"The Automatic Millionaire" by David Bach is a personal finance book that lays out a simple plan for achieving financial security and building wealth. The book's central premise is that by automating your finances, you can make small, incremental changes that will add up over time and lead to significant wealth accumulation.
Bach's plan is built around the concept of paying yourself first. He recommends setting up automatic contributions to retirement accounts and other savings vehicles, so that you are saving money before you even have a chance to spend it. He also emphasizes the importance of minimizing debt and paying off credit cards in full each month.
The book includes case studies and real-life examples to illustrate the power of automating your finances. Bach also provides practical advice on a variety of financial topics, including buying a home, investing in real estate, and choosing the right type of retirement account.
Overall, "The Automatic Millionaire" is a straightforward and accessible guide to achieving financial security and building wealth. Its emphasis on automation and small, consistent actions makes it a great read for anyone looking to take control of their finances and make progress towards their long-term financial goals.
You should consider reading "The Automatic Millionaire, Expanded and Updated" by David Bach if you are looking for a straightforward and accessible guide to achieving financial security and building wealth. The book offers a simple one-step plan that can help you automate your finances and make small, incremental changes that can add up over time.
Bach's plan emphasizes paying yourself first, minimizing debt, and setting up automatic contributions to retirement accounts and other savings vehicles. The book also provides practical advice on a range of financial topics, including buying a home, investing in real estate, and choosing the right type of retirement account.
The book's real-life examples and case studies demonstrate the power of automating your finances and making consistent, small changes over time. The updated edition includes new information on the impact of technology and the rise of robo-advisors, as well as updated advice on real estate and retirement planning.
Overall, if you're looking for a practical and actionable guide to building wealth and achieving financial security, "The Automatic Millionaire" is a great choice.
Some criticisms of "The Automatic Millionaire" by David Bach include:
Oversimplification: Some readers may find that Bach's plan for building wealth is oversimplified and doesn't take into account individual circumstances or financial goals. Some critics argue that the book's one-step plan may not be effective for everyone.
Limited scope: While the book provides practical advice on a range of financial topics, some readers may feel that it doesn't go deep enough on any one topic. Some critics argue that the book is more of a general overview than a comprehensive guide.
Lack of diversity: Some readers have criticized the book for not acknowledging the different financial challenges faced by people of different genders, races, and socioeconomic backgrounds. The book's advice may not be applicable or relevant to everyone.
Focus on savings over income: Some critics argue that the book places too much emphasis on saving money and not enough on increasing income. While saving is an important part of building wealth, it may not be enough for everyone to achieve financial security.
Overall, while "The Automatic Millionaire" has received mostly positive reviews and has helped many readers take control of their finances, some readers may find the book's advice too simplistic or not applicable to their individual circumstances.
