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The Automatic Millionaire, Canadian Edition: A Powerful One-Step Plan to Live and Finish Rich (Canadian Edition) [Hardcover]

David Bach
3.8 out of 5 stars  See all reviews (17 customer reviews)

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Book Description

Dec 12 2003
Bestselling financial advisor David Bach brings us his proven, revolutionary system that in one hour will make readers -- even those not smart about money, not disciplined or budget-minded -- rich.

The Automatic Millionaire shows readers how to change financial practices and financial lives, beginning with a powerful story of an average Canadian couple -- he’s a low-level manager, she’s a teacher -- whose joint income never exceeds $55,000 a year, yet who somehow manage to own two homes debt-free, put two kids through college, and retire at 55 with more than $1 million in savings. The incredible message Bach delivers is that the key to getting rich is by “automating” the way to wealth “by paying yourself first,” using automatic funded retirement accounts and money market accounts to secure the future and pay for the present.

In a short book destined for bestseller lists, The Automatic Millionaire introduces readers to a system that is powerfully simple, and automatically effective, a life-changing system that delivers. Do it once, the rest is automatic.

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From Amazon

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

From Publishers Weekly

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.

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Customer Reviews

Most helpful customer reviews
72 of 75 people found the following review helpful
2.0 out of 5 stars OK, but with flaws March 29 2004
By A Customer
Although the book is well written, there are several problems with the ideas presented in it. I'm very skeptical of the reviewers who gave it a glowing review. Although it's an exciting concept that you can be an automatic millionaire, once you look into it a little deeper (which I suspect none of the reviewers did, if indeed they are true reviewers), the outcome is not so rosy, and is based on certain assumptions.
One of the major problems with this book is the oft-repeated assumption that your investments will make 10%. In a time with historically low interest rates and a struggling economy, achieving a 10% return is not easy these days. Many of the numbers in the book (e.g. how much money you will have if you invest $5 a day for 35 years) are based on this rate of return.
Secondly, the author does not often reveal how he gets his magic numbers. He shows no formulas, yet lots of dollar figures and a few tables. How can the reader confirm the numbers he comes up with? I feel like I'm reading a scientific report, with no way to confirm the test results in my own lab!
Also, the term "automatic millionaire" only seems to apply to those who can save 10 to 20 percent of their pre-tax (gross) income. How many people can do that? Certainly not those who are living paycheque to paycheque, which many people are.
The author advocates saving 10 to 20 percent of your gross income , and THEN adding extra, regular payments to your mortgage to pay it off sooner. If you can afford to actually do both of these things, you are better off than most people.
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12 of 12 people found the following review helpful
4.0 out of 5 stars great for first timers April 17 2004
I like Bach's style. He's snappy and to the point. I bought the book thinking my two kids could learn a few things, and with the catchy title, both gave it a thumbs up. So, while there's certainly nothing new or earth-shattering in these pages, it's a great book for first-timers. And I would especially recommend it for young people who are just starting to think about their financial future.
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13 of 13 people found the following review helpful
2.0 out of 5 stars Disappointing Oct. 26 2006
By Andrew
I have read many books of this type. I was very disappointed in this book. It merely reiterates the time old adages of: pay your self first; pay off your credit cards; pay down your mortgage; and buy one coffee a day, instead of two.

In my opinion, it is only a watered-down version of "The Wealthy Barber". The ideas in "The Automatic Millionaire" are solid advice, but have been written many times in many other books. Unfortunately I found no new ideas in the book, nor were there many helpful suggestions that could have been mentioned.

This book might be helpful to someone just entering the workforce who has very little financial knowledge.

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18 of 23 people found the following review helpful
1.0 out of 5 stars How disappointing Feb. 10 2005
Let me sum up this book for anyone that really wants to know what it is all about. Basically the one-step plan to live and finish rich is to save money. Basically this book is a knock off of the richest man in babylon, where the concept is pay yourself first, and try to make it at least the first 10% of your gross income. This is a very powerful concept which everyone should follow, but just read the classic on the topic it is a much better book.
The automatic millionaire then recommends that this forced savings should go into your RRSP because it grows tax free, and the government gives you a tax break. Which is true but this is far from a new concept.
The other shockingly bold advice givin in this book is to pay off your mortgage as fast as possible. Increase the frequency of your payments(bi-weekly), and have a flexible mortgage so that you can put all of your excess money, especially around when you get your tax refunds because of your RRSP contribution, towards the principle on your mortgage. Ohh by the way he also recommends owing real estate, as opposed to renting. I know I know, boldly new advice.
He also talks about his patented "latte factor", which basically boils down to monitoring your spending habits. All the little expenses add up and over time saving this money can make you a millionaire. So brown bag it and only buy what you can afford.
The major flaw I see with his "advise" is that all of his numbers are based on high rates of return. Today it is hard to achieve 10% rates of return with the "financial advice" being give out. Most people go to "financial institutions" and those wonderful places try to SELL you whatever is best for them.
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1 of 1 people found the following review helpful
3.0 out of 5 stars Common Sense June 19 2009
By Devin
This is mostly just financial common sense, but for those who live the "paycheck to paycheck, rent an apartment, eat out every meal, and finance everything on credit cards that are $1000's of dollars over the limit" type lifestyle, then they should read it... it's pretty short at approx 200 pgs, plus there's lots of charts & diagrams, so you can practically read the whole thing in a sitting or two.

His main message is basically "be disciplined, live within your means, and pay yourself first" (i.e. homeownership & RRSP's).

The most interesting parts are where they actually do the math to show you the breakdown for investments & mortgages over the long-term, etc. they show you what the difference actually costs with the amortization over 25 yrs vs 15 yrs... or how much just a bit more in your RRSP works to your favour over the long-haul, etc. Kinda interesting, but outside of some of the mathematical specifics, there's nothing in this book most of those who manage their money reasonably couldn't have written. Like some others, I'd love to know how anyone can average the kind of interest rates he uses for his stats...
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Most recent customer reviews
5.0 out of 5 stars Everyone Should own this book
Excellent book! Had read the Americanversion before moving to US but now back in Canada, wanted the Can. terms - To be owned by everyone
Published on Feb. 13 2011 by New Amazon Lover
5.0 out of 5 stars Great while missing a few things
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 more
Published on May 25 2010 by Derik Martel
5.0 out of 5 stars A Good Read; Take It With A Grain Of Salt
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
5.0 out of 5 stars Automatic Millionaire
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
4.0 out of 5 stars so easy, so few of us will apply it
Great for beginner. No miracle solution, only the basic; save 10% of your money, invest in RRSP, time is your friend (compound interest). Read more
Published on Jan. 14 2008 by Nicolas Prud Homme
5.0 out of 5 stars Great book!
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 more
Published on Sept. 8 2006 by Becky
1.0 out of 5 stars Extremely disappointing
This is a well writing, motivational book, written to motivate the obsessed consumer to save some money. Read more
Published on Dec 2 2005 by Dominic Lopez
4.0 out of 5 stars The Wealthy Barber Revisited
The main advice found in David Bach's "The Automatic Millionaire" is eerily similar to the main message from David Chilton's "The Wealthy Barber": Pay Yourself... Read more
Published on March 10 2005 by Luc-Rock Paquin
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