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David Bech - Essay Example

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Bach developed when he met an average American couple – the Mclntyres. This Chapter of the book tells the story of a couple who focused on the right mindset and attitude towards making money work for them and not vice…
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David Bech
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The Automatic Millionaire by David Bach Chapter Meeting The Automatic Millionaire Meeting the Automatic Millionaire was a term that Mr. Bach developed when he met an average American couple – the Mclntyres. This Chapter of the book tells the story of a couple who focused on the right mindset and attitude towards making money work for them and not vice versa. This mindset they have set for themselves reflected in every decision they made when it comes to investments, pension funds, bank savings accounts, and etc that made an average couple like them an instant millionaire (Bach, D., 2003).
Chapter 2: The Latte Factor: Becoming an Automatic Millionaire on Just a Few Dollars a Day
This chapter of the book discusses one secret of becoming a millionaire – the spending habit based on one’s earning capabilities. The Latte Factor is a term to emphasize the non-necessity spending we do such as getting latte everyday which are simple things we spend on without thinking if we really need them (Bach, D., 2003).
Chapter 3: Learn To Pay Yourself First
Chapter 3 centers on welcoming the idea of paying yourself first. “Paying Yourself” means setting aside a certain amount from one’s paycheck and putting it in one’s savings before one busies themselves with paying bills. This kind of habit will train someone to prioritize savings first and adjust one’s lifestyle accordingly (Bach, D., 2003).
Chapter 4: Now Make It Automatic
In line with the last chapter, this chapter makes sure it happens. Making sure you regularly deposit on your savings, has a lot to do with making things automatic such as directly making your company deposit a certain amount of your paycheck to your savings account. With this, your savings will never be sacrificed (Bach, D., 2003).
Chapter 5: Automate For A Rainy Day
This Chapter teaches us to be financially prepared for emergency spending. Just like we would automatically deposit on our savings account, one should also allot money for the rainy days through opening a rainy day fund and/or investing money where it surely will grow (Bach, D., 2003).
Chapter 6: Automatic Debt-Free Home Ownership
This chapter impresses on the need to stop renting a home and take the plunge to buy one. This might be overwhelming but in doing the math, buying a house does not only lessen your spending in the long run but also increase your financial leverage and value (Bach, D., 2003).
Chapter 7: The Automatic Debt-Free Lifestyle
Get rid of your credit card. This chapter suggests doing this to start an automatic debt-free lifestyle. The rule of thumb in spending is if you cannot pay it in cash, you cannot afford it (Bach, D., 2003).
Chapter 8: Make A Difference With Automatic Tithing
This chapter teaches us that there is more to life than money. We should put high value of which not only with regards to what we can get from it, but rather what difference our money could do to help change the world for the better (Bach, D., 2003).
Overall, I really loved the book “The Automatic Millionaire”. This is because it veers away from giving readers a set of principles and theories instead focuses on the right kind of thinking and attitude towards achieving a rich life in all its forms. Not only does it deal with what one can get from one’s money but highlights the higher value of which that could make a difference in other people’s lives.
After everything I have learned, I plan to start with getting rid of my credit card. It really makes sense that if one would need a credit card to buy something then it simple means that he or she does not really afford to buy something yet.
My favorite quote in the book would be “Strive to be debt-free. Debt is a trap that forces us to work longer than we need to” (Bach, D., 2003, p8). This is the truth people do not realize about debts especially when loaning is much more convenient and efficient.
Bach, David. The Automatic Millionaire. Florida: Broadway Books, 2003. Print. Read More
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