Diana's Reviews > The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich

The Automatic Millionaire by David Bach
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's review
Jun 09, 10

bookshelves: non-fiction
Read on May 09, 2010

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 this, I know we have two points of action: we need to up the amount going into the retirement account as it's not nearly enough and we need to start an auto-transfer from our checking to our savings account after every payday. Then I'll have to re-read to decide on our next step.

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