The Bottom Line: Anyone from 15 and older can benefit from reading this book. Even if you don't follow all of the advice, you will finds something that will work for you.
micheich's Full Review: David Bach - The Automatic Millionaire: A Powerful...
Just recently, I have become more involved in our family finances. I always had let my husband figure out the mortgage and bills etc. Although I was helping make all the payments I never really got involved or had a desire to. Recently at work, I noticed a book about finances sitting on a friend’s desk. Intrigues I asked her about it. She offered to let me read it and boy am I glad I did.
The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich is a book for anyone who wants to save for a financially secure retirement. It is written in plain English and is perfect for anyone from the corporate executive to the average Joe. With words we all understand and graphs to make the concepts easy I think anyone can benefit from reading this book. Even if they do not follow all of the steps outlined, they are sure to find something that will benefit their family and future.
The basic concept of the book is to teach you how to set up automatic savings and or investments. How much you should and can invest into a 401k and other types of investments. David Bach explains how if you do it with an automatic process that you can never forget to put that money away. In addition, if you are able to invest it through work so that they take it out pretax you will get your cut before you pay the government their share and lower your taxable income. The idea of paying yourself first may seem absurd when you begin to read this book but as you continue on it seems absurd that we never did it to begin with.
One of the concepts that David Bach really discusses is something he calls “The Latte Factor”. You see so many people today that go out every day and buy a $5 cup of coffee from a fancy coffee shop and yet they complain every month how broke they are. In his book, he explains how that $5 every day can be put to better use. If we just put that money into a savings account or money market account where it can earn and compound interest we would be building financial stability. Now he does not say we can never go out for coffee. Self-deprivation is actually something he says we should never do, as it will drive you to go on a spending spree and put you back further than you were to begin with. If you can figure out how many “latte’s” you can live with out each money and have that tucked away into an interest bearing account, you will soon see a growth pattern that will put you on the right track to early or at least comfortable retirement. Now granted, not everyone drinks coffee, but we all have a “latte factor” in our lives. It could be anything from smoking to stopping at the gas station every day to purchase a treat. How many things can you do without and not feel like you are depriving yourself?
The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich also explains how to invest in your future by purchasing a home. He even goes as far as to explain how to pay down that 30-year mortgage more quickly to avoid the interest the bank is charging and getting rich from. Instead of lining their pockets, you will have more to put into your own.
Credit card debt is huge in the United States. This is one of the things he also addresses in The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich. The power of plastic comes at a cost that very few people can actually afford. It puts a grinding halt to plans of saving because we are constantly trying to pay off the debt and “catch up”. In quick and easy terms with calculations and charts that anyone can follow, he explains how to get out of debt and still save for your retirement.
There is much information in this book, but it should not take you more then a few hours to read it all. Pages set up to chart your own plan, graphs explaining how much you can earn by following the simple concepts that are outlined, and references that you can call or read to follow through with the plan you have set up for yourself as a result of reading this book. I truly believe anyone can benefit from reading The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich. Not just adults but introduce it to your teenager. The earlier they start the better off they will be. We all want a better future for our kids, I think the system outlined in this book, can start them off on the right financial foot.
The breakthrough financial plan America has been waiting for, from the financial coach who has already helped millions of people live and finish rich-...More at Buy.com
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