Book: The Automatic Millionaire: A Powerful One Step plan to live and finish rich by david bach
If you save money when you are young, because of compound interest you will be able to save much more. This may sound like a no brainer but we may find many reasons not to do this and regret it later in life.
The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich by David Bach
Every Christmas I give the same present to each of our 7 adult children when they were teenagers. The book was about becoming a millionaire.
David Bach simplifies how to save and make money. Whether you work at a low paying job, are rich already or an investment officer, this book has great ideas to help you along financially.
David Bach says: “It all boils down to this: If your financial plan is not automatic, you will fail!” He says that trying to use willpower and stick to a budget just does not work for most people.
My son in law has a great saying when he listens to someone complain, “So how is that working for you?”, he asks. Well, we could apply that question here. If your financial plan (or lack there of) is not working for you, then get this book, read it and put it in to action.
First David Bach tells you the story of the real Automatic millionaire. This man said; “The trick to getting ahead financially is watching the small stuff—little spending habits you have that you’d probably be better off without.” David also tells us that, “How much you earn has almost no bearing on whether or not you can and will build wealth.”
We all know this but probably do not do this. Luckily one of our children after reading this book, started an automatic payment of $25 deducted from her account into a money market account. Then she deposited gift money into it also. Well, it all added up in 7 years to $6,000.00. More importantly she is sold on the benefits of automatic withdrawals and investing even a little money into a saving plan. She started this plan in college.
You might say there is nothing new here or it is just a simple approach to the difficult need to save money. But that is why I like this book. Just like exercise and diet, we all know the merits but just don’t do it. Trying out a simple way to save money and MAKE IT A HABIT, is a worthwhile endeavor.
The last chapter of his book is on Paying tithing. He writes, “If you study the lives of the great leaders, visionaries, and businesspeople of our time, you will find a surprisingly common thread linking many of them: Long before they made their fortunes, they started tithing.” As with the other chapters he puts action steps in this chapter. He lists the website: www.programforgiving.org to help get you started.
Try reading this book and let me know what you think.