The Automatic Millionaire by David Bach (link)
I picked this up at the bookstore a few days ago, along with Start Late, Finish Rich by the same author. I got the "Start Late" book because of my age.
I was already in my company's 401-K plan, but I raised my weekly contribution after reading this book. I also opened a money-market account, with automatic transfers from my savings account. Plus I've increased my mortage payment each month. I was able to do this by doing what the book says--every time I'm about to spend money on something, I ask myself "Do I really need this", or "Can I save money by buying something else instead?". A few weeks ago, I would have told you that there was no way I could cut back on my spending, that there was nothing I could cut out. But I found out I was wrong.
I was just wondering if any of you have read The Automatic Millionaire, and if so, did it cause you to put any of your saving/investing/giving on "Automatic"? And do you feel like you're handling your finances any better after reading this book.
(I'm about half-way through the "Start Late" book, and it seems to be basically the same thing that was in "The Automatic Millionaire" book. Unless there's something good that I haven't gotten to yet, I wish I had saved my money on this one.)
The Automatic Millionaire
Discussion in 'Money Talk$' started by Brian30755, May 16, 2008.
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I should also add, another thing I liked about this book was the advice to get rid of the budget. Like the weight-watchers slogan "diets don't work", the author says "budgets don't work", and I've found that true in my life. I've never been able to keep track of every penny for very long.
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What did you conclude?
You have had time to finish the books. Give us a report.
Start late . . . how late? Amateur person who started playing the market couple of years ago would have probably lost 20% by now. Quickest way to get rich these days might be to become a slumlord - if you could stand dealing with slum tenants. -
Overall, I think both of these books are basically just good, common-sense financial advice, mixed with the motivational talk and step-by-step instructions that make it easier to actually do. -
Especially since the IRS changed the rules about selling your residence. A person who has the skills could make make good money buying a trashed house, working on it (theoretically living in it for 3 out of 5 years) and selling it.
The guy who wrote "Rich Dad, Poor Dad," says about the same thing. You want to generate untaxed assets. -
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My ax with these books, besides that they're all very similar, is that the people who write them make lots of money because....... people buy their books about how to make lots of money.
I've read about 6 or 7 of these books, and many of the problems they propose can be overcome with decent sense, and confidence in yourself.
Some of them go so far as to claim that taking the stairs two at a time will help you get into the money-making habit.
Though I can guarantee I make much less money than the majority of posters here, I live happily enough, with no real plans in life other than to live and let live.
But then, of course, I don't have a family that is depending on me for support.
So things are different.
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You do have to wonder whether these authors are making money doing it or selling it. If they make a hundred or two off everyone who signs up for their system, then THEY have figured out how to get rich quick.
Going back to the original post, there probably isn't much more tried and true than putting your savings on autopilot. Give back to the Lord, pay yourself, and then you have left what you have left to spend. -
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Great point! :)
Let me know when you're ready to sell your secrets! :thumbs: -
Kinda like Ron Blue writing books about "Mastering Your Money." He was born wealthy as I understand it. So how would he know about it? That's one of my few great points about Dave Ramsey. He had it, lost it, and got it back. So he knows how to get out of a hole.
"Spend less than what you earn, save some of what you earn, and invest some of what you save" is the general theme to most financial self-help books. Most all of them expand on how to do this. Beyond that, there is little new under the sun. -
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Oh, he gives some of the worst advice out there. And there are some other major problems I have with him and his organization.
But you're saying he didn't work his way back? I'd like to see proof of this. My understanding is just the opposite. He started the book/radio thing after he climbed out of the hole. -
One book I would recommend, and that many of you might really enjoy is "The Millionaire Next Door". Unlike the self help style books with regurgitated advise, this was a book based on actual study and research of millionaires. Very informative book. My copy is from the first printing in 1996 so it might now be a little dated, but I imaging that they have either updated the book or revised it somehow. Anyhow it is an interesting book for those interested.
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He filed bankruptcy when he was thirty. Two years later he already had his first book published and was on the air. (How long does it take to write a book anyway). There is no way he worked at a job, followed the advise that he now gives and worked his way back to real success. No, his success came from selling books, seminars and becoming a radio personality. Again not that there is anything wrong with doing so, I just don't like the spin which makes it sound as if he "worked" his way back with his new found wisdom. The guy reinvented himself from a wheeler and dealer, that totally over extended himself by millions before his loans were called, to what we then heard on the radio. He really never was like any of his typical callers, neither before nor after. -
For realistic info, read Michelle Malkin's column or get on her Washington Post list.