The Automatic Millionaire: Canadian Edition and over one million other books are available for Amazon Kindle. Learn more
Have one to sell?
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See this image

The Automatic Millionaire: Canadian Edition: A Powerful One-Step Plan to Live and Finish Rich Paperback – Jan 3 2006


See all 15 formats and editions Hide other formats and editions
Amazon Price New from Used from
Kindle Edition
"Please retry"
Paperback, Jan 3 2006
CDN$ 82.08 CDN$ 0.01
Unknown Binding
"Please retry"

Join Amazon Student in Canada



NO_CONTENT_IN_FEATURE

Product Details

  • Paperback: 256 pages
  • Publisher: Doubleday Canada (Jan. 3 2006)
  • Language: English
  • ISBN-10: 0385660308
  • ISBN-13: 978-0385660303
  • Product Dimensions: 20.8 x 14.2 x 2.3 cm
  • Shipping Weight: 272 g
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (17 customer reviews)
  • Amazon Bestsellers Rank: #102,801 in Books (See Top 100 in Books)


Inside This Book (Learn More)
Browse Sample Pages
Front Cover | Copyright | Table of Contents | Excerpt | Index
Search inside this book:

What Other Items Do Customers Buy After Viewing This Item?

Customer Reviews

3.8 out of 5 stars
Share your thoughts with other customers

Most helpful customer reviews

72 of 75 people found the following review helpful By A Customer on March 29 2004
Format: Hardcover
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.
Read more ›
Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again.
12 of 12 people found the following review helpful By JGS on April 17 2004
Format: Hardcover
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.
Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again.
13 of 13 people found the following review helpful By Andrew on Oct. 26 2006
Format: Paperback
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.

Andrew
Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again.
18 of 23 people found the following review helpful By Adam Hughes on Feb. 10 2005
Format: Hardcover
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.
Read more ›
Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again.
1 of 1 people found the following review helpful By Devin on June 19 2009
Format: Paperback
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...
Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again.

Product Images from Customers

Most recent customer reviews

Search


Feedback