false http://photo.goodreads.com/books/1157064981m/621.jpg 621 13 Despite its sensational title, David Bach's <I>The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich</I> is not a get-rich-quick guide. Rather, the book is a straightforward march through common-sense personal financial planning that suggests readers "automate" their contributions to retirement and investment vehicles. Bach, in fact, calls his model the "tortoise approach" to becoming wealthy by retirement age. <p> In the early part of the book Bach builds on ideas he established in <I>Smart Women Finish Rich</I> and other bestselling titles. His core principle is that, to succeed, you must "Pay Yourself First." In other words, he suggests using pre-tax retirement accounts (i.e. 401(k)s, IRAs, or Roth IRAs) to set aside a fixed, monthly sum of money before considering what is left for living expenses. The "automatic" part of the title comes from Bach's emphasis on using automated payroll deductions to avoid the temptation of using the money to pay today's bills. <p> Bach insists that "regardless of the size of your paycheck, you probably already make enough money to become rich." But his claims that his plan requires "no budget, no discipline," is a bit disingenuous. His discussion of the "The Latte Factor" shows that, to find money to start a retirement plan, a person with a modest income needs to make an up-front commitment to stop accruing debt and to reduce spending on such "wasteful" items as lattes and cigarettes. <p> In the end <I>The Automatic Millionaire</I> does not offer much that is new for readers already familiar with personal finance basics like accelerated mortgage payments, "the miracle of compound interest," and the setting up of emergency funds. But, for those just starting with financial planning, Bach provides a host of resources to put recommendations into action. He walks his readers through such fundamentals as shopping for interest rates, creating a balanced retirement portfolio, and consolidating debt. And Bach's conversational style will make this quick read highly palatable for those daunted by more detailed investment and personal finance titles. <I>--Patrick O'Kelley</I> 806311 2003 The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich total:735|5:188|4:281|3:202|2:55|1:9| 735 2789 966 167 5 1 false false Tue May 01 00:00:00 -0700 2007 Fri Jun 08 10:02:55 -0700 2007 Fri Jun 08 10:05:47 -0700 2007 more...]]> 3 0 false false Thu Feb 19 09:39:30 -0800 2009 Thu Feb 19 10:02:34 -0800 2009
...more...]]> 5 0 false false Wed Apr 01 00:00:00 -0700 2009 Thu Apr 30 14:57:44 -0700 2009 Thu May 07 15:02:53 -0700 2009 more...]]> 3 0 false false Thu May 07 00:00:00 -0700 2009 Sat May 02 10:47:30 -0700 2009 Thu May 07 20:22:58 -0700 2009 more...]]> 5 1 false false Fri Sep 01 00:00:00 -0700 2006 Sun Jan 13 11:59:19 -0800 2008 Sun Jan 13 11:59:57 -0800 2008 0 0 false false Tue Jun 30 00:00:00 -0700 2009 Tue Jun 30 10:30:44 -0700 2009 Tue Jun 30 10:33:52 -0700 2009 more...]]> 4 0 false false Thu Nov 06 13:30:20 -0800 2008 Thu Nov 06 13:33:39 -0800 2008 more...]]> 5 0 false false Wed Aug 20 19:21:29 -0700 2008 Wed Aug 20 19:21:57 -0700 2008



Pay your bills a...more...]]> 3 0 false false Fri Jul 18 00:00:00 -0700 2008 Mon Jul 14 21:00:19 -0700 2008 Sat Jul 19 06:52:38 -0700 2008
The book has a fe...more...]]> 4 0 false false Fri Feb 29 20:49:14 -0800 2008 Wed Mar 19 13:12:19 -0700 2008 more...]]> 2 0 false false Wed Feb 06 00:00:00 -0800 2008 Wed Jan 30 08:00:01 -0800 2008 Wed Feb 06 11:06:36 -0800 2008
First, the first impression one gets is that this book reads like a late night infomercial. Had I picked t...more...]]> 5 0 false false Fri Jun 01 00:00:00 -0700 2007 Tue Jul 28 16:02:50 -0700 2009 Tue Jul 28 16:06:43 -0700 2009 more...]]> 2 0 false false Mon Jan 12 00:00:00 -0800 2009 Mon Jan 12 11:39:28 -0800 2009 Mon Jan 12 11:43:02 -0800 2009
The big negative is the chapter on home ownership, which is dead wrong in referring to a home as an investme...more...]]> 5 0 false false Tue Aug 26 00:00:00 -0700 2008 Thu Jun 26 14:12:49 -0700 2008 Thu May 14 10:37:15 -0700 2009 more...]]> 2 0 false false Thu Sep 18 11:27:38 -0700 2008 Thu Sep 18 11:27:52 -0700 2008 more...]]> 4 0 false false Thu May 07 00:00:00 -0700 2009 Wed May 06 09:02:01 -0700 2009 Thu May 07 09:22:24 -0700 2009 more...]]> 4 0 false false Sat Jan 01 00:00:00 -0800 2005 Sun Mar 01 04:04:41 -0800 2009 Sun Mar 01 09:11:29 -0800 2009 2 more...]]> 3 0 false false Wed Jun 24 00:00:00 -0700 2009 Wed Jun 24 20:03:42 -0700 2009 Wed Jun 24 20:07:53 -0700 2009
The main message of the book is great though. It lays out a plan for getting rich slowly by paying yourself first automatically before you see your paycheck. Not grou...more...]]> 5 0 false false Fri Jan 02 00:00:00 -0800 2009 Fri Feb 13 14:40:26 -0800 2009 Fri Feb 13 14:42:21 -0800 2009 more...]]> 5 0 false false Fri Nov 28 11:46:32 -0800 2008 Fri Nov 28 11:48:26 -0800 2008 more...]]> http://www.goodreads.com/book_link/follow/8?book_id=621