Jeremiah'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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Feb 29, 2008

really liked it
bookshelves: personal-finance-investing

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 the reader by following his system. The "system" is nothing new either, but what I appreciate about Bach is that he shows the reader how a little money save each month-what he calls the "Latte Factor" (small amounts every week that most people are already spending)-can grow into several hundred thousand dollars if invested in carefully and with enough time. The other element of his system is that it is done automatically, like our tax deductions. This way people don't have to put forth the monthly discipline of taking it out themselves and putting it into say a self-directed retirement account because most people would find a way to spend it if they had access to it. I disagree with him on budgets, but overall this would be a great book for high school, college, or twenty-somethings to read because it deals with the financial basics.
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