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The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich

3.85 of 5 stars 3.85  ·  rating details  ·  6,877 ratings  ·  372 reviews
What’s the secret to becoming a millionaire?

For years people have asked David Bach, the national bestselling author of Smart Women Finish Rich, Smart Couples Finish Rich, and The Finish Rich Workbook, what’s the real secret to getting rich? What’s the one thing I need to do?

Now, in The Automatic Millionaire, David Bach is sharing that secret.

The Automatic Millionaire start
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Paperback, 272 pages
Published December 27th 2005 by Crown Business (first published December 12th 2003)
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Community Reviews

(showing 1-30 of 3,000)
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Cortney
I'm a bit of a personal finance nerd, and I love budgeting, being frugal, and paying off debt. I tackled my consumer debt after returning home from a teaching job in Japan, and in about 2 1/2 years paid off about $20K thanks to Dave Ramsey's "Total Money Makeover" and "Your Money or Your Life" by Joe Dominguez and Vicki Robin. Between those two, I had all the motivation/information I needed and diligently dug myself out of my B.S. money ways while working full time and going to grad school full ...more
Sasha
Feb 19, 2009 Sasha rated it 3 of 5 stars
Recommends it for: Everyone
Recommended to Sasha by: Katrina
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 the very book I needed to read, for me
...more
Mohammed Alsaleh
الكتاب بالجملة مفيد لعامة الناس .. كونها يحوي طريقة لتجميع مبلغ مالي جيد من خلال التوفير من الإيراد الشهري أو النصف شهري ..
يحوي أفكار كثيرة رائعة .. لا يرقى لما طرحه كيوساكي في كتابه " الأب الغني والأب الفقير " لكنه في الجملة رائع ومفيد
أكثر ما أعجبني فيه طريقة التسديد النصف شهري والذي يضيف نصف شهر في السنة ويسقط عليك نصف التكلفة بعد مرور عشرين سنة ..
أنصح بقراءته
Gillian
I read one of David Bach's books back when I was starting my first job and it was helpful. This one, as far as I can remember, has the same type of information - good basics if you are not saving at all now or are in debt, but nothing much beyond that.

It was also written before the housing market crash, so I rolled my eyes a lot hearing about how you have to buy a house now or you'll never be rich, foreclosure is so rare, it's so easy to buy a house, check out Fannie Mae and Freddie Mac... I li
...more
Chris
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 in a very young-adult reader fashion by creating little snippets 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 following up on
...more
Peter
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
4: Tithe
5: Always save some, even if yo
...more
Tim Minge
I like the main premise of the book, making your investing automatic to pay yourself first. I disagree with the "no budget" philosophy. His argument is that they are boring, stifling, and don't work. Inn experience they are what keep you from going into debt.

I am not sure how automatically saving and investing is going to keep you from wasteful spending of the rest of your money without having a written budget and sticking to it.
Rachel
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 you m ...more
Cody Eastgaard
Great book on the basics of becoming wealthy. wish I would of read this book when I was still in my early 20's
Anthony McDowell
My favorite business book! I have read this book multiple times, and just finished listening to the audiobook for the second time. Though a little outdated now, the principles of paying yourself first, as well as the importance of homeownership, for investing, plus finding money utilizing your Latte Factor, are all concepts that are timeless. A definite read for anybody in America, this book is designed to not only change your mindset, but put these principles into action, and you will be as gua ...more
Camille
Had to read this as a requirement for a family finance class. Some good ideas, but the style of writing was not to my taste AT ALL. I can't stand reading books that are constantly telling me how great they are. I'm reading it. I'll judge it for myself. I guess that's just the self-help book style. There's as much salesmanship as actually content. It had all the self-help standards: This is guaranteed to work for you! This thing that worked for me will also work for everybody, everywhere, no matt ...more
Kelsy
This book didn't have any new information for me, since I've already read books like I Will Teach You To Be Rich. I definitely think this book has the right information in it for someone who is new to personal finances and isn't already saving and investing. (view spoiler) ...more
Ruskanen
Everyone on my team at work received this book as a gift from our director. I appreciate the intention, but after being a thrifty person all my life, and a Dave Ramsey listener for 7 years, this book didn't have a lot to teach me. It's written in a very simple style. So simple, I skimmed most of the book. As I was reading I could almost hear this book being presented as an infomercial. "But wait, if you do this one crucial step, you too can be an automatic millionaire! It's so simple, you almost ...more
Gwen
Hoo boy does it show that this was written in 2004.

If you want insight into the world of a cheesy noughties Morgan Stanley dudebro, complete with advice on tithing and quotes from Bill O'Reilly, David Bach is your guy. Real estate? Fantastic investment! We've NEVER had a real estate bubble, nothing can go wrong! Stock market? Fantastic investment! 10 percent returns! Paying off your whole mortgage early? GREAT idea, except maybe if you live in New York City, because terrorism! (Not even kidding.
...more
Deena
This book made me rethink all my views on money. It was also the impetus to get me focused financially.
Doug
I have read this book several times since it was published. I like its simplicity. It is 200 pages, but I took notes on the important principles and I was able to boil everything down onto one page. None of the ideas or concepts are new, but this book does give readers some insights into how one might go about putting these principles into action. This book and Dave Ramsey's Total Money Makeover are probably the best two resources in terms of 1) learning about personal finance and 2) putting a p ...more
Jay
Mar 27, 2015 Jay rated it 4 of 5 stars
Shelves: finance
There's better personal finance books out there than this, but this was still good enough. It's a bit dated ("there's never been a housing bubble...." famous last words right before the crash), but still relevant. Pay yourself first and do it via automation. This tip alone made it worth the read: instead of paying your mortgage once a month, pay half of it every two weeks. That way, instead of making 12 monthly payments, you make 26 half payments, or 13 months of payments in a year, substantiall ...more
Kristen
My husband read this as a text for a Personal Finance course he is taking at USU. Bach's ideas are good and helpful, but there was nothing earthshattering here. Basically, you should pay yourself first and do it automatically, pay off debt and do it automatically, pay a tithe and do it automatically, pay your home off early and do it automatically. The book was repetitive and read like an infommercial. Still there were some differences in his strategy which I think we will use in our finances. I ...more
Carlene
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" by David Bac ...more
Jeremiah
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 dollars to ...more
Catherine
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 credit card debt quick and easy an
...more
Shan
Feb 06, 2008 Shan rated it 2 of 5 stars
Recommends it for: Personal finance beginners
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 like the whole
...more
Anthony Deluca
The Automatic Millionaire
By: David Bach
Copyright 2003
Reviewed May 2008
Listened to Unabridged Audiobook

The automatic millionaire is an excellent, practical book that will indeed instruct anyone how they can become a millionaire. In my subjective opinion, however, the younger one is, the easier it will be to make this work well. Also, some minimal level of income will help too. BUT, I recommend this book to EVERYONE who is not already independently wealthy.

The book basically illustrates how one ca
...more
Erin
(I rewrote my review,I think this is a better opinion than the one I previously shared.)

The Automatic Millionaire is a relatively quick read on the subject on personal investment and savings. It’s easy to read, written in a conversational style that is easy to understand and process. It is broken down into eight chapters addressing the different avenues to savings and investing your way to becoming a millionaire. The book wraps up with a motivational good luck message from the author and a remin
...more
Carrie Rose
This book is based on the solid and wise financial principles of saving money and compound interest. However, despite the excellent foundation of the book, David Bach manages to say some fairly dumb things.

The chapter on homeownership is the most egregious example. This book was written during what we now know was a major housing bubble, and a few years after this book was published, home prices plummeted and foreclosures soared. But in his book, David Bach proposes that you CANNOT get rich as a
...more
Raphael Aquino
Ended up almost regreting I read this book. The first few things in this book as a lot of people have said on here are good. Pay yourself first and do everything you can to get out of debt. After that the book just seems to go on and on about the same pay yourelf first theme. I'm not blaming the book or saying that the author was wrong but, I wonder how many people bought a home a few years ago after reading this book and now regret that they did? 401K's are looking more and more like social sec ...more
Migelle Dominic
I chose the guidebook, "The Automatic Millionaire: A Pwerful One-Step to Live and Finish Rich" by David Bach, because I'm the type of person that plans ahead for the future. To be able to predict what'll happen and to be independent, supporting myself such as being financially stable. The story includes the Mcintyres, an ordinary looking family that were actually well off into their retirement for a permanent vacation. They benefited from David's lessons to become an automatic millionaire and th ...more
Greg
This is a book full of common sense. It's not a get-rich-quick scheme. It's an investments and compound interest type of plan. David's plan can be summarized as follows:

- Invest some of your money
- Pay off debt
- Buy a house
- Donate to charity

It's not complicated. The clever bit is that he recommends making these things automatic. Automatic payroll deductions for your 401k or other investments. Automatic payments to pay off debt and your house. This book could have been about 1/4 of the size with
...more
Jodi
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 system that is aut
...more
Mark
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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