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The Automatic Millionaire: Canadian Edition: A Powerful One-Step Plan to Live and Finish Rich (Paperback)

by David Bach (Author)

3.6 out of 5 stars See all reviews (14 customer reviews)

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Smart Women Finish Rich: 9 Steps to Creating a Rich Future [CANADIAN EDITION] by David Bach
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Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner [CANADIAN EDITION] by David Bach
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Product Details

Paperback: 256 pages
Publisher: Doubleday Canada; 2nd thus, Canadian edition edition (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: 273 g

Average Customer Review: 3.6 out of 5 stars See all reviews (14 customer reviews)

Amazon.ca Sales Rank: #30,905 in Books (See Bestsellers in Books)

Popular in these categories:

#21 in	Books > Business & Investing > Personal Finance > Financial Planning
#35 in	Books > Business & Investing > Personal Finance > Budgeting & Money Management
#94 in	Books > Business & Investing > Investing > Introduction

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Product Description

Amazon.ca

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 --This text refers to the Hardcover edition.

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 the Hardcover edition.

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Inside This Book (Learn More)

Browse Sample Pages
Front Cover | Copyright | Table of Contents | Excerpt | Index

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Customer Reviews

14 Reviews

5 star:		(5)
4 star:		(4)
3 star:		(1)
2 star:		(2)
1 star:		(2)

Average Customer Review

3.6 out of 5 stars (14 customer reviews)

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63 of 67 people found the following review helpful:

2.0 out of 5 stars OK, but with flaws, Mar 29 2004

By A Customer

This review is from: The Automatic Millionaire, Canadian Edition: A Powerful One-Step Plan to Live and Finish Rich (Canadian Edition) (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. Secondly, this plan of attack is not such a clear cut solution; there are many financial experts who recommend that you should pay off this large debt first (and I've seen compelling, REPEATABLE calculations which support this method), and then start saving money when your mortgae is paid off early. If I followed the advice in this book, I'd still be paying my mortgage after I retired, which is a position NO ONE should be in.

My advice: if you want to read this book, balance the advice by reading other financial books which support the mortgage first theory (I'm not going to say which ones, lest anyone think I'm trying to promote a specific author).

I read the book in a day, made some notes, and returned it.

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1 of 1 people found the following review helpful:

3.0 out of 5 stars Common Sense, Jun 19 2009

By	Devin - See all my reviews

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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1 of 1 people found the following review helpful:

4.0 out of 5 stars so easy, so few of us will apply it, Jan 14 2008

By	Nicolas Prud Homme (Montreal, QC, Canada) - See all my reviews (REAL NAME)

Great for beginner. No miracle solution, only the basic; save 10% of your money, invest in RRSP, time is your friend (compound interest). But if it's so easy, why aren't we all doing it. Love it. Very easy to read also

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Most recent customer reviews

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 9 months ago by Ian Fok

2.0 out of 5 stars Disappointing
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... Read more

Published on Oct 27 2006 by Andrew

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 Sep 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