Automatic Millionaire

[Hot dog]

I just read the book by David Bach. I thought it was really good and makes it look so easy. It just made me feel like there is definitely hope for me. It gave me a renewed sense of I can do it! Has anyone else read it and what did you think.

[savemachine]

Can you summarize it in a nutshell?

[autoxer]

That's a good book. I've read it & I've automated all of my savings. It's all about paying yourself first.

[Elgin526]

I keep hearing about it, and keep meaning to go to the library to check it (and other financial books) out, but stuff keeps coming up and and I never make it. I'll go this weekend for sure! (would have gone last weekend but DH has my car torn apart trying to fix it, I've been car-less for over a week now!)

[Homebody]

Yes I got something out of it like nearly every financial book I have read except for one.

[disneysteve]

I think it is a very good book and gives good advice. This is the book that introduced us to "the Latte Factor." Basically, he gives good advice on budgeting, knowing where your money is going, setting up automatic investment plans so that you never see the money, don't miss it and don't have the chance to spend it before investing it.

[robex]

It is a good book and has some great ideas. Definately helps to pay yourself first...what I don't see, I don't spend!

[wakkus]

It's a good book, and worth the read, although you're basically going to hear the same thing over and over again. However, that's not necessarily a bad thing, considering our country's financial bad habits.

Americans don't get a key thing about money, which is, due to taxes, a dollar earned is worth much less than a dollar saved. So everyone is out there trying to get a pay raise to cover their new expenses, but in fact, they'd do much better just not spending as much. I know more people making $300K a year who are broke than I care to think about.

If more people got this basic fact, our country would be in much better shape.

[My English Castle]

While I agree that bach's advice is valuable and worth listening to, all of his books are essentially the same. Automate, automate, automate.
he's right--and I admire his ability to sell the exact same message in about 10 different books.

[disneysteve]

Originally Posted by My English Castle

While I agree that bach's advice is valuable and worth listening to, all of his books are essentially the same.

I think there is a lot of real estate info in Automatic Millionaire Homeowner that doesn't appear in the original book (though I don't necessarily agree with all of it). Otherwise, I agree with you.

it's one of those books that I think anyone looking to get control of their money is well served to read but ultimately, it's a 50 page booklet stretched into over 200 pages.

I'd read "The Richest Man in Babylon" first. I've lost track of the number of times I've read that one, don't know why, it just always motivates me.

Later you'll move on to the good stuff like Four Pillars of Investing, The Only Investment Guide You'll Ever Need, etc.

many others out there for you to be sure, that's my quick laundry list of the ones that have stayed with me and I've enjoyed going back over again.

[carsensejoe]

nice quotes steve

[LuxLiving]

He helped (FINALLY) THE Hubster to understand how we could actually put money away in our 401-K plan and how it affected the paycheck he was going to bring home. I tried explaining it multiple times and he didn't get it from me, but when I had him read those few pages of the book, it finally clicked. He dislikes reading, so isn't inclined to keep up w/how these things work. Pages 83-92.

On this point alone it was !!!!VERY HELPFUL!!!!

So, there is more to it than just the automate factor which is repeated throughout his books. In his women's book, I did get something from the multi-basket approach he laid out as well. These are a couple of the things he could elaborate upon more in my opinion.

Rexdart, the Richest Man in Babylon is standard here - I reread it OFTEN for the motivation to get out of 'slavery' juice it gives me! There must be five or six copies here. I buy them cheap at the resale bookshops/thrifts for $1 or less and then when someone complains about their finances I give them a copy!

[carsensejoe]

check out his material --- great author

[disneysteve]

Originally Posted by carsensejoe

nice quotes steve

Thanks. Welcome to the board.

[carsensejoe]

thank you... glad to be here!

[Hot dog]

He did put a fire under me After reading this weekend yesterday I upped my 401K $25 I had been meaning to do this for a while. I also have gotten my SO to start reading it and I think he is finally getting it also. He read a little bit and said I never thought about that I am feeling guilty because I smoke and buy coffee a lot. Meanwhile I make instant everyday in my office. Anyway I told him to keep reading that is not what the book is supposed to do. I got from it to make it totally automatic and then don't sweat the small stuff. As long as you are doing a few key things Bach is not worried about budgeting every penny and I know at least I don't think we could ever do the spread sheet budgeting thing maybe the envelopes though I just keep thinking Set it and Forget it like the infomercial.

[poundwise]

I think it is good in terms of motivating, however, it offers very little by way of practical advice.

"Pay yourself first and set it up to happen automatically."

That's about it.

I don't really dislike Bach or his books, I just think they are of limited value.

[disneysteve]

Originally Posted by Hot dog

don't sweat the small stuff.

David Bach is the one who coined the term "Latte Factor" referring to those little things we do, like buying a Starbucks each day, that can add up to significant money over time. So I do think he focuses on the small stuff and the impact it can have on the big picture. Its like that old saying, "little leaks can sink big ships."

love that idea Lux, I think I've found my new Christmas card!







by the way, for those who are fans of David (nothing wrong with that at all), he is one of the regular personal finance columnists over at Yahoo.