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Showing 1-2 of 2 reviews(1 star).Show all reviews
on December 2, 2005
This is a well writing, motivational book, written to motivate the obsessed consumer to save some money. The information is nothing new, and I personally came to the same conclusions David Bach has, all by myself while taking an economics course in high school, at the age of sixteen. I have also read David Chilton's "The Wealthy Barber", which is a far superior book, with the same timeless message.
After finishing the book I felt ripped off, what a complete waste you of my time. So I decided to search the book and the internet to find out what credentials Mr. Bach has. I have found NOTHING, which brings me to the only reasonable conclusion.
The promise this book makes is untrue, and it isn't worth the paper it is printed on. The only reason I gave it one star is that there is no zero on the rating scale. This book in my opinion is nothing more than 'snake oil'. David Bach has not impressed me and I would dismiss any of his thoughts and opinions. I will never read anything with his name on it again, and would not recommend his advice, articles or books to anyone.
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18 of 23 people found the following review helpful
on February 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. Whatever has the highest commision and management fees usually is what is "recommended". On a sidenote does anyone ever wonder why "financial institutions" never recommend index funds like the s&p 500 which beats 95% or better of all mutual funds. I wonder if it could have something to do with a lack of commisions and management fees??? Just a guess
I would say that this book is good if you are completely financially illiterate. I borrowed this book from the library and I felt like I got ripped off at that price. I could only imagine how I would have felt if I purchased this book.
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