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Jun 08, 2007

Stacey rated it:

Ok, i know i'm biased working and being around investments all the time. But you *must* read this book. i mean it! This book inspired me and fired me up more than my Financial Advisor could ever do. (which, let's face it, isn't saying much.) But we are all so young, so why can't we be millionaires when we retire? Not everyone gets to be that in their normal jobs, god knows i probably won't. But just a few bucks a day can really add up when you invest it properly and wisely.

B More...

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Feb 19, 2009

Sasha rated it:

This is a difficult book to rate. Informationally, it should get a 5. For ease of understanding, it should get a 5. But as a "good read," well, much of the first half read like an annoying infomercial and that really bugged. I also don't like phrases like "get rich."

So, it's weird that I read this book. I did so at the suggestion of a friend, otherwise I never would have given it a thought. (Thank you, Katrina!) I began skeptically, but this ended up being t More...

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Sep 27, 2010

Chris rated it:

The premise of this whole book is that if you do anything with money, throw out the concept of a budget and automate everything you do with money. Safe idea?

He explains everything is in a very young-adult reader fashion by creating little snipets of conversations with people from either interviews or classes he taught and framing it in a way that sounds funny and easy at the same time. I think the idea of a budget or some finance manager is still important for tracking expenses and f More...

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Mar 11, 2011

Cheree rated it:

This is an excellent book for say my son, who is 19. But, for most older people the principles in this book are very basic. We know this already. I just wish I had known this when I was my son's age. There is no way tp ever recoup the lost compound interest from an automatic investing plan started early in life.

Now, having said that his principles are basic and "everyone" knows this stuff, the next question is: yes, but are they doing it. Sadly, the answer is no. Most Americ More...

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May 07, 2009

Wendy rated it:

While I still think people should read "Smart Women Finish Rich" or "Smart Couples Finish Rich" FIRST, I have to say, I probably liked this book better. That's saying a lot, since I am a huge fan of everything I've picked so far by David Bach. I'm not sure you'd get as much value from Automatic Millionaire without reading one of his "Smart **" books first, but you'd still get plenty.

I like Bach because he manages to keep things so simple and so straight More...

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Jun 09, 2010

Diana rated it:

David Bach's titles were recommended by our financial planner, so I read this one first. A good, quick read with one basic premise: pay yourself first. This means if we're going to up our savings, it's best if it comes out of our paycheck automatically and if it goes straight into a pre-tax retirement account, like an IRA.

His plan isn't just for retirement accounts. The idea is that any sort of savings needs to be set up on an automatic plan if it's going to happen. From reading More...

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May 07, 2009

Kathryn rated it:

Bach has good common sense advice on saving and investing for retirement and paying down debt. Most people will talk themselves out of saving every time payday rolls around, so he emphasizes the importance of setting up a system where you save automatically, without letting the money pass through your hot little hands.

This book is five years old, and the chapter on home-buying seems dated given the current foreclosure crisis. I also live in one of the most inflated real estate ma More...

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Aug 10, 2011

Diana added it

I guess in principle I agree with the steps in this book. I've cut out all "extras" as in, no dining out, no extracurricular activities for the kids, and the biggest accomplishment NO Credit Card debt. But I don't own a home and I still live dollar to dollar with no hope of "paying myself first" into an early retirement. As a writer and editor based in FL I've never been paid a wage I can live off of let alone save off of - not even a penny's worth of wiggle room. I bought th More...

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Jul 05, 2011

Dora rated it:

This was a good book but honestly its a lot of common sense. The reality to being a good saver is to use good judgement. But the author does make some good points about how in the long run when you buy your daily cup of coffee from any place $2 a day over decades adds up fast and you could have saved yourself a couple hundred grand. When you think of the little things at that perspective you think twice about "the latte factor". He has good points on investing in your 401K and IRAs. Pl More...

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Jan 13, 2008

Deena rated it:

This book made me rethink all my views on money. It was also the impetus to get me focused financially.

1 comment like (1 person liked it)

Jan 06, 2010

Heidi added it

Of the various finance books I'm reading (skimming!) lately this one was the most motivating for me. I really liked the charts showing interest, mortgage payments, etc, etc. It was encouraging enough that I put the book down to go over budget, set up automatic savings drafts, etc. We meet with our financial advisor this week and I feel like this book gave me a lot of guidance and helped us clarify what our goals are, what we want to change, and also made me feel like no matter what we had don More...

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Jan 16, 2012

Abdulrahman rated it:

I got this book as a gift from our CFO. He once asked me why lots of people in Saudi Arabia do not save money. I said that personal finance is barely educated subject in Saudi.

This is book is for anyone seeking peace of mind and basically about the following points:

1. Pay your self 1st! Save a certain % of your income in some other account.
2. Pay the government last.
3. Build equity by buying home.
4. Kill your credit card. Yes, not even if you want to earn More...

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Sep 14, 2010

Rachel rated it:

This was very repetitive. Yes paying yourself first is a must do for all of us. BUT Mr. Bach completley ignores the immense credit debt that the average person carries. We live in a credit society where we all are trained to wanting it now and buying it now wether we have the money or not. SO it's interesting that the author ignores the debt that people have and just focus on paying yourself first. Even if you manage so have a couple of million in retirement savings; it's not going to help More...

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Jun 30, 2009

Bethany added it

Good, practical read that outlines how to automatically tak easy steps to set yourself up well for financial success. Am currently re-reading, as I orignally read it back in 2006 (and Zach in 2007), and is very helpful to re-read now from the new perspective of a young married couple loking to purchase our first home. Also recently saw that their is a whole other book called Automatic Millionaire Homeowner that discusses this aspect in greater detail, so will likley try to pick that up at the More...

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Nov 10, 2011

Greg rated it:

Other books do address individual subjects mentioned in this book even better, but this has it all in one book. Some of the information is dated, but this book seems to be much more geared towards people who already have their financial houses mostly in order which is where we are. Also, the suggestion of making everything work as automatically as possible is a good one in principle. I am a little paranoid about automatic draft or debiting from my bank account though. So I'm not sure how I w More...

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Nov 06, 2008

Carlene rated it:

This is an easy to read book with ideas and motivation for saving money. There are tons of ideas that can save you lots of money. My only disclaimer is that for me personally, I disagree with his take on throwing out the budget. We use a budget, and it works well for us. In any case, there are some great ideas here, and we are trying to implement as many as we can. We still have a long way to go, but we have taken steps in the right direction. I also have "Smart Couples Finish Rich" More...

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Aug 20, 2008

Catherine rated it:

The Automatic Millionaire by David Bach is another book recommended by the financial planner Husband and I want to go see. It was an easy read and the principles he sets forth are so simple to to and keep doing. The trick is to make everything AUTOMATIC.

Pay your bills automatically using a bill pay service. Pay yourself through payroll deduction so that you never see it. What you see you don't miss. How to pay your mortgage off quick and easy. How to get out of cred More...

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Jul 19, 2008

Peter rated it:

I would recommend this book to the complete novice, if you want to learn some very simple things that you can do to help you secure your retirement then read this book. If however, you want to really understanding investing, and finance this probably isn't the best book.

The book has a few good tips that work for everyone:

1: Pay yourself first (A common recommendation)
2: Pay your mortgage bi-weekly (could reduce it by 5-10 years)
3: Put away 10% of your money
More...

0 comments like (1 person liked it)

Mar 19, 2008

Jeremiah rated it:

I read this book in nearly one sitting, and I've enjoyed most of Bach's other books since then. Some of his later books repeat themselves (something I hate in books) but he makes becoming financially independent realistic. Bach's definition of financially independent is not having to rely on "Uncle Sam" during retirement while having enough to live on comfortably. I appreciate the fact that he doesn't over state his goals for his readers; by that I mean he doesn't promise millions of d More...

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Feb 06, 2008

Shan rated it:

The Automatic Millionaire is a popular personal finance guide geared toward beginners that, despite having some good advice, fails to be a solid finance book due to two major issues.

First, the first impression one gets is that this book reads like a late night infomercial. Had I picked this book up at a bookstore I would've put it down after reading the first few pages. I was able to make it through the book by ignoring the snazzy marketing-speak; and that's no small feat. I felt li More...

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Jul 28, 2009

Jack rated it:

I think everyone should read this book. Loved it. Shows and talks about how one can save and become wealthy down the road by making automatic. I have not used everything he mentions in here, but it is one of best books I read for someone looking for ways to save money and making it easy. Good to have for future investments/purchases.

I recommend this book highly to anyone under 35 and a great gift to kids starting a job or graduating college and high school. I wish someone did that More...

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Jan 12, 2009

Arp rated it:

The main advice offered - to make significant & consistent pre-tax deductions from paychecks for investment - is wise. Aside from that, there's not a whole lot of new information.

The big negative is the chapter on home ownership, which is dead wrong in referring to a home as an investment and unequivocally better than renting. There are specific circumstances where renting is a much smarter alternative than owning (especially when accounting for taxes & the home upkeep/repair costs

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May 14, 2009

Jodi rated it:

This book was a really quick read with very practical advice. It approached the topic of saving and investing in a little bit different way than most other financial books, stating you don't need a budget or discipline to be a millionaire, but it also had the basic advice that is obvious to most people, like explaining the latte factor.

It's called the Automatic Millionaire, not because it's telling you how to become a millionaire overnight, but how to set up a money management syste More...

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Sep 18, 2008

Mark rated it:

A very easy quick read with large type. The few ideas in it are very good, pay yourself first, eliminate debt, buy a house, automate everything, the Latte Factor to help people budget, setting up an emergency, and giving charity. There is also a fair amount of information on how to get started in these ideas, but overall this book could have been condensed considerably. I think I would like to automate more than I currently do, and it has inspired me to track my spending to see where I could sav More...

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Jul 29, 2011

Kenia added it

Incredible read! Everyone should read this who is interested in getting their finances on track. A conservative/moderate, realistic approach to building a million-dollar nest-egg. It provides a great outline on what steps to take to put yourself in the right gear to be financially stable, and describes basic financial foundations such as Pay Yourself First and The Latte Factor (simple, essential, yet surprisingly highly overlooked by many people).

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Mar 01, 2011

Andrea rated it:

It sounds cheesy, but this book is truly amazing, and in one step really made me feel so much more confident about and in control of my finances. I am actually super pumped about becoming a millionaire now...hehe. Loved it! This book was written before the housing crisis and recession, but I think that the advice still holds true. The key is taking responsibility for your financial situation, which in a way applies now in the recession more than ever.

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Jun 18, 2011

Gretchen rated it:

Excellent book and the steps are very easy & practical. As a result of this book, I am making contributions of 8% to my 403B (hope to up that to 10% by year's end), my credit card debt is paid off, and I am working on a goal to buy a place in Boston. I think this should be required reading for high school/college students too. We don't have financial curriculum in schools and I think we would benefit as a country doing so.

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Jun 28, 2010

Bryce rated it:

This is no get rich quick book. In fact it's the exact opposite. I told the author this and I tell everyone, this book changed my life. I look at saving money in a completely different light now and thanks to Mr. Bach, I will now retire a millionaire. Suggested for those in their late teens to early twenties but everyone should read it regardless. If you have a loved one in their teens this would make a great gift.

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May 21, 2011

Jaclyn rated it:

The concepts in Bach's book are not rocket science, but they are solid and realistic. I don't agree with the concept of getting rid of a budget, but I am completely agree with the idea of "paying yourself first" (aka working at least an hour a day for yourself). This is was a worthwhile read as I gear up for my life post-grad school. Now if only I had a salary to put these principles into practice with.

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May 07, 2009

Michael rated it:

Fascinating book and a very easy read. Very simple programs that anyone can follow and for the most part are steps that I agree with. There was nothing far fetched that made me squirm and think I would be crossing any comfort zones. As a matter of fact, I will be making some changes today that are very easy. I was floored when he spoke about tithing also and how he found it to be a very important part of finishing rich.

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