|
Search Shopping:
Book: The Automatic Millionaire : A Powerful One-Step Plan to Live and Finish Rich :: Book
Date: Thursday, 08 January, 2009 :: 21:39
|
The Automatic Millionaire : A Powerful One-Step Plan to Live and Finish Rich
from USD $31.99
Product Group: book
Manufacturer: Doubleday Canada, Limited
Release Date: 2003-12-30
Studio: Doubleday Canada, Limited
|
Offers:
|
Reviews:
Average Customer Review: 
Summary: If You Want to Be Rich Don't Follow Bach's Advice
Date: 2009-01-03 - 
Comment: It is August of 1997, the markets have just started their gyrations, Robert Kiyosaki, Donald Trump, David Bach and others are on a Larry King panel to discuss personal finance and current market conditions. David Bach said that the reason the markets were depressed was that the market makers had gone on holiday. They will return, he said, and the markets will go back up.
That is the kind of information that is in "Automatic Millionaire" and if you follow it, you will lose a fortune in the stock market and have all of your net worth tied up in the most illiquid purchase of all, your house.
I bought the audio book, read by David Bach, long before the current meltdown and couldn't believe what I was hearing.
First: there is nothing "Automatic" about becoming a millionaire. Even the laziest person has to look at a financial statement or rebalance their retirement accounts once a year. According to The Millionaire Next Door wealthy people pay attention to their financial statements and consistently engage in certain behaviors that lead to wealth.
Second: your house is not an asset, therefore it is better to use the money that would go for extra payments (to pay down principle according to Bach) to buy a rental property to generate cashflow.
Third: Latte Factors are nice, it was in this book that he coined the phrase, but the Latte Factor is just a catch phrase that obscures the need for greater financial literacy and sound long term financial habits. That phrase has left people cutting out their goodies rather than looking holistically at their financial picture.
Automatic Millionaire was written during boom times when the market was supposed to always go up.
Here is the litmus test for financial advice. If the bottom falls out of the market or the basic assumptions of the book (that real estate prices will always go up, for example) are not true, is the advice still good?
The answer is no...so I would recommend a pass on the book.
Summary: Automatic Millionaire
Date: 2008-12-24 - 
Comment: Good advise, easy read. Got copies for my son (22) and nephews (21). My son told his friends about the book, now they're reading it.
Summary: Changed the way I handled my money
Date: 2008-12-05 -
Comment: This book helped me tremendously, therefore it gets 5 stars. The concepts are simple, but not always so easy to apply. Saving your money takes discipline and this book has helped me make better decisions and I immediately opened up a basic money market account through ING Direct after putting the book down. I started out putting $35 per week away, and have worked up to $65 per week with occasional deposits of $1,000+ when I make bonus income (I run my own business). This book will help you get on the right track to saving more and spending less, get it!
Summary: Good practical advice, nothing new
Date: 2008-10-14 - 
Comment: The thesis of "The Automatic Millionaire" is that you should automatically invest a small amount of your income every pay check. Over time this will make you rich. In fact the author claims that if you start early you can retire young as a millionaire. Hence the title. While this is no doubt true, I don't think many people will do it.
I was annoyed the authors repeated self promotion. He referencing his previous books and web site in almost every chapter, several times in some cases. If they were so useful, he should have just included them in this book. His enthusiastic tone gets to be annoying after awhile too. He does also list other useful sites and services.
The advice to save part of your income automatically via direct deposit, or automatic deductions sounds like good advice, and seems achievable. Much of the rest of his advice is old hat. His suggestions about paying off credit card debt were not very interesting.
In summary, short well written solid advice, but you know most of it already.
Summary: Good Advice but what about the working poor?
Date: 2008-09-17 -
Comment: If you're just getting by, then don't even bother with this book. But if you do have some income to spare, its a great way to get your finances in order. There was just something really unrealistic about this book...especially for those of us starting over. Great book for teenagers and young college students who are just starting out.
|
|
Similar - People who bought this also bought below
Start Late, Finish Rich: A No-Fail Plan for Achieving Financial Freedom at Any Age (Finish Rich Book Series)
Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner
The Automatic Millionaire Workbook: A Personalized Plan to Live and Finish Rich. . . Automatically
Smart Women Finish Rich: 9 Steps to Achieving Financial Security and Funding Your Dreams (Revised Edition)
The Automatic Millionaire Homeowner: A Powerful Plan to Finish Rich in Real Estate
|
|
|
Useful Links:
