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Automatic Millionaire (Paperback)


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

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Customer Reviews

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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
This review is from: The Automatic Millionaire: Canadian Edition: A Powerful One-Step Plan to Live and Finish Rich (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...

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

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 Mar 11 2005 by Luc-Rock Paquin

1.0 out of 5 stars How disappointing
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. Read more
Published on Feb 10 2005 by Adam Hughes

4.0 out of 5 stars great for first timers
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. Read more
Published on April 17 2004 by JGS

5.0 out of 5 stars Road to Riches
A very well written book which will have you on the road to riches. It's not a get rich quick book, but a blueprint to success. Read more
Published on Mar 2 2004 by Ron M

5.0 out of 5 stars I will be rich!
After reading this book, I know that I will have the power to become rich. This book is simply outstanding. Read more
Published on Feb 9 2004 by Sara P

5.0 out of 5 stars Heart-felt Revelations!
Wow! What a book! A standing ovation! David Bach turned the dull, confusing and complicated subject of money - and the lack of it - and made it simple, powerful, and... Read more
Published on Jan 22 2004 by Maggie Teofilovic

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