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In The Automatic Millionaire, author David Bach appeals to cash-strapped and time-starved readers with a simple plan for money management that can change their financial destiny. The author of bestsellers Smart Couples Finish Rich and Smart Women Finish Rich argues that individuals can build wealth through a few simple steps that take the guesswork and discipline out of financial management. Bach uses a conversational tone and the story of a low-level manager married to a beautician to illustrate his thesis that you don't have to make a lot of money to retire rich. The book's guiding principle is "pay yourself first." By having money whisked out of sight by your employer or financial institution before you have a chance to spend it, you can save enough over the long haul to retire rich, Bach advises.
"Make your financial plan automatic and one of the most powerful things you will get out of it is worry-free time--which ultimately means getting back more of your life." To find the extra cash you have to identify your "Latte Factor"--the one or two places where you squander a few dollars a day that could be invested. Bach's strategy won't turn all readers into automatic millionaires, but it will provide a solid financial grounding that is swift, simple, and easy to implement. --Carolyn Leitch
Bach, author of several bestsellers including Smart Women Finish Rich and Smart Couples Finish Rich, offers a simple prescriptive plan for financial security. The secret: the astonishingly vanilla "Pay Yourself First," which, in Bach's words, is "the one proven, easy way to get rich." Instead of worrying about taxes, budgeting or investing, the key, according to Bach, is to set aside between 10% and 15% of gross income for savings the equivalent of one hour's worth of income every day. While this strategy may seem obvious, many people don't take this basic step. That's why Bach says everyone should write down their "Automatic Millionaire Promise," which spells out what percentage of their income they will start saving by a certain date. To insure that people carry through on their efforts, Bach says they should have deposits automatically made to a retirement account. Then, the next step is to capitalize on the power of compounding by contributing the maximum amount to, say, an employer's 401(k) account. To help readers navigate the maze of investment choices, Bach includes contact information for a number of mutual funds and Web sites offering authoritative financial information. Bach's key principle, along with such advice as buying real estate, paying down debt and making charitable deductions, is not groundbreaking; and regrettably, it may be unrealistic for many: tens of millions of Americans are in serious credit card debt because they can't make ends meet on their salaries; how, then, are they to save so much of their gross income? However, his easygoing approach, complete with real-life examples and clever phrases such as "Latte Factor," will appeal to the many money-challenged consumers who have made a New Year's resolution to get their finances on a firmer footing.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to an alternate Hardcover edition.
Excellent book! Had read the Americanversion before moving to US but now back in Canada, wanted the Can. terms - To be owned by everyonePublished on Feb. 13 2011 by New Amazon Lover
I noticed that a lot of people criticized this book in their reviews because of the lack of formulas, tables and significant examples sometimes, and I too felt that David Bach... Read morePublished on May 25 2010 by Derik Martel
A good book for the novice. Be forewarned that the book is overly optimistic in its predictions; that is, that you can expect to earn 10%/yr in the capital markets.Published on Dec 27 2009 by S. Ghavami
This is a great Book, I'm sure you and me will become a Millionaire very soon, when you read this book and share it with your friends.Published on Feb. 24 2009 by Ian Fok
Great for beginner. No miracle solution, only the basic; save 10% of your money, invest in RRSP, time is your friend (compound interest). Read morePublished on Jan. 14 2008 by Nicolas Prud Homme
I really enjoyed this book. I'm just starting a new career and with student loans, I had no idea how I would ever get money into savings. Read morePublished on Sept. 8 2006 by CanadianMaple