK interview with the author on Betterment's new podcast. I was curious, and it's a short, super-quick read. Mostly I didn't like it—the style, the attitude, questionable hypotheticals, and questionable advice (overemphasis on 401(k), bonds, and homeownership). It's mostly aimed at personal finance beginners, but I hesitate to recommend it even for beginners because there are better sources of information out there.
It gets two stars because the underlying thesis (automate everything related to saving and spending) is spot on. If you're not automating everything already, maybe this is worth a couple hours. Or skip this and read Nudge and The Willpower Instinct instead.
Written before the great crash of 2008-many institutions mentioned in this book no longer exist.
One of the first books I read in my quest for financial literacy. Good overview. Possibly first mention I came across of Vanguard.
Money Market accounts for emergency funds instead of savings accounts?
Save, save, save, even if it's not much at first.
AUTOMATE your savings.
I didn't love it writing wise, I always find these sorts of books a bit patronising but it is good advice. If you don't know about this advice you should read this book, if you do know about this advice you should be doing it.
