Sometimes, we just need a push in the right direction to launch us to success. Sometimes, we need some great information to help propel our small success’ into the next stratosphere. And sometimes, we find that information in an informative book we had written off originally. That was the case for me with Automatic Millionaire and hopefully, it can be the same for you as well.
Two different friends had suggested reading Automatic Millionaire while I was in my first few years of college. They kept insisting and I kept saying, “Stop sending me to get get-rich-quick books.” Eventually, I picked it up just to satisfy their requests and it was awesome.
David Bach, the author of Automatic Millionaire, doesn’t sell you a get-rich-quick scheme. Which is definitely a plus in my book. I had read many of the books that were get-rich-quick schemes and found little or no actual value to them. What Bach does is teach you to through a “tortoise approach” the ways to establish a strong financial footing. His advice focus’ on developing common sense practice in financial manners and setting up automatic methods of money management.
One of the biggest selling points and most affective suggested actions is to “Pay Yourself First”. Bach suggests making sure that you are paying yourself before paying all of your credit cards, home bills, and other debt. Now that doesn’t mean you pay yourself 10% of what you made and put it towards eating out or clothing. What it does tell you is that by “Paying Yourself First”, you will be more inclined to focus on your financial future rather than the debt that is knocking at your door.
I am sure most of you have heard of the “Latte Factor”. David Bach presents the “Latte Factor” as the focus on small expenditures that could be limited or eliminated and really add up financially. For those of us who spend $5 here and there, this is an obvious selling point to this book. He details ways to change such habits and create healthy, financially savvy habits.
I strongly suggest this book if you don’t know where to start in getting your financial life in order. David Bach focuses on major points that can be implemented in the smallest parts of your life as well as others that effect the major financial decisions you make. A very good general financial book that will help open many doors.
Enjoy the read….
Dave
LifeExcursion
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I’d never heard of The Automatic Millionaire, but it sounds promising. I might pick it up since I’ve been on kind of a “finances” streak lately. Organizing my finances is still the toughest thing for me. I’ve been wanting to read Think and Grow Rich since it seems to be a classic of the genre. I’m not sure though.
I’ll be sure to check this out. Thanks for the review and for bringing it to my attention. I’ve accidentally read my fair share of get-rich-quick books so it’s good to have someone who can filter the good from the bad.
.-= J. D. Bentley´s last blog ..Fifty Things You And I Are Going To Do =-.
I feel the same way JD. I got burned out reading get-rich-quick books but this is definitely not that.
Hope you enjoy and let me know how it goes.
Dave
Lifeexcursion
Hey Dave,
I’m definitely going to put this in my “books” folder. It looks like something that I could really use right about now. Thanks for doing the review!
.-= Nate´s last blog ..The do-it-yourself business degree =-.
No Prob Nate. Hope you enjoy
Dave
LifeExcursion
I read this a couple years ago, and loved his down to earth advice. Despite the fact that it goes against my passion for Starbucks. But, he makes excellent points.
This is definitely a finance book that everyone should read once… good selection.
Karen
.-= Karen´s last blog ..Stuck =-.
Pay yourself first sounds like what i read from Rich Dad Poor Dad by Robert Kiyozaki. I guess great mind do think alike
.-= Karlil´s last blog ..There’re Only 5 Ways To Get What You Want From Others And Most Have Forgotten The First =-.
Hey Karlil–
I read a lot of Kiyosaki and agree with a lot of financial matters he discusses. However, I don’t think he relates well to the common man these days. I feel like Bach does. I hope you get to check this book out.
Dave
LifeExcursion
I first read about pay yourself first in the “Richest Man in Bablyon”. That’s like THE classic finances book. I totally recommend it.
Will check out this book. Looks interesting, and have seen recommendations about it elsewhere.
The other book Ive heard about but not read, is the Wealthy barber. anyone know of it / read it?
.-= Kaizan´s last blog ..How to Make Sure That Nothing Gets Between You and Your Good Habits =-.
Haven’t heard about wealthy barber….let me know about it when you check it out.
Thanks for commenting too
Dave
Dave,
I have actually read this book, and I really love the fact that is isn’t promising some get rich quick scheme like most people out there these days.
The concept of paying yourself first, which is also discussed in Rich Dad, Poor Dad (the first personal finance book I ever read) is one of the most important lessons you can learn when it comes to building wealth. Find a way to automate your savings each month, and over the long run, you will be much better off for it. Thanks for the review!
.-= Sean´s last blog ..#32 See Dave Matthews Band at the Gorge Amphitheater: Completed =-.
Couldn’t agree with you more Sean….
Dave
LifeExcursion
I have browsed through this book many times in book stores but still haven’t read it. Maybe it is time to pick it up.
I first read about the “Pay Yourself First” idea about 15 years ago in “The Wealthy Barber.” However, I have never really followed that practice. I hate shopping so I guess I have never really had a problem of spending too much money.
A lot of people have mentioned the “Latte Factor” of saving money, but I don’t really subscribe to that either. Cutting out all of your pleasures just to save an extra $100 or $200 seems a big sacrifice. I believe it better to focus our energies on how to make more money per month. There are so many opportunities to double or triple our incomes with a little hard work that concentrating on the small things might be misplaced.
I will definitely give the book a read though. Thanks.
.-= John Bardos – JetSetCitizen´s last blog ..Stop Telling Me What to Do (The Normal Person’s Guide to Success) =-.
Hey John…
Thanks for commenting….
I agree with you that cutting all small pleasures can be tough. I think cutting them is beneficial in the short run and a lot of times a few of our small pleasures are unnecessary but our addiction controls us. I do agree that we can find many other ways to increase our income and not worry as much. By the way, you mind sharing those (hahaha).
Thanks again for stopping by
Dave
LifeExcursion
Wow was I glad to see your review on this, I’ve thought to write one about 10 times in the past when I didn’t really give any thought to blogging. I’ve read this book front to back several times, have pages ear marked and have referenced it several times to friends. I’d call this book classical lifestyle design. It’s all about changing your habits to benefit you later. I feel lame but I could be one of his case studies, I started just putting away %3 of my paycheck and freelance income, I did it as automatically as possible, pressing people to pay me by paypal or when I deposited checks had two accounts one for the %3. I’m now up to %7 on my meagerly wages and I can’t believe I don’t miss it. It all funnels into an ING mutual fund at this point. It’s amazing to see how much I don’t miss it and it’s growing. If you’re one to think “well I can’t actually do that right now but it sounds good”, stop right there, I’ll be mean and tell you flat out, you’re wrong.
Glad you brought this book up! I may break it out and give a speed read! It’s worth it to anyone on the edge out there and I consider it a building block for financial knowledge in designing how you live. It’s slow growth and boring to most people, and while I’m still out to find sustainable month to month passive income, THIS COMES FIRST!
.-= Robert Granholm´s last blog ..Life Designers | Meet some Players, Get in the Game =-.
Articles are effective as far as they’re able to address the prospect’s wants. Even when there isn’t a great deal to point out on a certain subject matter ensure that it stays brief as well as exact and always get around happy talk.
I hope this did just that Danielle. Thanks….
David Damron
LifeExcursion
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