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Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich (平装)
by David Bach
| Category:
Personal finance, Personal wealth, Investing, Self help |
| Market price: ¥ 148.00
MSL price:
¥ 138.00
[ Shop incentives ]
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| Stock:
In Stock |
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MSL rating:
 Good for Gifts |
| MSL Pointer Review:
Written in a common-sense and easy-to-understand manner, this bestseller is an excellent guide to personal wealth. |
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AllReviews |
1 2   | Total 2 pages 14 items |
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Ken Blenchard (Author of The One-Minute Manager), USA
<2006-12-21 00:00>
The Automatic Millionaire is an automatic winner. David Bach really cares about you: on every page you can here him cheering you on to financial fitness. Na matter who you are and what your income is, you can benefit from this easy-to-apply program. |
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Jean Chatzkey (Financial Editor, NBC’s Today), USA
<2006-12-21 00:00>
The Automatic Millionaire gives you, step by step, everything you need to secure your financial future. When you do it David Bach’s way, failure is not an option. |
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Louis Barajas (Author of The Latino Journey to Financial Greatness), USA
<2006-12-21 00:00>
I once heard that to make something powerful, you need to make it practical. The Automatic Millionaire is a book that is 100% practical and powerful. David Bach is one of the few individuals in the world of finances who truly wants to make a huge impact in other people's financial lives. This is one of those rare books that can really change your life!? |
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Stephen Geraci (MSL quote), USA
<2006-12-21 00:00>
First let me say, that I think I have read all the personal finance books out there. I am really into the subject. Now that you know where I'm coming from, I would tell you without hesitation that The Automatic Millionaire is the best personal finance book out there today. It is a common sense approach that anyone can follow. One of the reasons why this book works so well is it takes the budget out of the equation and allows all of your major financial decisions to go on without you thinking about them. Make it automatic and start doing the more important things in life like living. Even if you just take some of his advice, you will be far ahead of most people living above their means. I am living proof that this book works. I have six figures in my 401K (retirement account, MSL remarks), no credit card debt and a home that is almost paid off. I'm not saying this to brag, but if I can do it ANYONE can do it. Give this book a try, you will not be sorry. Good Luck. This book literally changed my life. |
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Brandon Cook (MSL quote), USA
<2006-12-21 00:00>
David Bach's book The Automatic Millionaire will make you rich,
but only if you read it and set up the automatic wealth plan he has laid out for you.
It takes a little discipline and initial work to set up the various auto pilot savings funds that he outlines, but once you have done it... you're pretty much done. You can sit back and watch your net worth grow.
Although, I agree with 98% of what he says in this book, I disagree with the portfolio asset allocations he outlines in the book. What he says is pretty much in line with the majority consensus of the world, but if you want your wealth to grow exponentially and have enough to pass on to your children... forget about putting any money in bonds.
There may be some situations were bonds might be recommended, but if you're fairly young, put your money in 100% equities and leave them there. For more information on why you should use 100% equities instead of bonds in your 401k or IRA portfolio I recommend reading "Simple Wealth, Inevitable Wealth" by Nick Murray. This book was referred to me by the Financial Advisors of the wealth management firm I work for and is an easy but essential read. |
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Andrew Levinson (MSL quote), USA
<2006-12-21 00:00>
I liked the book, pretty simplistic but a very real pathway to wealth for the average person. I had some other issues over the best course of investing in the stock market but if you're reading this book you're most likely not ready to really talk about the details of investing because this is much more a "getting-your-life-in-order" life style and philosophy book than an investing book. His broad brush strokes will work well for most.
The only thing that I was really annoyed by was his failure to consider "opportunity costs." Essentially, if you do X with your money than you can't do Y with it and thus you miss out on the potential benefit of Y. Therefore, you should always pick which ever is best between X and Y. Common sense. Where this becomes a factor is with things like paying down your mortgage faster than usual, as he advocates. If you have a mortgage at 6% and deduct roughly 1/3 of that for tax savings, your effective interest rate is 4%. If you can do better than 4% by investing in the stock market that is the best thing for you to do economically. If you are truly disciplined enough to make extra mortgage payments over a long period of time than you should be disciplined enough to put them in a place where they will earn better returns.
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A reader (MSL quote), USA
<2006-12-21 00:00>
Since 1950, U.S. house prices have never experienced a year-to-year decline nationally, according to Bach. He then goes on to provide an easily readable summary of sound advice on buying a home.
First the pluses: Cheaper (over one's lifetime), provides financial leverage and tax breaks.
FHA guidelines indicate that one can afford to spend 29-41% (the latter figure for those with no other debts) of gross income for a home. Loans from retirement accounts can provide a down payment source, though one must be careful to comply with one's 401(k) restrictions and repay the loan with interest lest it be ruled an early withdrawal. Automatic savings are another Bach recommendation for building up a down payment, aided by ceasing unneeded expenses – e.g. cable extras, daily lattes, etc. Then there are loans (start with your bank; also check www.wellsfargo.com, www.bankrate.com for comparative rates) which come in various "flavors" – e. g. 30 and 15-year-fixed, ARMs, interest-only, etc. Avoid expensive PMI costs by paying down at least 20%. Pre-qualification vs. pre-approval for loans is covered.
Bach recommends using a realtor, or at least the Internet to assist in their search. Be aware that a seller's realtor may not be keeping your best interests in mind. Get a homeowner's inspection (www.ashi.org and www.nib.org are suggested sources), and be sure to request a HUD-1 form (supposed to list all costs and rates; must be provided at least 24 hours prior to closing) and review it carefully prior to closing for typos and misunderstandings.
Finally, Bach also suggests accelerating the payoff of one's mortgage by paying bi-monthly (cuts 7 years off a 30-year loan), and even make payments in advance to further accelerate one's debt-free arrival.
Well worth the cost of the book and the time to read it! |
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Jeff Ellis (MSL quote), USA
<2006-12-21 00:00>
Given the state of the Social Security system combined with 73 million baby boomers stepping into retirement, this manual couldn't have come at a better time.
David Bach has taken basic, proven investment and savings techniques, bound them together in one easy-to-read manual, and produced a book of financial truths and techniques for everyone.
The power of systematic investing is well-documented and proven; Bach calls it the "latte factor": the systematic investment of small amounts of money over time. His spin is to automate your highest financial priorities. If retirement is your top priority, for example, automate that choice by having funds invested into 401k's, IRA's, and other plans faithfully, without having to make a recurring, monthly decision. Human nature is such that if I have to repeatedly make a decision to set aside funds for a long-term goal, in the face of short term pressures and priorities, the long-term goal will eventually lose out. He is right.
As a "younger" boomer in his late forties, I take comfort in Bach's strategies; there is still time for them to work in my life. I have already executed many of them.
Warning: If you are already 60+, you might not have enough time before retirement to fully harvest the seeds Bach recommends planting. Seek other remedies to meet your retirement goals. |
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T. Gotti (MSL quote), USA
<2006-12-21 00:00>
The author states clearly and many times that the information held within is nothing new, it is common knowledge that almost everyone knows about, but fails to “get around to implementing.” (which makes half of the negative posts about the book moot).
Everyone knows that 401ks are important, that owning a home is better than renting, that credit card debt is bad, that the 7 dollars spent on that pack of cigs could be better spent [into your future], that money just rots in a bank savings acct earning next to no interest [where a mutual fund may be a better option]… but how many people you know actually USE this commonsense knowledge they claim to have hold of?
I can’t tell you how many people I work with that are not enrolled in our companies 401k, and if they are, how many of those that do not contribute enough to get the max company match [not fully understanding they are turning away free money]. Every smoker I know knows it's bad for you, and that they are upset with the recent increase... but they continue to purchase that pack tonight and are always going to quit tomorrow. Every renter, including me until last year, tosses money out the window while trying to save that big nest for the down payment (instead of looking into other options). Almost everyone I know, still uses their credit cards, while making the minimal payments on it...
You see, just because things are commonsense, doesn’t mean they are always [and rarely are] practiced.
This book tries to offer inspiration through stories and basic advise to get people proactive in their financial futures.
Bach also offers basic information about companies that handle setting up IRA's, mortgages, mutual funds, credit card debt advise as well as lots of [free] goodies on his own web site.
I gave this book 5 stars because Bach never claims that this book is something it is not. If nothing else, it offers you that kick start needed to get off your duff and start to enroll in an automated financial future....and the topics he does not cover in depth, are merely a Google search away.
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Mark Stone (MSL quote), USA
<2006-12-21 00:00>
The advice in The Automatic Millionaire may appear to be common sense, but is it common knowledge or even better, common practice?
I ran into a guy the other day who laughed at me when he saw that I was in the checkout line at with this book. He said that is just an overhyped book and just good old fashioned common sense. I asked him how he was doing financially and se responded, "None of your business!" I looked at him and said "I guess that means you are not doing too well then are you!" When I looked down I couldn't help but notice that judging by the products he had under his arm, his judgment was not focused on personal wealth or anything that was good and wholesome.
I asked him how he was doing with the "pay yourself first strategy." Again he sort of started with none of my business but switched that to say that he couldn't afford to save 10% of income.
Here was a guy that needed this book more than anybody was wasting his money on things that were basically non essentials but wouldn't or couldn't see the value in a book like this one.
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1 2 | Total 2 pages 14 items |
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