Automatic Millionaire

[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]

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."

[Hot dog]

I guess your right Steve so that is why my hubby took that from the book looking at how much coffee he buys. I already do all that now and hardly ever even have any cash on me because I don't want to spend on things that aren't necessities. I guess I just took from the book what I needed and others will take what they need. I know it is very basic and that is why I liked it I do hope to move on to other books I have seen on this site. Last week I read the Wealthy Barber also very basic but a little more info than Bachs I am just taking baby steps but am determined I will get there. Just thought it was a good starter book.

[collegeguy]

good book if you aren't in a ryhthm of paying yourself first. discusses and illustrates practical examples of if you do the little things right, you'll be in better financial position in 25+ years down the line.

bottom line - max your 401K, and then max your ROTH IRA and think about how much money you waste on coffee everyday. personally, my take is to be aware of the latte stuff, BUT if you're already setting and meeting your financial savings goals then you've got to have some $ in your budget for "Fun things," and if coffee is a fun thing then I see no problem with it....as long as you're paying yourself first.

I also think Bach does a good job getting 200 pages out of 50 pages of material. Its funny, my father-in-law bought me The Automatic Millionaire AND The Automatic Millionaire for Couples after my wife and I got engaged. Funny it itself, I know. But even better for Bach that he got two books (and more) out of pretty much the same material. He's a smart man...