David Bach's The Automatic Millionaire

The Automatic Millionaire by David Bach offers hands-on, practical advice for those interested in saving money. Of course, since most people are indeed interested in saving money, The Automatic Millionaire has universal appeal. The book offers no-nonsense, easy to apply, strategies aimed at saving people a million dollars, literally. While there are many books that deal with this subject, Bach's approach is different. Knowing the difficulties of maintaining a budget, Bach forgoes the harping about the importance of budgets. Instead, Bach's strategy is to make saving automatic and thus hassle and worry free. Bach's goal is to save his readers a substantial nest egg for retirement. He follows through with his promise and offers readers effective strategies to save money. Most readers will be delighted by his simple prose and useful exercises. They will walk away with the knowledge to effectively save money and begin their quest toward becoming automatic millionaires.

Bach, a financial advisor, found himself in a difficult financial situation. Living paycheck to paycheck, he encountered the McIntyres and that experience changed his whole outlook on saving money. The McIntyres would be your average middle class couple with middle class salaries. Yet to Bach's surprise, "they had a net worth approaching 2 million (Bach, 15)." In addition, with this nest egg, would be able to retire at an n earlier age. Intrigued,

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invest. Bach offers a helpful pyramid that breaks down potential investments. In addition, he explains balanced funds and allocation funds that "does all the work for you" (Bach, 121). Then, Bach encourages readers to put away at least 10% of their income into a retirement account. The one great thing about this tactic is that tax deferred retirement plans allow one to invest his/her whole dollar, and not just the 70% that reflects the 30% that the government takes out in taxes. Thus, setting up an automatic deduction from your paycheck into a retirement account, ensures that you will get the most for your money. One observation that Bach makes is that most people who are rich, are homeowner and not renters. Renting is essentially a waste of good money, according to Bach. The best way to free yourself from debt is to buy a home and pay off the mortgage as quickly as possible (Bach, 192). You can pay it off quickly by using Bach's helpful advice. Bach advises homeowners to make bi-weekly mortgage payments because at the end of the year, the homeowner would have made an additional payment, thereby reducing the amount owed. Another strategy is to make an additional payment. And of course, the crucial step is to make this
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Approximate Word count = 1201
Approximate Pages = 5 (250 words per page)