Carlene'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
Nov 06, 08

bookshelves: preparedness

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 Bach which also has some good ideas in it. I would highly recommend these.

The basic idea is to set yourself up so that you are saving money automatically without having to think about it or transfer money yourself all the time. For example, contribute as much as you can to your 401K. This is automatically withheld by your employer so you won't be tempted to spend it other ways. (If you never see it in your checking account, you can't spend it!) I've found this is a great way to save money, and it feels really good to know you are planning/preparing for the future. Even if you start saving a very small amount, it will make a difference.
One way to start is to have a certain amount automatically transferred from a checking to a savings account on a monthly or bi-monthly basis. Even if you can only save $10 at a time, thats $120 more at the end of the year than you would have had. We are working on this as well, and it definitely does bring a sense of security.

Oh, and I didn't give it 5 stars because I remembering as I read it, I kept getting frustrated and wanting him to just "get to the point."

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