Book Review: "The Automatic Millionaire"
/Want to know what Free to Pursue thinks about David Bach's book "The Automatic Millionaire"?
I gave the book a 3.5 out of 5 Rockstar rating.
Bach's The Automatic Millionaire uses the story of a millionaire couple he met to illustrate the power of automating our finances, which I found very effective.
The advice is sound, but the principles of automation do tend to get repetitive. Also, the author's emphasis on home ownership and small expenses seems to ignore the importance of keeping lifestyle in check. Homes and cars are our largest expenses and keeping these lower can make a huge difference in how much we spend overall. Further, it's been proven that extra spending in these categories adds little to our overall happiness.
Here are the main points Bach covers in "The Automatic Millionaire":
- Want to be a millionaire? Pay yourself first.
- Automatic allocation of money helps us meet our goals.
- Homeowners are significantly wealthier than renters.
- Credit cards are a significant driver of consumer debt.
Despite its patent generalizations in some areas, "The Automatic Millionaire" is a book worth reading for anyone who has not reached their regular saving and/or debt repayment objectives.
To know more about the book, read my full review here.
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