Book Review : The Automatic Millionaire, Expanded and Updated

In this event, you’ll learn

How you can only save money in your 20s, but still be a millionaire at 65
A specific example of how you might have more money thanks to a pre-tax retirement account
The psychological benefits of an emergency fund
Why there’s no reason not to buy a house
How to eliminate all your credit card debt in three steps
Why donating to charity not just feels good, but is actually smart

About the Author

David Bach is the author of ten consecutive New York Times bestsellers, including Start Late, Finish Rich; Smart Women Finish Rich; and Smart Couples Finish Rich. The Automatic Millionaire was a runaway hit when it was first published in 2004, spending thirty-one weeks on the New York Times bestseller list and appearing at number one simultaneously on the New York Times, USA Today, BusinessWeek, and Wall Street Journal business bestseller lists. Bach has appeared more than one hundred times on NBC's Today show to share his strategies for living and finishing rich. His FinishRich seminars are the leading financial seminars in North America. He lives in New York with his family. --This text refers to the paperback edition

Overview

The Automatic Millionaire Summary by David Bach is a get-rich-slowly-but-surely manual brimming with numerous practical pieces of money-related advice on everything from how to
“pay yourself first” 10% of your pretax income through how to make all payments automatic to pro-tips on how to buy a home and pay it off… automatically, of course!

Who Should Read “The Automatic Millionaire”? And Why?
The Automatic Millionaire is for everyone who thinks that he/she doesn’t earn enough money to retire at a younger age and for everyone who thinks that the only way to save money is to not buy a house until you have some.

It’s the perfect book for young people: if you’re 20, The Automatic Millionaire can teach you how to retire as a millionaire with a house at 55.

THE BIG TAKEAWAYS

Becoming rich isn’t about making a lot of money at once.
Line your pockets first.
An automatic millionaire is built from an automatic deposit into your savings.
Build a rainy day fund.
Aim to own.