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Review of The Automatic Millionaire by David Bach - Book Report/Review Example

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David Bach authored the book, ‘the automatic millionaire: A powerful one-step plan to live and finish rich’ that Broadway Books published in the year 2003. The author discusses the life of a couple that developed and followed a plan that would help them to retire early, but…
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Download file to see previous pages time, the couple owned assets, was debt free, and had pension plans while most Americans have savings that range bellow $ 25000 or no savings at all. The couple began by paying themselves, watching the Latte factor, and automating everything towards their financial success.
Chapter 2 discusses the Latte factor and notes that saving is people’s greatest problem. People’s earning is not proportional to their savings because higher earnings are associated with higher spending. Minimizing unnecessary expenditure that sales initiatives and the government promote is however key to becoming rich despite having a small income level. A small and consistent daily savings is achieves this.
The chapter undermines effectiveness of budgeting on becoming wealthy. Budgeting may work for a while but natural forces obstruct its use. ‘Paying yourself first’ is however, an effective strategy to wealth creation and it means setting aside a portion of one’s income that the person can then invest for more wealth generation. This comes before such interests as paying for a person’s bills and therefore requires a level of discipline.
Recognizing the opposing forces of human nature that restrict levels of discipline in issues such as budgeting and consistency in implementing plans, the chapter recognizes the role of automation. Paying oneself first may be challenging because of the required level of discipline but using available frameworks such as automated banks debit services facilitates the payments. Establishing an automatic system for funding retirement benefit plan is another automation example.
The author identifies existence of emergencies for which people should prepare. Such emergencies come when they are least expected and an emergency fund is necessary. In addition to the decision on the necessary amount of the fund, an automated approach to funding it is necessary. In addition, the fund should be invested for automatic regeneration. Use of one’s employer, ...Download file to see next pagesRead More
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